Yukos bid to halt sell-off fails
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Russian oil giant Yukos has reportedly lost a court case against the sale of its main production unit.
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Russia is vowing to proceed with an auction of oil giant Yukos' key production subsidiary, saying a U.S. court ban is irrelevant. But the expected winner of Sunday's auction, the state-run Russian gas company Gazprom, may not be able to pay after a consortium of Western banks reportedly put on hold billions of dollars in credit it needs to fund its bid.
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A majority stake in the embattled Russian oil company Yukos' main production unit will be sold at an auction scheduled for Dec. 19, an announcement in the official government newspaper said Friday, confirming the country's largest oil producer will be broken up as part of a politically charged battle for control over the strategic resource.
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MOSCOW : The battered Russian oil giant Yukos said a Moscow court had frozen its 34.5 percent stake in rival Sibneft, halting a reversal of their merger that would provide cash for Yukos to settle massive tax bills.
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Russia said on Friday it would go ahead  and sell Yuganskneftegaz, the main oil production unit of  YUKOS, despite a U.S. bankruptcy court order that seeks to halt  Sunday's auction for at least 10 days.
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MOSCOW: Embattled Russian oil major Yukos should hear later today whether a United States bankruptcy court will back its last-ditch attempt to halt the sale due on Sunday of its main production unit.
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Russia&#39;s Federal Property Fund said Friday it will go ahead with an auction of the embattled Yukos oil giant&#39;s major unit Yuganskneftegaz despite a US court decision to halt the sale, the Itar-Tass news agency reported.
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Russia&#39;s embattled oil giant Yukos raised the white flag and said it would seek &quot;liquidation or bankruptcy&quot; after the forced government sale of its key oilfield next month, the company said yesterday.
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Russia&#39;s state-owned Gazprom monopoly has announced it will bid for Yukos&#39;s main oil production unit, which is being auctioned off by the government.
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MOSCOW - Russia is vowing to proceed with an auction of oil giant Yukos&#39; key production subsidiary, saying a US court ban is irrelevant.
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Russia's Federal Property Fund said on  Friday it intended to go ahead with an auction of oil major  YUKOS' main unit Yuganskneftegaz despite a U.S. court decision  to freeze the state-imposed sale.
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Embattled Russian oil giant Yukos made a last-ditch legal bid Wednesday to halt the looming auction of its core production unit after filing for bankruptcy protection in a U.S. court.
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Russian oil major YUKOS denied on Wednesday reports it planned to sell its Lithuanian refinery Mazeikiu Nafta to help cover its huge back tax bill.
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MOSCOW -- Russian oil company Yukos suffered a fresh setback yesterday in its survival struggle against multibillion-dollar tax bills when one of its appeals was thrown out and another adjourned by a Moscow court.
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The Russian gas giant Gazprom declared Wednesday it would bid for a major oil production subsidiary of the embattled oil company Yukos when the subsidiary is auctioned off by the government on Dec.19.
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MOSCOW - Russia said on Friday it would go ahead with an auction to sell the key asset of embattled oil company Yukos despite a US bankruptcy court decision to block it for several days.
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The sale of Russian oil company Yukos' main production unit to a mystery buyer in a forced auction further erodes confidence in Russia's legal institutions, the State Department said on Monday.