YUKOS Slides Toward Collapse After Main Unit Sold
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Russia's top oil exporter, YUKOS, slid  closer to collapse after it lost its main production unit to a  mystery buyer in a forced auction and its crude shipments  started to slow.
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Yukos' main shareholder files a legal complaint to prevent Russia selling off the embattled oil giant's key unit,  reports say.
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The Russian government plans to sell a majority stake in the main production unit of oil giant OAO Yukos at an auction on December 19.
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Russia moved ahead Friday with plans to break up the country&#39;s largest oil producer over unpaid back tax bills, announcing it would auction off a majority stake in the main production unit of oil giant OAO Yukos next month.
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YUKOS and its investors were left guessing as to Russia's next move Monday after its main oil production unit was sold off to Baikal Finance Group, a mystery firm registered in a provincial city.
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MOSCOW Yukos has moved closer to collapse after six of the Russian oil company&#39;s top executives, including the American chief executive and the chief financial officer, fled the country, citing fear of persecution from the Kremlin.
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Russia left YUKOS and its investors guessing as to its next move on Monday after selling its main oil production unit to Baikal Finance Group, a mystery
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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 completed the dismantling of Yukos Oil today, selling off the country's largest oil subsidiary to a company that was essentially unheard of until three days ago.
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The main shareholder in Yukos, the Russian oil company, on Sunday threatened to sue whoever buys its main subsidiary, which the government has forced it to sell by the end of this week.
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The Justice Ministry said Tuesday that it planned to sell the core petroleum subsidiary of Yukos, the embattled Russian oil giant, at what appears to be a steep discount to settle billions of dollars in tax debts.
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Russia appears ready to sell the main asset of Yukos, the country&#39;s embattled oil company, for $4 billion, a fraction of its worth, reports say.
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The protracted legal battle over Russian oil giant Yukos appeared to enter its final phase Friday when the government set a date to auction off a majority stake in the company&#39;s
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News had just broken that the country&#39;s top oil producer, Yukos, had fallen to an the obscure company. His man on the spot seemed just as mystified.
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An independent assessor valued Yukos&#39; main production unit at $14.7 billion to $17.3 billion on Thursday, the same day a news agency reported that a controlling stake in the business could be sold for just over $4 billion.
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Russian oil producer Yukos is cutting back its production and slashing its expenditure, as the company battles for survival.
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Russia pressed ahead yesterday with controversial plans to break up the country&#39;s biggest oil company Yukos, setting a date of December 19 for an auction of its main production unit at a bargain basement starting price of $8.65bn (Â£4.88bn).