Russia Said to Keep Selling Yukos Units
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Russian authorities will continue to sell off the remains of the shattered Yukos oil company, with at least one of its main remaining subsidiaries being sold sometime this spring, a Russian news agency said Tuesday.
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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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Yukos' future is thrown into fresh doubt amid reports that Russia plans to sell 77% of its key oil production unit.
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The Natural Resources Ministry on Friday gave Yukos a three-month stay of execution. The company has three months to rectify tax payments at its core production unit, Yuganskneftegaz, or face losing key production licenses.
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MOSCOW : Russia does not aim to nationalise embattled oil giant Yukos but state firms could bid for assets of the company if they are sold to pay off the company&#39;s multi-billion-dollar tax debts, President Vladimir Putin said.
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Russia has pressed ahead with the last step in the break-up of oil major YUKOS, saying it will auction its main unit for $8.65 billion.
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MOSCOW : Yukos won a stay of execution when a Russian official said its main production unit will have three months to scrape up cash to cover a crushing tax bill that could otherwise bury the wounded oil giant.
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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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The oil wing of Russia's state-controlled natural gas giant Gazprom does not intend to pull out of this weekend's auction of the main production unit of the embattled Yukos oil company, the ITAR-Tass news agency reported Friday.
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Russia's justice ministry announced plans to sell a part of the Yukos oil giant to cover the company's outstanding back taxes.
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MOSCOW  - Russia forged ahead with the weekend auction of the core asset of crippled oil giant Yukos despite a disputed US court order barring the sale, with state-controlled gas giant Gazprom entering the bidding.
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MOSCOW, DECEMBER 20: 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 firm registered at a grocery in provincial Russia.
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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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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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MOSCOW/SCHLESWIG, Germany  - Russian President  Vladimir Putin threw his weight behind the controversial sale  of top oil firm YUKOS's core asset Yugansk on Tuesday despite a  threat from the stricken company to escalate its legal battle  in foreign courts.
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Oil major Yukos, Russiaâs largest oil exporter, believes prosecutors want the âtotal destructionâ of the firm, but says the management board will continue to run it for as long as possible.
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MOSCOW, Dec. 17 -- Russia pledged Friday to  ignore a U.S. court ban on the looming auction of oil giant Yukos' key production unit, while a consortium of Western banks reportedly put on hold billions of dollars in credit for the state-run Russian gas company that was expected to buy the unit.