Yukos Says Production in Imminent Danger
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Russia's largest oil producer, ensnared in a debilitating battle over a huge back taxes bill, said Thursday it is unable to pay wages and that production is in imminent danger of stopping.
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Beleaguered Russian energy giant Yukos has warned that it will not produce as much oil as expected this year. It blames bailiffs who are draining its bank accounts to pay its potentially ruinous tax bill.
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World oil prices rose sharply again on  Thursday after Russian oil giant YUKOS said a Moscow court's  decision to effectively freeze its bank accounts threatened its  ability to continue production.
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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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Russian oil major YUKOS has filed for  bankruptcy protection in a U.S. court and will seek an  injunction to stop Russia from auctioning off its main  production unit on Dec. 19, it said on Wednesday.
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Embattled Russian oil giant Yukos cut its 2004 oil production target from 90 million tonnes to 86 million tonnes, saying its inability to access frozen accounts had forced the firm to reduce operating costs.
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The Russian government has issued a new threat to strip Yukos oil of its production licenses, the Moscow Times reported Monday. Natural Resources Minister Yury Trutnev said
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Russia&#39;s natural resources minister said Friday that he thought his ministry would give the main production unit of the battered Yukos oil company a three-month warning before pulling its drilling licenses, the Interfax news agency reported.
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The Board of Directors of YUKOS Oil Company will call an emergency shareholders meeting to consider whether the company should file for bankruptcy or be liquidated, YUKOS Chief Executive Officer Stephen Theede told reporters on Wednesday.
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Embattled Russian oil giant Yukos cut its 2004 oil production target from 90 million tonnes to 86 million tonnes, saying its inability to access its frozen accounts had forced the firm to reduce operating costs.
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Embattled Russian oil company warns that it may scale back oil output after more funds seized. MOSCOW  - Russian oil major Yukos again warned on Thursday that it may be forced to cut output after
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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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But exports to Europe safe after the Russian oil firm seals a barter deal with pipeline monopoly. MOSCOW  - Yukos&#39; crippling tax debts finally forced the Russian oil major to make a much-feared production cut Wednesday.
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Yukos could declare bankruptcy before the new year following fresh claims that could leave the embattled gas giant facing a tax bill for $17 billion.
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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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In raising its reserve estimates, Yukos reiterated that it was operating on a "day to day basis and was still close to filing for bankruptcy."
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NEW YORK, September 3 (New Ratings) - Oil prices climbed yesterday on the news that Yukos Oil has issued a warning of a production cut.