Russian Oil Mogul Expects to Lose It All
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The Russian tycoon Mikhail Khodorkovsky, who has been in jail since October in what many Russians say is Kremlin punishment for political activities, said Thursday that
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YUKOS has reported a net loss of US$2.65 billion (£1.45bn) for the first half of 2004, a period of record oil prices, prompting speculation that the Russian oil firm is on the verge of declaring bankruptcy.
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The Russian government aims to bankrupt oil giant Yukos and seize its main assets for the state, its chairman Viktor Gerashchenko said in a newspaper interview published.
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A top Yukos executive told a US audience that Moscow was undervaluing his company's assets to keep Western firms out of the Russian market as the struggling giant sold off its facilities to pay off back taxes, ITAR-TASS reported.
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Russian oil company Yukos, with shares near all-time lows and its bosses in exile, warned last night it is being driven toward bankruptcy.
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Russia was set to rip the heart out of  its biggest oil producer, YUKOS, on Sunday, with the auctioning  off of its core unit to meet tax bills in a move which will  boost the Kremlin's control of the nation's oil.
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HAMISH ROBERTSON: But first to Moscow where the future of Russia&#39;s largest oil company, Yukos, isn&#39;t looking too bright this weekend.
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Vagit Alekperov, the chief executive of Lukoil, is at ease talking about finding fossil fuels. &quot;I am an expert in the area of oil and gas production,&quot; he said in an interview at a New York hotel, &quot;There&#39;s nothing else that I know how to do.
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RUSSIAâS business leaders are bracing themselves for a further assault from the Kremlin after the effective renationalisation last week of Yukos, the oil company formerly headed by Mikhail Khodorkovsky, the jailed billionaire tycoon.
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In his harshest criticism of the Kremlin to date, Mikhail B. Khodorkovsky, the billionaire businessman who founded Russia&#39;s largest oil producer, Yukos, accused the
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Workers in Moscow, self-exiled executives in London and Houston and industry watchers the world over are waiting for the death knell for Russia&#39;s second largest oil company.
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The CEO of the shattered Russian oil giant Yukos said Tuesday that the company is pushing ahead with a strategy for its remaining divisions but will be cutting jobs following the government's seizure and auction of its main production subsidiary.
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The sale by auction of the main production arm of Russian oil company Yukos is scheduled to take place today. Yukos&#39;s troubles began when its founder and key shareholder, Mikhail Khodorkovsky, broke an unwritten
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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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Russian oil major Yukos is expected to face the auction of its main subsidiary by the end of the month at a price far lower than its estimated worth, a move analysts say could ruin the company and destroy the equity of minority shareholders.
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Finance Minister Alexei Kudrin,  widely respected by foreign investors for his prudent  stewardship of Russia&#39;s huge oil wealth, could be dropped in a  reshuffle, expected on Monday, media speculated.
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In his harshest criticism of the Kremlin to date, jailed tycoon Mikhail Khodorkovsky accused the Russian government of stealing his Yukos oil empire and warned in a letter published Tuesday that an ongoing crackdown on post-Soviet freedoms will ruin the country.