Russia poised to split YUKOS
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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, Russia -- Embattled Russian oil giant Yukos is set to learn if a US bankruptcy court will try to block the sale of its main production unit this weekend.
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Russian President Vladimir Putin is ready to go after other oil companies the way he has hammered Yukos, a top Kremlin official has said.
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MOSCOW  - Russia&#39;s Yukos does not begin the week teetering on the edge of ruin where it has been for months now. The oil giant is flat on its back, gasping for its last breaths of air.
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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: 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 promised to sort out Yukos oil deliveries to China ahead of a visit by Chinese Premier Wen Jiabao dominated by the struggling oil major's decision to cut supplies to the energy-hungry Asian giant.
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On Sunday, Russia plans to auction the jewel of what used to be its most profitable, high-profile and well-run private company - the oil giant Yukos.
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Moscow. (Interfax) - The assets of Yuganskneftegaz, the core production unit of Yukos sold at a December 19 auction, will be transferred to a separate, wholly state-owned company, the Russian Industry and
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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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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's richest energy fields and demanded another $6 billion in back taxes from a business already facing a crippling $14 billion bill for outstanding taxes and fines.
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Russia pressed ahead on Friday with the last step in the destruction of oil major YUKOS, saying it will auction its main Siberian unit on Dec. 19 for $8.65 billion and hit it with a new tax claim.
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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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Russia oil company YUKOS assets may be sold partially by the Russian Justice Ministry in order to cover its outstanding tax bill. The selling-off will probably touch YUKOS main oil subsidiary Yuganskneftegaz.
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With a Putin aide now at its helm, Russia's state-run oil firm seems set to grab the falling giant's assets
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Russian oil firm Yukos' battle for survival is set to rumble on after a US judge sets the date for a bankruptcy hearing.
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MOSCOW, NOVEMBER 19: Russia pressed ahead on Friday with the last step in the destruction of embattled oil major Yukos, saying it will auction its main Siberian unit on December 19 at a starting price of $8.65 billion.