25 September 2003 00:50
Yukos looks west for expansion OIL AND GAS:
Yukos, Russia's largest oil group, is interested in a merger with a western major as part of plans to become a leading international company, according to people close to the negotiations. The group is believed to be considering combining its operations with a large foreign oil company, or launching a series of smaller mergers in an effort to diversify the business away from its current concentration on the Russian market, and possibly relocate its headquarters outside Russia. If a merger is not done within a year, there are concerns that Yukos' rising market capitalisation could make any deal too expensive, even one involving a minority blocking stake of 25 per cent plus one share. The different strategies come at a time of intensive discussions between Yukos, Sibneft, the Russian group with which it is currently merging, and a number of foreign players. ExxonMobil and ChevronTexaco are among those believed to be interested in acquiring a stake in Yukos, and the latest indications suggest Yukos is also a willing partner if the conditions are right. The discussions come against a backdrop of a series of investigations launched by the Russian authorities against individuals close to Yukos, which have been interpreted by many analysts as politically motivated. Yukos last month received authorisation from the government's anti-monopoly committee to proceed with its planned Sibneft merger. However, in a fresh blow to the company, Mikhail Kasyanov, the Russian prime minister, yesterday confirmed in Beijing that an oil pipeline from eastern Siberia into China, for which Yukos has lobbied hard, would be delayed beyond the planned 2005 start date. Yukos has argued for the route as a cost-effective way of transporting its oil to foreign markets.
Yukos to raise long-term loan with Citibank, Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC, ING and SG Corporate and Investment Banking. The amount is $1 bln.
YUKOS to receive $1 bln syndicated loan
[FTI [The Financial Times]] |
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