29 September 2003 00:47
Yukos to expand beyond Russia OIL:
Mikhail Khodorkovsky, Russia's richest businessman and the head of
Yukos, has confirmed his intention to turn his company into an international
major by buying or swapping assets with a foreign oil company.
"Every company wants to be the best in its region. We have become the
best regional company (in Russia) and our next step should be extracting oil
outside Russia," Mr Khodorkovsky said at the weekend.
He said Yukos, Russia's largest oil company, was considering buying
energy assets on shelves of the Baltic and Barents seas to diversify from its
existing production in Russia and to increase the value of the company.
Yukos is in the process of a merger with Sibneft, a smaller oil company
controlled by Roman Abramovich, another business tycoon, which will create
the world's fourth-largest oil company with a market capitalisation of
Dollars 40bn.
Mr Khodorkovsky said Yukos had no plans to increase its production in Russia
following a merger with Sibneft.
"We have become the best in our segment in Russia and the CIS, but we
are still considered a regional company. We must become an international
company (and) diversify upstream and downstream business outside our national
territory," Mr Khodorkovsky said.
Mr Khodorkovsky's statement comes amid discussions between Yukos and
several international majors, including Exxon-Mobil and Chevron Texaco of the
US, which are believed to be interested in taking a stake in Yukos.
Mr Khodorkovsky said he was hoping that Yukos would achieve the status of an
international oil major by his 45th birthday in 2007, when he is planning to
step down as head of the company.
The date of Mr Khodorkovsky's planned retirement from the company,
shortly before the presidential elections in 2008, had contributed to
speculation about Mr Khodorkovsky's political ambitions.
A merger with a large international company, or increased international
activity, could give Mr Khodorkovsky extra leverage in dealing with the
Kremlin by taking his company outside Moscow's immediate control.
[FTI [The Financial Times]] |
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