05 November 2003 11:40
New Yukos chief does not like idea of merging with US company
The new head of Russian oil giant Yukos, Simon Kukes, indicated in a German newspaper that he did not favour a merger
with a US oil company, as proposed by his predecessor Mikhail Khodorkovsky.
"Managers don't like mergers, because then they lose their jobs," Kukes told the business daily
Handelsblatt in comments reproduced in German.
"As a manager, I take a look at what a tie-up can bring and I see that we already have a very strong management
team. We don't need to import that from the West. We've enough money, too. Perhaps it's technology we
need," Kukes said.
Yukos, the largest Russian oil producer, appointed Russian-born US citizen Kukes as its new chief executive on
Tuesday to replace its jailed founder Mikhail Khodorkovsky, who is in prison on charges of massive fraud, tax evasion
and embezzlement.
Khodorkovsky, who is the main shareholder in Yukos, had seen a tie-up with a US oil major as a long-term goal.
Asked about his immediate plans, Kukes said his main priority at the moment was "stabilising the
company".
"In three or four months, the palaver will be over. Then we can focus on Iraq. We have to defend our leading
market position in Russia and expand further abroad," Kukes said.
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