17 June 2004 00:38
Russian Yukos oil company board member on company`s future
If Yukos oil company is forced to fork out 3.4bn dollars to pay taxes, the consequences will be "extremely
negative" for production, an unnamed board member of the company has said, ITAR-TASS reported from Moscow
today.
Over the next four years it will cause an overall decline of 90m tonnes in oil extraction, a loss of 18bn
dollars' worth of revenue and it will also result in the Russian budget not getting around 8bn dollars, TASS quoted
its unnamed source as saying.
The Yukos management does have a rescue plan which has been given to the shareholders and the government. The plan
provides for an out-of-court settlement of tax claims through debt restructuring, unfreezing of the company assets and
their sale through open tender.
The source said that if the current managers are asked to step down to prevent bankruptcy, they will do so.
[ITAR-TASS news agency] |
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