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 RUSSIA IN FACTS
18 June 2004 12:02
YUKOS agrees to become state company
The management of the oil company YUKOS proposes that the government should develop a program to buy the company’s shares from its main shareholders. YUKOS is ready for talks to sell some of its assets to state-run companies, the Kommersant newspaper reported quoting a letter by YUKOS Deputy CEO Yuri Beilin and Alexey Khamrakulov to Russian Prime Minister Mikhail Fradkov.

“Without waiting until final court decisions are made, we suggest that the Tax Ministry, together with government officials, prepare a tax payment schedule for 2004-2006, taking into account the implementation of production plans and social obligations,” the letter says.

“Secondly, the management of the YUKOS oil company is ready to submit a program for the gradual acquisition by the company of the controlling interest from its main shareholders,” it is said in the document.

“Thirdly, YUKOS is ready for talks on selling part of its assets to state-run companies of the fuel and energy sector. The money will be spent to pay the tax claims,” Yuri Beilin and Alexey Khamrakulov wrote.

According to the newspaper, YUKOS CEO Simon Kukes said he was going to meet with Boris Jordan, the head of the Sputnik group, to discuss the position of the oil company’s minority shareholders. Earlier, Mr. Jordan called on western investment funds to give him a mandate for talks with the Russian government on the YUKOS conflict. Sputnik’s press service said Boris Jordan and Simon Kukes were likely to meet next week.

However, according to Kommersant, a number of the investment funds refused to give the mandate to Mr. Jordan.


[RBCTop]
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