The situation with YUKOS will not lead to a decrease in investment activities in Russia, Industry and Energy Minister Viktor Khristenko declared at the fourth National Oil and Gas Week. According to him, YUKOS has neither decreased nor halted its oil production over the past several months. On the contrary, it has become the leader in terms of the pace of growth in production. In the event of a change of ownership of YUKOS, the activities of its oil producing subsidiaries will not be affected, Khristenko believes.
As reported earlier, the Russian Justice Ministry is planning to put a stake in YUKOS' main oil producing subsidiary Yuganskneftegas up for auction, organized by the Russian Federal Property Fund.
It has become known today that foreign members of the Board of Directors of YUKOS, who have 7 of 11 seats in the board, suggested the company's management announce voluntary bankruptcy on the day government authorities announce the selling of Yuganskneftegaz. According to YUKOS' articles of association, only the management can announce the company bankrupt and the Board of Directors cannot make the management do this. Analysts with the United Financial Group (UFG) believe that YUKOS' management will be very careful because a court may accuse the company of a false bankruptcy and the company's management may be sentenced to "correctional work" and prohibited to take leading positions in other companies in the future. At the same time, UFG analysts believe that YUKOS would benefit from bankruptcy because all the creditors of the company would be involved in this process, including tax agencies, foreign banks and Group MENATEP.
According to Uralsib experts, YUKOS' bankruptcy is unlikely to be announced. A court should confirm the company's bankruptcy and most probably, this will not happen.
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