Russia » Economics

Natural Resources Ministry recommends recalling YUKOS licenses - 10 April, 2003

The task force of the Russian Natural Resources Ministry has recommended to revoke 24 licenses of YUKOS subsidiaries, Deputy Minister of Natural Resources Alexander Povolotsky announced at a briefing today. He also heads a state agency controlling the use of natural resources and environmental safety. The official explained that this recommendation was based on inspections of the observance of license agreements by subsidiaries of the YUKOS oil company. In particular, some subsidiaries were violating terms for the disposal of associated gas and volumes of oil production. As a result, the federal and regional budgets were losing revenues from tax payments. The ministry's task force is going to appeal to the Tax Ministry for calculating economic damage caused by some YUKOS subsidiaries.

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