USD 80.5268

-0.16

EUR 93.3684

-1.09

Brent 66.42

-0.27

Natural gas 2.801

-0.01

121

Yukos Exists No More

Yukos said yesterday that it had been destroyed

Yukos Exists No More

Yukos said yesterday that it had been destroyed by the forced sale of Yuganskneftegaz.

The chief executive of the company Steven Theede said that production was already in decline and could fall further if the new owner of Yuganskneftegaz did not make major investments soon.

He explained, "You cannot run a company the size of Yukos on no money, so we are already starting to see an impact.?

Theede called the acquiring its unit by Baikal Finance Group, ?farcical?. Baikal Finance Group is a two-day-old company, registered in a small Russian town of Tver, and allegedly independent of Russian oil majors Gazprom, Lukoil, Surgutnefetegaz and TNK-BP.

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