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Menatep group might sell its stock in Yukos in the near future
The MENATEP group might sell its stock in YUKOS in the near future, announced Chairman of YUKOS Board of Directors Victor Geraschenko at the opening of the international conference "The expansion of capital: from national economy to transnational" in Honk Kong. "MENATEP can cease to exist as the owner of YUKOS in the near future, meaning it can sell its stake in the oil company," said Mr. Geraschenko. The head of YUKOS stated that the company is not considering any future perspectives or making any plans for 2005. "The situation around YUKOS does not allow us to make any projections. The fate of Yuganskneftegaz will largely determine our future actions," he underlined. Mr. Geraschenko did not discard the possibility that in case of the auction sale of Yuganskneftegaz -- the main production asset of YUKOS - its future owners might face difficulties in selling the extracted oil. "Yuganskneftegaz is an oil extraction unit, and all existing contracts were signed on behalf of YUKOS-Moscow company," said Mr. Geraschenko. He also underlined that the recent interruption in oil deliveries to one of the Chinese companies was not an attempt to apply pressure on Russian authorities. "It was caused by the increase of customs duties. They had gone up recently from $41 to $92 (for a ton), and we could not afford paying such amounts in our situation," Mr. Geraschenko said. "We chose to fulfill our obligations before our Russian clients in the first place," he stressed.
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