Shareholders to Vote on Yukos Bankruptcy
Shareholders of Yukos will vote at a Dec. 20 meeting on whether the oil company should file for bankruptcy protection after it was hit with new tax bills, Chief Executive Steven Theede said. He said Russia’s largest oil exporter could not continue to operate normally after being presented with $6.7 billion in tax demands.
The American CEO stuck to Yukos’ oil output target of 1.73 million to 1.75 million barrels a day this year.
The new tax hit for 2002 comes on top of $4 billion Yukos still owes for 2000 and 2001, as well as $3.4 billion in demands levied against its main production unit, Yuganskneftegaz. That brings the total owed by Yukos to $14 billion.
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