Author`s name Pravda.Ru

Yukos to defend its interests

Yukos is determined to fight for its assets, says Nezavisimaya Gazeta. Its chief financial officer, Bruce Misamore, says that company management will sue any firm that tries to purchase Yukos's main producing operation, Yuganskneftegaz, at a reduced price.

According to Yukos, the company has oil reserves worth more than $30 billion. Most experts evaluate Yuganskneftegaz at $7 billion. But, according to company representatives, the authorities are going to sell the Yukos subsidiary for $1.75 billion. In the view of the Yukos management and experts, this sum is way off the "fair" price.

Meanwhile, Nezavisimaya Gazeta points out, a certain consortium of British investors, represented by former Yukos shareholder Konstantin Kagalovsky, sent a letter to President Vladimir Putin on Friday, offering to buy out the Yukos controlling stake and pay the state directly. The letter said that financial investors were highly interested in co-operation with the Russian government and in formulating a development strategy for Yukos. The authorities, however, have not yet officially reacted to this offer, and are unlikely to do so, Nezavisimaya Gazeta notes.