Problems with Yukos

[Ironsight 1]

From the Washington Post

Quote[/b] ]Yukos Executive Says Oil Still Being Pumped

Reports of Imminent Shutdown Disputed

By Peter Baker

Washington Post Foreign Service

Thursday, July 29, 2004; Page A18

NIZHNEVARTOVSK, Russia, July 28 -- The top manager of Yukos Oil Co., Russia's largest oil producer, said Wednesday that the company was continuing production, despite news reports that drove up world oil prices by suggesting that the government had ordered it to turn off its pumps.

Steven M. Theede, Yukos's chief executive, called the situation a misunderstanding. Speaking with reporters traveling with him to tour some of the firm's Siberian facilities, Theede said that the company's production subsidiaries had received a government notice last week forbidding them to sell property and that Yukos's attorneys were trying to determine whether that included crude oil.

"We're just trying to get clarification," he said aboard a chartered jet returning to Moscow. "It's nothing new. We're continuing to produce."

Theede said he did not believe that the government notice included a prohibition on crude sales. "It's not logical that this would be the intent," he said.

World oil prices shot to a record high and Yukos's stock price continued its dive after the initial report surfaced. The reaction highlighted the stakes involved in the political, legal and economic battle that has brought Yukos to the brink of bankruptcy and sent jitters through international energy markets. As the oil industry here has rebounded from its post-Soviet collapse, Russia has become the second-largest exporter in the world, behind Saudi Arabia, and no Russian company sells more crude abroad than Yukos.

The state has imprisoned or indicted major Yukos shareholders, hit the company with nearly $7 billion in back-tax bills and plans to seize and sell its core production unit -- all part of what analysts consider a power struggle between President Vladimir Putin and Mikhail Khodorkovsky, an oil baron who is on trial in Moscow on charges of fraud and tax evasion.

Full article

Thanks to Putin's political games, we are paying a high oil price

[Gordy 0]

That's nothing yet. He returnes to the pre-Yelcyn era of Security Agency. He build a new "KGB" with all ministerial rights. It will soon be a one, big agency with KGB like status. Again state in the state. Time to be afraid again?

[Tamme 0]

I don't trust Putin at all. Like every other dictator/whatever he started out as mr. niceguy and now he's staying in power for god knows how long and does whatever he feels like.

[Ironsight 1]

I don't trust Putin at all. Like every other dictator/whatever he started out as mr. niceguy and now he's staying in power for god knows how long and does whatever he feels like.

Me neither.

[desantnik 0]

To me.. He is a lot better than Yeltsin... so I stick with Putin rather than somebody else... also I hoped Alexander Lebed would have won... I respect him

[llauma 0]

To me.. He is a lot better than Yeltsin... so I stick with Putin rather than somebody else... also I hoped Alexander Lebed would have won... I respect him

Just take a look at Yeltsin and tell me who wouldn't be better?

Putin is starting to get too comfortable in his position. I think he'll be in power for many more years, at least he'll do what ever he can for that to happen. I'm not talking about him handing out brochures and giving speaches during election times.

[Foxtrot87 0]

In one of his interviews during the elections Putin was asked whether he wanted to be the president for the third time (meaning his office would overall be 12 years). He answered that you could go nuts if you served such a long term. In the Russian constitution it is said that one and the same man can't be a president for more than 2 terms one after another. He's serving his second term right now. The Kremlin can offer another person (just like Yeltsin introduced Putin to the public) who will follow the same policy.

But if Putin wants to serve for the third time he can easily do that    Our Constitution Court (or however it's called) comments on different issues concerning constitution. And in fact these commentaries override the power of the constitution and you have to follow them. Putin just needs to influence the judges of this court somehow.