the russian oil company of vktor gordesky?

Here is a detailed history of the Yukos oil company:

Address

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31A, Dubininskaya St.

115054 Moscow, Russia

Phone: +7-495-788-0036

Fax: +7-495-755-5357

http://www.yukos.com/

YUKOS turned vast resources in cold Siberia into cold cash. The integrated oil producer operates through two major production units: Tomskneft and Samaraneftegaz. YUKOS also has six refineries in Russia and about 1135 retail gas outlets. Once a state-owned company, YUKOS was led by entrepreneur and former majority-owner Mikhail Khodorkovsky, who was arrested for alleged tax fraud in 2003 and resigned. That year YUKOS' bid to buy Sibneft, Russia's fifth-largest oil producer, fell through. In 2004 YUKOS filed for bankruptcy protection in the US; the filing was later dismissed for lack of jurisdiction. In the meantime, the Russian government auctioned YUKOS' main oil unit, Yuganskneftegaz, for $9.4 billion.

The auction of Yugansk (as Yuganskneftegaz is known) was reportedly held in order to collect part of an overdue tax bill estimated at $28 billion. State-owned oil company Rosneft subsequently acquired Yugansk through the acquisition of shell company Baikal Finance Group, the winning bidder. The $9.4 billion acquisition is being funded, in part, by a $6 billion credit against future oil shipments offered by the Chinese government. India-based Oil and Natural Gas Corp. (ONGC) has announced plans to offer $2 billion as part of a deal to acquire 15% of Yugansk; the deal also includes up to a $4 billion loan. Yugansk's massive oil reserves have an output of about 1% of the world's total.

The back taxes owned to the government put various YUKOS executives in jail, while CEO Steven Theede and other top officers moved to London and the US. Theede claims that the overdue taxes where a result of inflexibility in the local tax collection code. Russia's tax code allows authorities to assess and demand immediate payment of back taxes, hence YUKOS' $28 billion back-tax bill.

Menatep, the 51% majority owner of YUKOS, has filed a suit against the Russian government for $28 billion, claiming the auction of Yugansk was contrary to the 1994 Energy Charter Treaty (designed to regulate disagreements over energy investments). Menatep has also called in a $900 million loan secured by Yugansk. YUKOS had filed a more than $20 billion suit against Gazprom, Rosneft, Gazpromneft, and Baikal Finance; the suit was later dropped.

Abandoning its attempts to gain bankruptcy protection in the US, YUKOS faces potential bankruptcy proceedings in Russia forced by creditors eager to gain control over the company's remaining assets. Yugansk has filed a $2.2 billion suit against YUKOS to recover money for oil supplied from July to December 2004. Rosneft has also filed an $11 billion suit against YUKOS for unpaid taxes related to Yugansk. While YUKOS' board of directors reportedly planned to vote on liquidating the company at its 2005 annual shareholders meeting, the company has continued to operate. A Moscow court has frozen the shares of YUKOS' top two remaining subsidiaries -- Samaraneftegas and Tomskneft -- along with shares of six smaller subsidiaries.

YUKOS has been selling non-core, non-Russian assets to pay creditors. Early in 2006 the company sold its Davy Process Technology Limited unit (headquartered in London) to Johnson Matthey for about $70 million. YUKOS has agreed to sell its 49% stake in Transpetrol (operator of the Slovakian portion of the Friendship oil pipeline) to RussNeft for about $103 million, with proceeds going to pay debts to Western banks and Menatep. The deal is being challenged by another Russian bidder, Northwestern Oil Group, that claims to have bid $250 million for Transpetrol, and is further complicated by a suit being heard in the Slovakian Supreme Court filed by a Czech businessman claiming to own 34% of the company.

OAO NK YUKOS

31A, Dubininskaya St.

115054 Moscow, Russia

Phone: +7-495-788-0036

Fax: +7-495-755-5357

http://www.yukos.com/

Yukos Oil Company (ОАО НК ЮКОС) is a petroleum company in Russia which, until recently, was controlled by Russian billionaire Mikhail Khodorkovsky and a number of prominent Russian businessmen. Khodorkovsky has been imprisoned, and others have fled Russia. Its headquarters are located in Moscow.