Russia's Oil Patch Is Going Down The Drain
In Yukos Oil Co.'s fortress-like Moscow headquarters, Chief Executive Mikhail B. Khodorkovsky still talks confidently about the future. But behind the crenellated walls of the century-old building, Russia's second-largest oil producer is crumbling. Revenues plummeted 12%, to less than $4 billion, this year, and Yukos is struggling to repay $1.1 billion in loans due by the end of 1999. Regional authorities are threatening to revoke Yukos' production licenses for nonpayment of taxes. The company's chief shareholder, Menatep Bank, is on the verge of bankruptcy.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Smartphones Are Killing Americans, But Nobody’s Counting
- Why a Pub in the Middle of Nowhere Was Named the World’s Best Restaurant
- Gulf Coast Oil Spill May Be Largest Since 2010 BP Disaster
- Racist Outburst Prompts Faber’s Exit From Three Company Boards
- Airbus Snaps Up Bombardier Jet in New Challenge to Boeing