Yukos completes the restructuring plan

The leadership of the NK Yukos completes the development of a restructuring plan, which includes a “fairly radical” reduction in part of the staff in the central office in Moscow, where 1250 people work, the head of the company Stephen Tidi said The Wall Street Journal .

He did not specify the number of jobs that will be reduced, noting that the details will be declared in May.

Tidi, who has been in London from the end of last year, also said that Yukos may consider the possibility of selling relatively small assets that are not key to business to get money.

He noted that the company is preparing for a new pressure from the Russian authorities and for claims from Rosneft. The Yuganskneftegaz, which is now controlled by Rosneft, filed a lawsuit in the Moscow Arbitration Court to recover 62,369 billion rubles from OJSC for July from July to December 2004, but not paid oil.

If Rosneft wins these cases, she will be able to start procedures for the recognition of the NK by Yukokrot, S. Tiy admitted.

Analysts believe, the newspaper writes that this will allow Rosneft, as the main creditor, to actually gain control over the remaining assets of the Yukos.

At the same time, Tidi said that the company's management was not losing hope. "So far, there is still some probability, although distant, that what is happening can have something better than a catastrophic finale," he says. Tidi said that the company is considering further protection in the courts of the United States and other countries.

According to him, Yukos basically stopped export supplies, with the exception of the shipment of small volumes of oil to China by rail and supplies to the Mazheiki refineries in Lithuania. Due to tax claims, the accounts of one of the extracting units of the company are frozen - Samaraneftegaz, however, the bulk of the company's financial flows is maintained.