|
Moscow, Aug 6: Russian oil major Yukos has no money in its bank accounts after bailiffs seized $900 million on Thursday to cover the firm’s back tax bill, a financial source said on Friday.
"They have no money to fund their basic operations. Production needs can still survive for a few weeks, but time is coming to pay for transportation fees," the source said.
Yukos, which has repeatedly warned it needs at least $400 million on its Russian bank accounts to fund core operations such as transportation fees to ensure oil exports, declined to comment on the report.
"All we can say is that we still haven’t got a new bailiffs’ order that freezes our bank accounts again," YUKOS spokesman Alexander Shadrin told Reuters.
The bailiffs service was not immediately available for comment. Yukos has said it had pre-paid August transportation fees to pipeline monopoly Transneft but would need to find money by the middle of August to pay for exports in September.
It has also said that railway shipments have been pre-paid until August 10 and the firm may be forced to reduce output as it has no spare storage capacity to accumulate its barrels if its access to railway shipments is shut. Yukos shares were down almost 15 percent at 101 roubles by 0913 GMT.
—Reuters
Discuss this story on expressindia forums
|
|
 |
 |
 |
About Us | Contact Us | Advertisers | Site Map | Make us your homepage | Work for Us | RSS | Subscribe | Electronic Edition | Privacy Policy© 2009: The Indian Express Limited. All rights reserved throughout the world
