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NEWS: Russia Takes Over Country's Largest Oil Company

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posted on Jul, 3 2004 @ 03:59 PM
Russian government officials today forcibly took over the headquarters of YUKOS, the country's largest oil company. Computer servers have been siezed, accounts frozen, and police and other officials are currently occupying the headquarters building in Moscow. YUKOS is under investigation for fraud and tax evasion.
It is expected that the company's oil output will cease immediately.
Police seized vital computer servers during a raid on the Moscow headquarters of Russia's YUKOS oil firm on Saturday, which company officials said could force an immediate halt to oil output.

Russian officials occupied the building housing YUKOS, which produces a fifth of Russia's oil, two days after a court froze its assets and gave it until next week to pay a $3.4 billion tax bill.

YUKOS has until Wednesday night to pay a $3.4 billion tax demand for 2000 and it faces an almost identical bill for 2001. But with its accounts frozen, YUKOS cannot even sell off its assets to pay up.

Please visit the link provided for the complete story.

Mikhail Khodorkovsky, founder of YUKOS and Russia's richest man, is currently incarcerated on charges of fraud and tax evasion. Some business experts speculate Khodorkovsky is being singled out by Russian President Vladimir Putin for having political ambitions.

posted on Jul, 3 2004 @ 04:14 PM
wow that probable mean that oil prices are going to go up again and were going to pay $2.00 a gallon at the pumpe for this russian seage of this ail compainy

posted on Jul, 3 2004 @ 04:30 PM
Presidents George Bush and Vladimir Putin were to hold a summit at the end of September that was going to focus on economic and other ties between the United States and Russia. The two presidents have long recognized the central position of energy in our bilateral relations, and in that sphere, nothing is as critical as oil.

What is going to hapend now?

posted on Jul, 3 2004 @ 07:02 PM

It might have been politically motivated, but there was a lot of money at stake as well. Yes, it could seem communist to do such a thing... BUT... you have to realize what Yukos was about to do had the Russian government not intervened.

Yukos, before Khodorkovsky was arrested, was about to 'merge' with ExxonMobil, a Rockefeller-owned money machine. Essentially, ExxonMobil was going to buy them out. Yukos was about to try this kind of enterprise again, despite Putin's warnings and actions against the former leader of Yukos and his board members, so the Russians probably did this in order to keep their oil revenues inside of the Russian economy (oil is very important to the Russian GDP). They know darned well that a nationalized economy is in their best interests, because they have seen what happens to other countries like Indonesia when these kinds of deals are completed.

I am all for free enterprise and against communism, but the globaslist Rockefellers were greedily trying to take over a major part of Russian economy with this Yukos deal. Even though they already had a big stake in the USSR in the past and helped fund the Bolsheviks in the first place, in the 1980's, they liquidated most of their assets which partially led to the fall of the Communist regime.

[edit on 7/3/2004 by AlnilamOmega]

posted on Jul, 3 2004 @ 07:27 PM
Over the past six months, the Russian Energy Ministry (now known as the Ministry of Industry and Energy) has been streamlined and empowered; taxes on oil exports have been raised significantly (effective August 1, 2004); state-owned export facilities have grown at breakneck pace while private projects have progressed more slowly or faltered (see Oil Exports); and leading industry figures have come under criminal investigation at the behest of Russia's Procuracy General (see Oil Industry Structure).

Maybe the goverment has seen that some things are not very good. It was suppouse to be a merging of the two major oil companies, Yukos and Sibneft, but In November 2003, representatives from Sibneft suspended the merger and the protocol for de-merging was signed in February 2004.

How this is going to affect America, US was pressuring Russia to increases oil exports, the demand for crude on the U.S. market is predicted to grow by about 2% a year and the United States will not be able to meet its requirements on its own. US was counting on Russia to solve the problem. Now what?

I can wait for thuesday market opening and see what is going to hapend.

[edit on 3-7-2004 by marg6043]

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