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American Chevron to buy Russian Yukos · 2007-02-10 13:23
Chevron intends to bid for assets of Yukos, the bankrupt oil producer, Russian officials said Friday. If Chevron succeeds, such an acquisition could help close the final chapter on the downfall of Russia's largest oil company.
Chevron, based in San Ramon, Calif., declined to comment on the assertion by two Russian officials ??“ including the chief executive of Gazprom, Russia's natural gas monopoly ??“ that American companies were interested in participating in an auction of Yukos assets. The second official, a bankruptcy receiver, identified Chevron as one of those companies.
The company's participation would be contentious; it would add a sense of legitimacy to an auction critics say amounts to little more than a grab for assets stolen over the last three years from Yukos shareholders, including holders of the Yukos American depository receipts traded on the New York Stock Exchange.
According to New York Times, Russian officials say tax fraud and embezzlement brought down Yukos and that the bankruptcy auction is legal under Russian law.
The bid by Chevron, if it happens, illustrates some of the ethical choices and political complexities that American oil companies are forced to navigate these days as they search for scarce reserves of oil in foreign countries.
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