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New York, April 12: Yukos,
the crippled Russian oil company, has scheduled a long-postponed
annual meeting for June 24 to elect a new board as it braces
for more legal wrangles and the possible sale of its share
in a refinery in Lithuania.
On Friday, hearings are scheduled
to begin in Moscow Arbitration Court over two lawsuits brought
against Yukos by Rosneft, the state-owned oil company that
won the majority of Yukos?s assets in a forced government
auction in December to defray a $28 billion tax bill.
Steven M. Theede, the Yukos chief
executive, and Bruce Misamore, its chief financial officer,
and other managers fled Russia last year amid a broad Kremlin
attack against Yukos and its founder, Mikhail B. Khodorkovsky,
whose criminal trial is winding to a close.
In an interview Saturday from
Paris, Theede said management was ?operating in an environment
of great fear and an intimidation.? Even so, Theede said,
Yukos was in talks with the Lithuanian government about
a refinery there, Mazeikui Nafta, in which Yukos owns just
over 50 per cent.
Lukoil, the Russian oil producer,
has also expressed interest in buying the refinery, which
would help crude exports reach markets outside Russia. Theede
declined to confirm any Lukoil offer.
?There?s obviously keen interest
in the refinery among different companies, and anything
we do will be done in very close coordination with the Lithuanian
government,? Theede said.
Theede declined to say if he was
nominated to the new board. Asked if he would attend the
June meeting in Moscow, he said, ?I haven?t decided yet.?
Yukos ended 2004 as the biggest
oil producer in Russia, with an average of 1.7 million barrels
of oil a day, up 6 per cent from 2003, Theede said.
But after the auction of some
of its assets, including its largest oil field, Yukos now
produces only 600,000 to 700,000 barrels a day ? a rate
Theede said was unlikely to grow this year.
Rosneft is seeking $11 billion
in lost revenue from Yuganskneftegas, the former Yukos unit,
contending that Yukos sold the crude oil at a discount.
Theede declined to say how Yukos would respond.
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