Yukos' upstream subsidiary settles $14.51-mil power debt in full

Moscow (Platts)--4Oct2004

Russian oil major Yukos has completely paid off the debt of its main
production subsidiary Yuganskneftegaz, which totaled Rb424-mil ($14.51-mil) as
of Sep 30, Urals Energy Management Company said in a statement Monday. "The
money has been transferred to the Tyumenenergo power utility through the power
distribution company Escom," a spokeswoman with Urals Energy management
Company said without providing further details. 

The power utility said it welcomed a "positive approach of the Yukos management in sorting out the debt
problem." After Tyumenenergo reduced power supplies to the Yukos upstream
subsidiary by 20 MW on Sep 21, Yuganskneftegaz warned it might have to reduce
output by up to 51,000 b/d if its power supply were not restored in full. The
deliveries were resumed in usual amounts on Sep 24, a day after Yukos in a
letter promised to clear the subsidiary's outstanding power bill amounting to
Rb260-mil at that time. To restore full supplies, Tyumenenergo required
coordination of a debt payment schedule with Yukos.

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