Power utility restores full supplies to Yukos upstream subsidiary

London (Platts)--24Sep2004

Power supplies to Yukos's main production unit Yuganskneftegaz were restored
in full as of Friday, regional power utility Tyumenenergo said, a day after
the Yukos management promised to clear the subsidiary's Rubles 260-mil
($8.9-mil) outstanding power bill. To restore full supplies, Tyumenenergo
required coordination of a debt payment schedule with Yukos, which apparently
has been done, the utility said in statement. 

On Thursday, Tyumenenergo said some R11-mil has already been transferred to
pay off Yuganskneftegaz' debt. However, Tyumenenergo warned that in Sep
Yuganskneftegaz' debt would climb to R440-mil, and if the debt redemption
obligations were not fulfilled, the power supplies would have to be reduced
again. Yuganskneftegaz had said it may have to reduce output by up to 51,000
b/d if its power supply were not restored in full.

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