Реферат юкос Студентка кэс-031 Жиглова Д. С. Проверила: Бурдоленко Л. М. г. Камышин,2003г
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Министерство образования и науки РФ Камышинский Технологический Институт (филиал) Волгоградского Государственного Технического Университета  РЕФЕРАТ  юкос Выполнил: Студентка КЭС-031 Жиглова Д.С. Проверила: Бурдоленко Л.М. г.Камышин,2003г СОДЕРЖАНИЕ
YUKOS CASE ENTERS FINAL STRETCH last week the embattled yukos oil company provided russian and foreign media with a number of noteworthy news items. a careful observer would note that the end of the so-called yukos affair seems to be near. the russian authorities, however, still seem to be unable to decide whether they want to provide for the country's long-term economic benefits or to simply punish the company's founder mikhail khodorkovsky for his political activities Last week the embattled Yukos Oil Company provided Russian and foreign media with a number of noteworthy news items. The news was a bit overshadowed by the hostage tragedy in North Ossetia, which is still being actively discussed in the press. A careful observer, however, would note that the end of the so-called Yukos affair seems to be near and all of the participants have entered the final stretch of this race. Russian President Vladimir Putin was the first one to state his position. Meeting with a number of foreign journalists in his Ogarevo residence on Monday, September 6, Putin said: "I don't want to bankrupt Yukos." When asked about certain members of his government who may be behind such a conspiracy, the President struck out at his interlocutor and requested the names of the individuals, so that he may fire them immediately. Unfortunately, no representatives of the Russian press were present at that meeting, and the foreign correspondents did not elaborate on the topic, which means that it is doubtful that anybody had hard evidence linking anyone from Putin's closest circle to the Yukos baiting. On Thursday, September 9, Yukos' jailed founder Mikhail Khodorkovsky, told by his lawyers that he would be unable to pay the company's tax debt from his own funds, he offered his shares in exchange for the end of prosecution. Khodorkovsky, quoted by Interfax news agency, said: "I am ready to give (up) my share holding not to let it (Yukos) collapse, to keep the technology system and the corporation that pays high salaries and huge taxes, provides to the social and economic stability of the country." He also expressed regret that he didn't quit business in 2000-2001 and didn't concentrate his efforts on social projects, saying that he will do so after the end of his trial. Immediately following this comment on Friday, the Russian Natural Resources Ministry threatened to recall all production licenses from Yuganskneftegaz, Yukos' core oil production asset. The reason given by the ministry's officials was the recent failure of Yugansk to pay some of its taxes, which in their opinion would be "sufficient grounds for the recall of licenses". The Natural Resources Ministry decided to disregard the fact that Yukos' subsidiary failed to pay its taxes because all of its accounts were arrested by the Tax Ministry. The analysts immediately saw the threat of license loss as yet another way to lower the liquidity of Yukos' main production asset, so that it can be sold for a much smaller sum than the oil company could possibly hope for. To dispel the observers' anxiety the Russian government delegated Alexei Kudrin, the Finance Minister, who promised complete transparency in the Yukos case in an interview to the British Financial Times newspaper. Kudrin dismissed as a myth the suggestion that Yukos would be pushed into bankruptcy and pledged that asset sales being prepared by the authorities to pay off the oil company's tax debts should take place transparently and in accordance with market principles. His comments implicitly confirmed the suspicions that the sell-off of Yukos' production assets will be a part of the resolution between the under-fire oil company and the authorities. This diminishes the hope of Yukos supporters that the company would be permitted to remain intact. All of this news point in one direction — the affair has dragged on for long enough, and it is time to end it in a way that would be both financially and politically profitable to the government. It is obvious that after all the efforts that were put into this case, the authorities cannot simply "let Yukos go", allowing, for example, the company to pay the accrued tax debt at its leisure. The only thing that remains unclear is why the authorities believe that the partition of the oil company is more profitable than exchanging its well-being for Mikhail Khodorkovskys stake? From the economical point of view receiving a partial state ownership of Yukos is more profitable in the long run then simply selling off a part of the company and putting the sale receipts in the government coffers. What the government actions show, then, is not a desire to provide for the country's long-term economic benefits, but a simple wish to punish Khodorkovsky. And President Putin's "I don't want to bankrupt Yukos" words are no more than words and an exercise in putting on a poker face. AUTHORITIESThursday, August 19, Chinese embassy's economic advisor Fang Chunyong told reporters that China would like to participate in the Yuganskneftegaz auction. The decision was made after a group of Chinese diplomats visited the Siberian Khanty-Mansy Autonomous Region, where the majority of Yukos' oil production takes place. Answering a question from Interfax agency, he said: "The question of participation (in the auction) interests us very much. But in this situation the main question is the policy of the Russian government regarding foreign companies. In this particular question (it is unclear) whether Russia will allow foreign companies to participate in the purchase of (Yukos) assets. Naturally, if there are real offers from the Russian side, we will look into them." Such an announcement should come as no surprise, as China is seen as one of the major consumers of oil. The analysts predict that Chinese consumption will only continue to rise in the coming years. It is completely understandable that China, with no oil reserves of its own, would try to secure free access to Russian oil, if a chance presents itself. NaftaSib, which is a much less public structure, was more tight-lipped about its offer to the Russian authorities. According to the information that was leaked to the Russian media by several sources close to both Yukos and Sibneft shareholders, NaftaSib sent its offer to the Russian government at the end of July, but no public announcement was made. NaftaSib company has been around for a while, and was originally linked to ex-Prime Minister Viktor Chernomyrdin. In recent years it has switched its allegiance to the Russian Emergencies Ministry. The Emercom company, which is basically a trading arm of the Ministry, holds joint ownership of several projects along with NaftaSib and makes no secret of this cooperation. According to the media sources, NaftaSib has sent a letter to the Presidential administration offering to pay $8 billion of Yukos' tax debt in return for a controlling stake in the company. The offer is almost identical to the one made by a consortium of unidentified British investors. The offer was made on July 23, and later it was discovered that the consortium is fronted by Konstantin Kagalovsky, a former senior Yukos official. The consortium offered to pay Yukos' tax debt for 2000, as well as any possible tax claims for subsequent years and to bail out Mikhail Khodorkovky (who faces a personal claim of up to $i billion) in exchange for Khodorkovsky's stake in Yukos. Two weeks later the Dubai royal family was linked to this consortium and was rumored to have offered $10 billion to "bail out Yukos" but the rumors were denied officially the next day. Yet another bidder for Yukos' main subsidiary Yuganskneftegaz is Russia's fourth largest oil company Surgutneftegaz, which is seen by many market analysts as the perfect candidate to make the purchase. First, Surgut's own production assets are located in the same area as Yuganskneftegaz. Second, thanks to its dividend payment policies, Surgut is the only major company that would have enough free cash to finance such a purchase. Third, Surgut is rumored to have close ties with the authorities. Fourth, a purchase of Yukos' asset by another private company, as opposed to state-owned giants such as Gazprom or Rosneft, would help assuage foreign investors that the Russian government is settled on a course of nationalization. Which brings us to the question: what is the Russian government going to do in this situation? It is almost certain that the authorities won't participate in any deals swapping some sum of money, however great, for a controlling stake in Yukos. Nevertheless, a deal with NaftaSib would be an ideal candidate, considering its close ties with the Emer-gecies Ministry. But agreeing to such an offer would mean an immediate acknowledgement of the authorities' desire to simply seize control of Yukos from Mikhail Khodorkovsky, as opposed to its stated claim of establishing solid tax laws for Russian companies. This means that the only way to satisfy the thirst for revenge and to keep up the relatively good appearances is to hold an open auction at which Yugansk will be sold in order to raise money for the payment of Yukos' tax debt. This, in turn, presents problems of its own. When the arrest of Yuganskneftegaz was initially announced on July 14, it was rumored that the authorities will sell Yukos' main production asset, responsible for 62% of its oil output, for a meager sum of $1.75 billion. Then, the oil company came out with an announcement that the fair price of Yugansk is no less than $30 billion, which is the cost estimate of its reserves made by the Canadian DeGoyler and MacNaughton petroleum consultants. The head of the Federal Energy Agency Sergei Oganesyan speaking to reporters two weeks ago estimated the price of Yuganskneftegaz at approximately $10 billion and expressed opinion that if the government holds an open and transparent auction, the only bidders capable of paying the fair price for this gem in Yukos' crown will be the Western companies. It seems that the government has driven itself into the corner. If it sells Yuganskneftegaz to an insider Russian company for a price of no more than $2 billion, it must brave a tide of criticism and investor distrust from its Western partners. Additionally the company that buys Yugansk for such a low price will be brought by Yukos to court, as the oil major already threatened legal action against any potential customer who will use Yukos' weak position to buy its assets for a below-market price. If the authorities decide to set a fair starting price for Yugansk, they will face a number of foreign bidders who will be all too happy to snatch this tasty piece of oil property. It is obvious that no one in the government wants that to happen, as the Russian oil should stay with Russian companies. Both of this methods are unacceptable. There is a third way: unfreeze Yukos' accounts and let the company pay the tax debt with its own funds, without selling any of the assets. But are the authorities ready to do that? The answer seems to be "no". week of terror unlucky coincidence for yukos Last week Russia had no interest for economic news. Moreover, the whole world had no interest for economic news coming from Russia. Every news broadcast on every TV channel was all about a suicide blast at Moscow's Rizhskaya metro station, and then it was off to North Ossetia, to the town of Beslan, where a group of terrorists held more than 1,000 people, at least half of them children, hostage. Meanwhile the Russian authorities, instead of directing all of their efforts to the goal of solving the hostage crisis and saving lives, went about its order of business. While nobody was paying attention, the Tax Ministry went out and slapped Yukos Oil Company with a new tax bill, this time for 2001. The new sum that the authorities demand from the under-fire oil major is actually larger than the already high enough tax bill for 2000. This time Yukos is accused of failing to pay as much as 120 billion rubles ($4.2 billion) as compared to $99.3 billion rubles ($3-42 billion) for the previous year. One can only imagine what the next bill, for 2002, might be. Then there are Yukos' subsidiaries which got slapped with separate tax bills, already making the total bill about $12 billion. It is not surprising at all, then, that the authorities ignored Yukos' offer to settle all tax claims for years 2000-2003 with a sum of $10 billion. Wholesale is always cheaper, it's a known truth, and it is not at all surprising that the authorities don't want to sell the company's future on the cheap. I'm not saying, of course : that the news of .Yukos' additional tax bill had gone completely unnoticed. No, all the news agencies duly reported the information, and sympathetic commentary was surely offered. But for the first time in months Yukos has gone off the news radars, as terrorism, newsmaker #i, had taken its place. I would be indulging into too much conspiracy theory if I claimed that the week of terror was a carefully thought out plan aimed at helping the authorities finish off the oil major on the sly. But even if it was an odd coincidence, the Russian government has used the recent events to serve its own interests. I would not be at all surprised if the Tax Ministry picks up the pace and starts working very quickly to present Yukos with additional tax bills for 2002 and 2003. The independent independent auditor hired by the Finance Ministry will be rushed to finish the evaluation of Yuganskneftegaz, the company's main production asset. The sum total of all tax bills and the result of evaluation will probably be the same. Then, while the world is still pondering the horrors of terrorism and offering its condolences to Russia — a quick auction for Yugansk and Yukos saga can be considered finished. The only question that remains is the fate of these $12 or so billion of "back taxes" that the government will add to its coffers. While the destruction of one of Russia's largest companies on a political whim is unforgivable, it could be at least somewhat remedied if the money received from this action went to actually make the lives of the country's citizens better. Safer, for example. But will that happen? Highly doubtful. СЛУЧАЙ С ЮКОСОМ ВХОДИТ В ЗАКЛЮЧИТЕЛЬНОЕ ПРОТЯЖЕНИЕ На прошлой неделе приведенная в боевую готовность нефтяная компания Юкос обеспечила российские и иностранные СМИ множеством примечательных новостей. Осторожный наблюдатель обратил бы внимание, что конец так называемого дела Юкоса, кажется, рядом. Российские власти, однако, все еще, кажется, неспособны решить, хотят ли они обеспечить долгосрочные экономические выгоды страны или просто наказать основателя компании Михаила Ходорковского за его политические действия На прошлой неделе приведенная в боевую готовность Нефтяная компания Юкос обеспечила российские и иностранные СМИ множеством примечательных новостей. Новости были немного затемнены трагедией заложника в Северной Осетии, которая все еще активно обсуждается в прессе. Осторожный наблюдатель, однако, обратил бы внимание, что конец так называемого дела Юкоса, кажется, рядом, и все участники вступили в заключительное протяжение этой гонки. Российский Президент Владимир Путин был первым, кто заявил о его положение. Встречаясь с множеством иностранных журналистов в его резиденции в Огарево в понедельник, 6 сентября, Путин сказал: «Я не хочу банкротство Юкоса». Когда спрашивали о некоторых членах его правительства, которое может быть позади такого заговора, президент требовал имена индивидуумов, так, чтобы он мог уволить их немедленно. К сожалению, никакие представители российской прессы не присутствовали на той встрече, и иностранные корреспонденты не уточняли в теме (что является сомнительным), что любой из них имел твердое свидетельство связывать любого из самого близкого круга Путина с травлей Юкоса. В четверг, 9 сентября, заключенный в тюрьму основатель Юкоса Михаил Ходорковский, передал со своими адвокатами, что он был неспособен заплатить налоговый долг компании из его собственных фондов и предложил его акции в обмен на конец судебного преследования. Ходорковский, цитируемый агентством печати Интерфакса, сказал: «Я готов бросить мои акции, чтобы не привести его (Юкос) к краху, держать систему технологии и корпорацию, которая платит высокие жалованья и огромные налоги, обеспечивает социально-экономическую стабильность страны». Он также выражал сожаление, что не оставил бизнес в 2000-2001 и не концентрировал усилия на социальных проектах, говоря, что сделает так после окончания суда. Немедленно после этого комментария в пятницу, российское Министерство Природных ресурсов угрожало вспоминать все лицензии на производство из ЮганскНефтеГаза, основного актива производства нефти Юкоса. Причиной информации данной должностными лицами министерства был недавний отказ Юганска заплатить некоторые из его налогов, которые по их мнению будут «достаточными основаниями для отзыва лицензий». Министерство Природных ресурсов решило игнорировать факт, что филиал Юкоса был не в состоянии заплатить свои налоги, потому что все его счета были арестованы Налоговым Министерством. Аналитики немедленно увидели угрозу потери лицензии пока есть возможность понизить ликвидность главного актива производства Юкоса, так, чтобы это могло быть продано за намного меньшую сумму, чем нефтяная компания могла надеяться. Чтобы рассеивать беспокойство наблюдателей, российское правительство делегировало Алексея Кудрина, министра финансов, который обещал полную прозрачность в случае Юкоса в интервью к британской газете Файнэншнл Таймз. Кудрин отклонил как миф предложение, чтобы Юкос был назван банкротом и заверил, что продажа актива, подготовленная властями, чтобы заплатить налоговые долги нефтяной компании, должна быть прозрачной и соответствовать рыночным принципам. Его комментарии неявно подтверждали подозрения, что удешевленная распродажа активов производства Юкоса будет частью решения между нефтяной компанией и властями. Это уменьшает надежду относительно сторонников Юкоса, что компании разрешили бы остаться неповрежденной. Все эти новости имеют одно направлении - дело тянулось довольно долго, и пришло время заканчивать его так, чтобы это было материально и политически выгодно правительству. Очевидно, что после того, как были затрачены большие усилия в этом случае, власти не могут просто «позволить Юкосу уйти» и заплатить накопленный налоговый долг после. Единственная вещь, которая остается неясной – это то, почему власти полагают, что разделение нефтяной компании более выгодно, чем обмен ее благосостояния на долю Михаила Ходорковского? С экономичной точки зрения, получить часть Юкоса в государственную собственность более выгодно в конечном счете, чем просто распродажа части компании и помещения квитанций о продажи в правительственной казне. Тогда правительственные действия - это не желание предусмотреть долгосрочные экономические выгоды страны, а простое желание наказать Ходорковского. И выражение президента Путина – «я не хочу банкротство Юкоса» - слова и не больше, чем только слова и упражнение в том, чтобы надевать маску покера. |
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