Jailed ex-CEO to sell YUKOS?
November 05, 2003 Posted: 11:48 Moscow time (07:48 GMT)
Mikhail Khodorkovsky (AP)
MOSCOW - Despite tough actions of Russian authorities, Mikhail Khodorkovsky, who resigned as YUKOS CEO on Monday, continues to consider ways of selling a large stake in the company to a Western investor.
Last week, the US Department of State issued a strong statement in response to the arrest of Mr. Khodorkovsky by Russian authorities. State Department spokesman Richard Boucher said Russian authorities should ensure an unbiased investigation into the case of YUCOS CEO Mikhail Khodorkovsky. According to Mr. Boucher, the arrest and jailing of Mr. Khodorkovsky and the freezing of the company's shares raise serious questions about Russia's commitment to free market principles and independent judiciary. However, according to Russian analysts, these statements do not reflect the real attitude of the American elite to the events in Russia, and they are rather intended for 'home use'. With the help of such statements, part of the American establishment tries to clarify the position of US President George Bush on the developments in Russia..
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"I think, the statement of the US State Department was quite mild, which seems strange. Perhaps, it is due to the fact that certain tacit agreements were reached during the last meeting of Vladimir Putin and George Bush on how Russia will build its economic policy in the future," the analyst said.
Perhaps, it is for this reason that investors did not panic after the arrest of Mr. Khodorkovsky. "Investors are not going to withdraw from the Russian market, and they have been planning their future work with Russia since the time of the arrest. In addition, most of the US business elite are optimistic. Opinions are expressed that the YUKOS affair is just an isolated incident, which will be forgotten in half a year, and it is necessary to continue investing," Mr. Sobyanin says. According to analysts, investors, especially American businessmen, will be increasingly interested in Russia. It is clear that Washington's plans to establish full control over Iraqi oil resources have collapsed, and the Americans will continue looking for other cheap and safe sources of oil. In this respect, Russia is the most realistic option. It is not a coincidence that, prior to Mr. Khodorkovsky's arrest, the American companies ExxonMobil and ChevronTexaco were the most likely buyers of a stake in YUKOS.
Although the Americans are not in talks with YUKOS to buy a stake, from a formal point of view, this does not mean that the multinational oil companies dropped their plans to gain control of the Russian oil giant. According to some reports, large Western financial corporations already have such control, even if indirectly.
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