Report: Yukos to Halt Crude Supplies

[cosmicone]

http://news.yahoo.com/news?tmpl=story&u=/ap/20040920/ap_on_bi_ge/russia_oil_fight_5

MOSCOW - The board of Russia's embattled oil giant Yukos will halt crude supplies to Baltic refinery Mazeikiu Nafta until the end of the year, the Interfax agency reported Monday — just hours after Yukos confirmed a similar move involving a Chinese company.

Yukos spokesmen could not immediately be contacted for comment on the report. The Mazeikiu Nafta refinery is located in Lithuania.

The cash-strapped company is fighting to pay off some $7 billion in back taxes for 2000 and 2001, and has repeatedly warned that bankruptcy or a production stoppage are imminent. Most of its bank accounts and assets have been frozen by the Russian government.

Earlier on Monday, Yukos confirmed it was halting rail shipments to China National Petroleum Corp., a move which would reduce its exports by 100,000 barrels per day.

</snip>

Watch for oil prices to hit >$50 now!

[Radius]

1. Wonder

if it will be nationalized?

or if they are cutting do to shortfall of production or to make more elsewhere?

Interesting.

[cliss]

2. Amazing. It's like ALL the areas around the world

which are connected with oil are getting hit lately. Consider:

Saudi Arabia was hit with a terrorist attack twice recently. The oil refining city of Al Akhbar (?)
Darfur - oil has been discovered there - look at the chaos in that country.
The US Gulf of Mexico - hit with at least 1 hurricane recently.
Iraq - what a mess

and now Yukos. It just seems that every place that's connected with oil refining is getting hit.