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10

Yukos Closes Its Divisions

"The process will evolve over the next week or so, and after that company CEO Steven Theede will explain the details of it"

Russian oil company Yukos is closing its division Yukos-Moskva, as part of a massive restructuring plan.

Yukos spokeswoman Claire Davidson said, "We can confirm that restructuring is under way. The process will evolve over the next week or so, and after that company CEO Steven Theede will explain the details of it."

A source close to the company said the restructuring of the oil major, crippled by towering tax claims of $28 billion, would lead to massive layoffs at the oil major's Moscow headquarters.