Yuganskneftegas Will Keep Production Level

Russian oil major YUKOS? subsidiary Yuganskneftegaz is to be sold in late November. Viktor Khristenko, the Minister of Industry and Energy said that change of owner will not affect oil production by the company.

?I am convinced that, whoever buys the company and becomes its new owner, will be interested in maintaining the level of production,? Mr. Khristenko said. He added that the new owner will also be interested in preserving jobs and social guarantees for Yuganskneftegaz employees.

Change of owner was not a key factor in terms of production, Mr. Khristenko stressed. He said the government had enough tools and opportunities to ensure due control over the company?s production. ?Russia?s oil production plans for 2004 will not be affected, the level of output and jobs will be preserved,? the Minister said.

On Monday, the Federal Arbitration Court of the Moscow District upheld the seizure of Yuganskneftegaz?s assets.