#7 - JRL 7276
The Guardian (UK)
August 4, 2003
Kremlin threat to US-Yukos deal
David Black
ChevronTexaco, the second biggest US oil group, is negotiating to buy a 25% stake worth an estimated £4bn in Yukos, Russia's leading oil company.
But industry analysts say the talks could be scuppered by growing Kremlin interference in the privatised energy sector. News of Chevron's interest comes as speculation is growing that Yukos' planned merger with a Russian rival, Sibneft, could be blocked by the Kremlin.
It is known that Chevron, Exxon and TotalElfFina have been exploring investing in Russian firms in order to cash in on the country's vast oil and gas reserves. BP has already invested £4bn in another Russian oil firm, TNK.
However, the Kremlin has been cracking down on the Russian oligarchs who run the large oil companies, accusing them of past corruption and interfering in politics.
Mikhail Khodorkovsky, 40, the multibillionaire who runs Yukos, has already been arrested and questioned over irregularities in his acquisition of the firm from the state. Yukos offices were raided last month and documents taken. Some analysts have suggested the proposed merger could be blocked because it would make Mr Khodorkovsky so powerful as to be untouchable.
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