Statement
of the Board of Directors of YUKOS Oil Company
Posted: 27 February 2004
The Board of Directors of YUKOS Oil Company at its meeting held
on February 26, 2004 approved the cash capital expenditures budget
and financial plan for 2004 and set a target of 90 million tons
for crude oil production (an approximate 11 per cent increase over
2003). Cash capital expenditures are planned at $1.9 billion (approximately
1 per cent over 2003), including a significant amount for business
development projects.
In addition the board declined a demand from one of the former
core shareholders of Sibneft to convene an Extraordinary General
Meeting of shareholders of YUKOS Oil Company.
The proposed agenda for the Meeting included consideration of a
sale-purchase transaction of the shares of Sibneft owned by YUKOS.
The proposed agenda also included approval of a decrease in the
charter capital of YUKOS, supposedly in the event a sale-purchase
transaction is consummated.
None of the terms of such a transaction nor the identity of the
buyer were specified in the demand.
The board determined that, at this time, it is not entitled to
convene an Extraordinary General Meeting of Shareholders to consider
the proposed agenda because of a recent decision by the Arbitration
Court of Moscow in the suit brought by two Millhouse affiliates
against the Federal Securities Commission and YUKOS seeking to overturn
the Commission's prior approval of the issuance of YUKOS shares
in exchange for 57.46 per cent of Sibneft's shares. The affected
shares were part of the share exchange between YUKOS and certain
core shareholders of Sibneft closed in October 2003.
The recent Arbitration Court decision imposes a prohibition on
the transfer of both the YUKOS and Sibneft shares involved in that
part of the share exchange until a final decision in the case is
made by the Court.
Seeking to comply with the Court order, and in the best interests
of all shareholders, the YUKOS board declined to call a shareholders
meeting until such final Court decision is made and is effective.
For more information see www.yukos.com
Posted by Richard Price,
Editor Pipeline Magazine
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