Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Yukos Reshuffles in the Name of Transparency

Investors in Yukos agreed at an extraordinary shareholders meeting Tuesday to give Yukos Moskva full control of the operations of the nation's No. 2 oil producer, stripping parent company NK Yukos of its remaining managerial powers.

The meeting voted to transfer the executive body of NK Yukos to Yukos Moskva, which had been acting as a manager since 1998, Yukos said in a statement.

"We wanted to make sure that the structure of the company was clear to all shareholders," a Yukos spokesman said. "The shareholders meeting confirmed the already de facto system under which the holding was being managed."

The Yukos holding now comprises manager Yukos Moskva, upstream unit Yukos EP and downstream operator Yukos RM. NK Yukos holds no management powers, but remains as the 100-percent owner of Yukos Moskva.

The Yukos spokesman, who asked not to be named, said the oil giant had been working since 1998 to bring its structure up to Western standards, and the vote Tuesday was a major step in the right direction. The company had previously consolidated all of the shares in its subsidiaries into shares in the parent company.

Some oil analysts said Yukos appeared to be making the right moves.

Other analysts declined official comment, but expressed confusion about why Yukos needed to use Yukos Moskva as a management company.