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. Last Updated: 07/27/2016

Yukos Simplifies Corporate Structure

Yukos has simplified its corporate structure after the government seized and sold its largest unit, Yuganskneftegaz.

Yukos will close its former management company, Yukos Moscow, moving staff to Yukos RM, its fully owned retail and marketing unit. Its other operational unit, Yukos EP, will remain in charge of exploration and production.

"Yukos senior management will continue to act responsibly, though realistically, in operating the company," Yukos chief executive officer Steven Theede said in a statement Tuesday. "While the circumstances are unprecedented, my obligations are not."

Yukos deputy CEO Yury Beilin will be board chairman for Yukos EP and Theede will head the Yukos RM board, the statement said.

Meanwhile Group Menatep, Yukos' main shareholder, said it has hired former European Union internal markets commissioner Frits Bolkestein to join its international advisory board.

Menatep said in a statement it looked forward to drawing on Bolkestein's expertise in business and politics as it fights to save Yukos.

(Bloomberg, Reuters)