Russian oil giant may lose licences

Turning up the heat on the embattled Russian oil giant Yukos, a Cabinet minister warned today that the government may strip it of licenses to develop some oilfields.

Yukos, Russia’s largest oil company, has faced a four-month-long probe that many see as politically tinged. The investigation has resulted in the arrest and jailing of company head Mikhail Khodorkovsky, who resigned this week, and the freezing of a large chunk of its shares.

Russia’s Natural Resources Minister Vitaly Artyukhov told a government newspaper that Yukos’ rights to keep its licences may be in jeopardy.

“If need be, we will act in a pre-emptive manner,” Artyukhov said. “The reasons are obvious: a company which has had a controlling packet of shares frozen is hardly a suitable partner for cooperation with the federal licensing authority.”

Last week, prosecutors froze almost all of the 44% stake held in Yukos by Group Menatep, the Yukos holding company controlled by Khodorkovsky, Russia’s richest man.