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Russia: Amoco-Yukos Oil Venture Reported Unraveling

Moscow, 11 September 1997 (RFE/RL) - The Wall Street Journal Europe today reports that a major U.S.-Russian oil venture appears to be unraveling. The U.S. newspaper quotes Alexander Golubovich, deputy chairman of the Russian oil firm Yukos, as telling investors at a conference that his company no longer has a relationship with Amoco on a $28 billion project to develop the Priobskoye oil field in Siberia.

Keith Zimmerman, vice president of Amoco Eurasia Petroleum Co. in Moscow, confirmed that there have been no significant meetings with Yukos executives since May and that the Russian firm has declined to hold further talks.

The Amoco deal is the second major U.S.-Russian oil venture to break down in recent weeks. The Russian government last month annulled the results of a tender won by an Exxon Corp subsidiary to develop oil fields in Russia's far north.