|Wednesday, 22 September 2004|
Alfean Hardy, Malaysia
China National Petroleum Corp (CNPC) is holding emergency talks with Yukos in an attempt to renew stalled crude shipments as the Russian firm struggles with a restricted cash flow.
As previously reported by EnergyReview.net, Yukos claimed it could not pay for transport costs and customs duties because its assets and accounts have been frozen by the Russian tax authorities, despite contracted deliveries to CNPC of 400,000 metric tons of crude per month (100,000bopd).
Yukos and CNPC are now pressuring the Chinese government for aid to the struggling Russian firm considering China's own fuel shortages. Yukos faces billions of dollars in back tax claims and company officials say it is "close to bankruptcy", with most of its bank accounts and assets have been frozen by the Russian government.
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