Gushing over Russian oil

3 October 2003

If the US oil major really does take a 40% stake in Yukos it will be coming in late to Russia but coming in very big. Given Exxon’s track record of focusing on returns, any deal should give investors worried about BP’s own Russian deal some comfort.

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ExxonMobil, the world's biggest listed oil company, is in talks about taking a 40% stake in Russia's YukosSibneft that could be worth as much as $25bn, according to reports in the Financial Times.

Mikhail Khodorkovsky, Yukos' chief executive, has said recently he would be willing to consider a merger with a foreign partner. Exxon's stake could eventually rise above 50%.

Chevron Texaco has also been in talks with Yukos over taking a possible 25% stake.

Russia largest deal to date is BP's 50/50 joint venture with TNK, worth some $8bn.

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