Oil Report

Russian Vice PM: Mechel not another Yukos-agencies

MOSCOW, July 29 (Reuters) - Mechel MTL.N, Russia's largest coking coal miner, is unlikely to suffer the same fate as YUKOS, Russian First Deputy Prime Minister Igor Shuvalov was quoted by Russian news agencies as saying on Tuesday.

“I consider this a most unlikely scenario. Under probability theory we can’t exclude anything, but if I had the option, I would rule it out. The most likely scenario is that the company will co-operate with the state authorities,” Shuvalov was quoted by Interfax as telling reporters.

Mechel’s shares have tumbled in recent days after criticism from Prime Minister Vladimir Putin.

YUKOS, once Russia’s biggest oil company, was divided up and sold by the Russian state after massive back tax claims. Former YUKOS CEO Mikhail Khodorkovsky was jailed for tax evasion and fraud. (Reporting by Guy Faulconbridge, editing by Meliss Akin)