Yukos turns to the US courts

HOUSTON - Russian oil company Yukos has filed a reorganisation plan with the United States Bankruptcy Court and is suing four Russian energy groups for more than $US20 billion ($28 billion).

The filing, on Friday, came just days before a hearing on whether Yukos' bankruptcy case can proceed in the US.

The company, which made a surprise bankruptcy filing in Houston in December, said it had also filed a motion asking the court to send its tax dispute with the Russian Government to an international arbitrator.

Yukos had sought bankruptcy protection in a failed attempt to halt the sale of its Yuganskneftegas oil production unit by Russian authorities seeking to recoup part of a disputed $US27.5 billion tax bill.

Russian authorities sold Yugansk in December for $US9.4 billion to the previously unknown Baikal Finance Group, itself subsequently bought by state-controlled oil company Rosneft.

Yukos, which has many US shareholders, said in its statement that it was suing Baikal Finance Group, Rosneft, Russian gas monopoly Gazprom and former Gazprom unit Gazpromneft for their role in the sale of Yugansk.

Bankruptcy Judge Letitia Clark has scheduled a two-day hearing starting on Wednesday to hear arguments on whether the US court is the proper forum for the case.

The filing asked the court to set May 1 as the deadline date for filing claims against the company.

Yukos listed total assets of $US12.3 billion in its bankruptcy filing on December 14 and liabilities of $US30.1 billion, including the tax charges.

- REUTERS