MOSCOW, July 29 (AFP) - Embattled Russian oil giant Yukos said Thursday it welcomed a justice ministry reversal of an order that would have effectively halted its output, and expressed optimism that a "satisfactory" solution would be found in its tax crisis.
"The decision of the ministry of justice to revoke its previous orders is consistent with our understanding of the government intentions with regards to oil production and distribution, and is welcomed by Yukos," said Yukos' chief executive Steven Theede in a statement.
"In a larger sense, we continue to work toward a satisfactory resolution of the tax issues and remain hopeful that one can be achieved."
On Wednesday, Yukos, Russia's largest oil producer, warned it could halt output within days because court bailiffs had ordered its subsidiaries to halt all operations that would affect the state of their assets.
The news sent New York's reference contract, light sweet crude for September delivery, shooting to an all-time high of 43.05 dollars a barrel.
But markets cooled somewhat Thursday after official orders signed by a Russian justice ministry bailiff said that three of the group's key subsidiaries can continue sales and production.
According to ministry statements obtained by AFP, the orders concern Yuganskneftegaz, Samarneftegaz and Tomskneftegaz, which together account for 1.6 million of the 1.7 million barrels of oil that Yukos produces each day.
But they confirmed that their property and other assets remained frozen as Yukos faces a massive tax bill that the company has been unable to pay.
Yukos faces a 3.4 billion dollar tax bill for 2000 that it cannot fully afford because its assets have been frozen.
Additional bills for 2001-2003 could bring that sum to nearly 10 billion -- a figure now greater than the company's market capitalization.