Russian oil major Yukos is considering a share issue to be sold for cash or given to the government to settle a $3.4 billion tax claim, the Financial Times on Monday quoted a company official as saying.
The troubles now facing Russia's top oil producer started last October with the arrest of its key shareholder, the country's wealthiest man Mikhail Khodorkovsky, on accusations of fraud and tax evasion.
The tax ministry later said Yukos owed $3.4 billion in taxes for 2000 and Yukos officials responded that the demand might bankrupt the company.
Khodorkovsky's court hearings will start on Wednesday.
Analysts have suggested the tax demand is partly a means to punish Khodorkovsky for his political ambitions and to remove control of Yukos from holding company Menatep.
The FT quoted a unnamed Yukos official as saying the share issue was one of several ideas that the company had proposed to the government last week.
The Arbitation Court froze Yukos assets after the ministry's tax claim.
The company official said other options included seeking permission from the authorities to lift the blocking order partially.
This would allow Yukos to sell assets, such as its stake in oil firm Sibneft, and give it time to raise additional credit.
Sibneft and Yukos are now unwinding a merger they agreed before the difficulties at Yukos began and Yukos still holds 92 percent of Sibneft shares.
The FT quoted another Yukos executive and an adviser to Menatep as denying he knew about the proposals.
It quoted Yukos Chief Financial Officer Bruce Misamore as saying he was unaware of approaches to the authorities, adding that Yukos only had about $800 million in cash.
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