Renationalization in Russia
The consolidation in Russia goes on according to Anton Troianovski's report in the Washington Post. As the economic re-nationalization continues, the power in the Kremlin grows.Kremlin-Friendly Tycoon Poised to Buy Energy Company
"The president of Russneft, one of Russia's last remaining energy companies operating largely outside the Kremlin's influence, resigned on Monday as officials signaled that a Kremlin-friendly tycoon was near a deal to purchase the enterprise..."The new owner is set to be Oleg Deripaska, whose $23 billion holding company, Basic Element, has applied to Russia's Federal Anti-Monopoly Service for permission to buy Russneft.
"The episode is the latest chapter in the effective renationalization of key industries in Russia in recent years. Under President Vladimir Putin, state-owned energy companies have taken over their private counterparts, often with the assistance of authorities. Several owners of private energy companies have ended up in exile or in jail...
"Deripaska [on the right with Putin, below]... is an unabashed Kremlin loyalist. 'I don't separate myself from the state,' he told the Financial Times newspaper this month, adding that he would sell his aluminum giant Rusal to the state if asked to do so...
"Many Russians view the so-called oligarchs as unsavory characters who bent the rules or committed outright crimes to take over their country's natural resources after the Soviet Union collapsed.
"Since he came to power, Putin has forced many of the oligarchs to demonstrate allegiance or face a dismantling of their empires -- as happened most famously in 2004 with former Yukos chief Mikhail Khodorkovsky, now in prison in Siberia.
"Kremlin spokesman Dmitry Peskov on Monday dismissed the notion that Putin's administration had any connection with the sale of Russneft. 'You know, these days it's fashionable to tie everything to the Kremlin," Peskov said, chuckling, in a brief telephone interview. "I'm sure that none of this has any basis in reality.'...
See also:
- Russneft's English language web site
- Russneft's Russian language web site
- "A New Oil Major From Nowhere", a 2005 Moscow Times article about the rapid growth of Russneft
- "Basic Element Asks to Buy Russneft", a Moscow Times article about the current transaction to sell Russneft
- Russneft owner confirms company up for sale - paper, a Novosti, Russian News and Information Agency article about the sale
- "Russneft owners confirm sale talks with Deripaska", a Reuters article about the sale
Labels: economics, politics, Russia
posted by Ken Wedding @ 10:14 AM
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