Word: gas
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...been invited. Even now a small army of diplomats is buttoning up the communiqués that will record a bland consensus on three topics Putin has chosen for the first G-8 Russia has ever hosted: energy security - which Moscow itself made controversial in January by cutting off gas supplies to Ukraine after raising the price of the commodity by 400% - and the less contentious areas of education and infectious disease. But the main focus of attention will be Russia itself: a Russia awash in oil money and emboldened by it, becoming less free at home and more assertive...
...based Council on Foreign Relations recently took of what Russia has already done in Ukraine: "A country that has in the space of a single year supported massive fraud in the elections of its largest European neighbor and then punished it for voting wrong by turning off its gas supply has to be at least on informal probation at a meeting of the world's industrial democracies." Reunification Other neighbors are uncomfortable, too. Russia and Germany agreed in the final days of Gerhard Schröder's Chancellorship to build a pipeline bypassing Poland - thus making it possible to turn...
...company claims it's playing by Western rules; a veteran European banker has joined the board, and the firm uses U.S. accounting standards. Rosneft's [an error occurred while processing this directive] goal, Bogdanchikov promises investors, is "to set a new standard of corporate governance in Russian oil and gas." Try telling that to Mikhail Khodorkovsky, a former Russian oligarch currently serving a jail sentence in Siberia. The Kremlin broke up his oil company, Yukos, in 2004 with a combination of criminal fraud charges against executives and massive back-tax claims that far exceeded the firm's revenue. Yukos' main...
...Tver, it has become the nation's third largest oil company, producing 1.5 million bbl. per day. While president Bogdanchikov is an oil-industry expert, the chairman of the board is Igor Sechin, Putin's deputy chief of staff. Gazprom, the state company that controls almost 90% of Russian gas production, is similarly tied in to the Kremlin. Its chair of the board is Dmitri Medvedev, the First Deputy Prime Minister, who is widely seen as a possible Putin heir. After its brush with Ukraine, Gazprom is now pushing hard to acquire gas distribution and marketing companies in other countries...
...They?re very public about their commitments and the big picture is real,? says Mindy Lubber, head of Ceres, a nonprofit that ranks corporate environmental programs. That may be small consolation when you?re shelling out for $3 gas. But in the oil business, as they say, it?s a start...