Word: rosneft
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Dates: during 2000-2009
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...which over 300 children and adults died after pro-Chechen rebels seized a school in North Ossetia, "underlined the failure of the Kremlin's Chechnya operations," she says. The final destruction of Yukos in December, when Baikal Finance Group, a consortium linked to the state-owned Russian oil company Rosneft, bought its main oil producing unit, Yuganskneftegaz, for a knockdown price, "demonstrated the state's unwillingness to guarantee private property." And Yushchenko's victory in Ukraine showed that Russia wanted to pursue "an imperialist foreign policy but couldn't even achieve that." Shevtsova believes Putin is building an authoritarian system...
...late December, the Russian government shut out rival bidders for Yukos' core oil division, the million-barrel-a-day Yuganskneftegaz. Then state oil firm Rosneft snapped it up, using a shell company, for a bargain $9.4 billion. That drew catcalls even from Vladimir Putin's own economic adviser, Andrei Illarionov. Managers from Rosneft turned up on New Year's Eve at Yuganskneftegaz's Siberian HQ to claim the keys. Meanwhile, in Houston, Deutsche Bank is challenging the temporary bankruptcy protection won earlier by Yukos lawyers hoping to stave off the sale. The bank argues that Texas law has no place...
...foreign companies find it harder to tread. Foremost among them is the giant Gazprom, whose gas reserves were recently valued at $78 billion and which is actively pushing to become a big player in the oil market. It is merging with Russia's seventh largest oil company, state-owned Rosneft, and Alexei Miller, Gazprom's chief executive, has signaled his interest in another oil producer, Zarubezhneft. Most dramatically, Gazprom has emerged as the best-positioned candidate to acquire Yugansk...
...find it harder to tread. Foremost among them is the giant state-controlled Gazprom, whose gas reserves were recently valued at $78 billion and which is actively pushing to become a big player in the oil market. It is merging with Russia's seventh largest oil company, state-owned Rosneft, and Alexei Miller, Gazprom's chief executive, has signaled his interest in another oil producer, Zarubezhneft. Most dramatically, Gazprom has emerged as the best-positioned candidate to acquire the company that forms the core of Yukos--a Siberia-based corporation called Yugansk Oil & Gas--if the government auctions...
Cooking With Gas Western investors, long irked by the 20% limit on foreign ownership of Gazprom, Russia's natural gas monopoly, were heartened last week when President Vladimir Putin gave Gazprom the go-ahead to acquire Rosneft, the government's last major oil company. The move ups the state's 38% stake in Gazprom to a controlling one in the newly formed Gazpromneft, and paves the way for foreign investors' billions to flow into Russia. But Putin apparently announced his plan before his ministers had agreed on its details: Industry and Energy Minister Viktor Khristenko cooled expectations, saying that liberalization...