Word: rosneft
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Sergey Bogdanchikov would like you to meet Rosneft, a thoroughly modern, reliable Russian oil company with impeccable management and enormous profit potential. That, at least, is the pitch that Bogdanchikov, Rosneft's president, has been making vigorously to investors over the past few weeks, hoping to lure them into a stock listing in London and Moscow later this month that could raise as much as $11.7 billion, making the company worth up to $80 billion. It seems like a compelling story: Rosneft's oil reserves are vast, its costs are low by international standards, and the fact that it will...
...misgivings have grown as the Kremlin has reasserted control over Russia's energy resources. The rise of Rosneft is typical. Founded in 1993, Rosneft was for years an insignificant holding company overseeing a jumble of small oil fields. Since getting hold of the Yukos assets, which it nominally acquired from an unknown finance company whose address was a café in the city of 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...
...that it is simply demanding a long-overdue market rate. Moreover, Putin is taking steps to ensure that Russia remains in favor with international investors. On Dec. 23, he signed a law that allows foreigners to acquire up to 49% of state-controlled gas and oil company Gazprom. And Rosneft, the Russian firm that acquired the key assets of Yukos, is currently planning a public offering of up to 30% of its stock in 2006, a move that could raise as much as $20 billion. Rosneft is expected to seek a listing on the London Stock Exchange in the process...
...case of corporations that have the status of state-owned, and indeed their stock belong to the state. But the way they operate has quite little in common with the state interests. Quite to the contrary, they do act against the state interests. Take the case of Rosneft (the state-owned oil company). Now, Rosneft is preparing its IPO, which is advertised as a major event for the Russian economy. Rosneft will issue dozens millions worth shares to cover its assets-with not a single dollar earmarked for the state budget. It's not privatization...
...Schröder brushed off the criticism as "a lot of nonsense," reportedly suggesting he might sue one German tabloid for allegedly overstating his salary. Still, Russia seems to be courting pols in the West. Reports claim Putin earlier this month offered the chairmanship of Russian state oil firm Rosneft to former U.S. Commerce Secretary Donald Evans, a close friend of President Bush. Rosneft is readying for an IPO next year, after picking up the production arm of its dismembered rival Yukos in a state-sponsored auction a year ago. Sources close to Evans won't confirm or deny...