Word: sibneft
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Berezovsky is looking for some $3.3 billion from Abramovich. His tangled skein of allegations centers on Sibneft, an energy concern acquired at the end of 1995 by Berezovsky and Abramovich during the privatization of the Russian energy sector, and Rusal, a company formed in 2000 when Abramovich merged his metals businesses with those of Oleg Deripaska, another prominent oligarch. Stakes in Rusal were also held by Berezovsky and a Georgian businessman, Arkady (Badri) Patarkatsishvili...
...Medvedev was to make sure that previously underpaid billions got collected, says a close associate. And did Medvedev collect. The company's capitalization rose from $11.35 billion in 2002 to more than $300 billion today, mostly as a result of growing energy prices and by accumulating prized assets like Sibneft Oil Co. or parts of the dismembered Yukos...
...corporate finance practice of consultants KPMG, says the privatization of many firms in the region is the cause of this sharp increase, as well as a surge in dealmaking by Russian energy firms such as Gazprom, the state-controlled oil and gas giant that in 2005 acquired oil firm Sibneft for $13.6 billion...
...Illarionov: The strengthening of the corporativist state model and setting up favorable conditions for quasi-state monopolies by the state itself hurt the economy. Like Gazprom purchasing Sibneft, and another state monopoly purchasing other private company. The state generated some $30 billion in debt to do just that. Or take the case of RAO UES (the electricity monopoly) buying a sizable part of the Power Machines Plant. When the state unraveled Yukos, officials insisted it was a single such case rather than a trend. But it soon became obvious that Yukos was not a single case, that this concerns...
...Sibneft was scheduled to merge with Yukos until Khodorkovsky's troubles erupted in October 2003. Abramovich and Yukos jostled for power for weeks afterward, until the merger finally unraveled earlier this year, prompting speculation that Sibneft may be looking for a Western buyer. It's also possible that a Western oil firm might bid for Yugansk, although that would be asking for trouble. "Whoever buys it will be buying an enormous set of lawsuits," says Stuart E. Eizenstat, a former U.S. Undersecretary of State who is advising Group Menatep, an investment fund created by Khodorkovsky and his allies that owns...