Word: staking
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...often, I have watched Harvard students dismiss the council as a high school student council on steroids, with responsibilities ranging from movie nights to writing bad checks for student groups. Low voter turnout shows that people feel like they do not have a stake in the council—despite the fact that this is the most opportune time for change in the past three decades...
...last wednesday of September, Russia's second largest oil company, Lukoil, hoisted the Stars and Stripes up a flagpole outside its Moscow headquarters to celebrate a landmark deal: with a $2 billion bid, the U.S. firm ConocoPhillips had just won an auction for the Russian government's 7.6% stake in the firm. The two companies promptly announced a strategic alliance to develop oil reserves in the Russian Arctic and potentially work together in Iraq. For Jim Mulva, Conoco's president and chief executive, the deal amounted to a coup, giving Conoco access to 8 billion bbl. of proven oil reserves...
...companies are piling in. In addition to the Conoco deal, Britain's BP is investing a whopping $7 billion in a joint venture that controls huge fields in western Siberia, and in September, France's Total agreed to pay $1 billion for a 25% stake in Novatek, Russia's largest private gas producer. Many other companies, including ChevronTexaco, PetroCanada and Norway's Statoil, are trying to get a foothold. All three recently signed preliminary agreements to work with state-controlled Gazprom, an oil-and-gas behemoth in which German power company E.On holds a 6% stake. And there is widespread...
...doesn't mean the central government wants to nationalize all energy assets, but it has put an end to generous tax breaks and has introduced other limitations on the private sector, particularly foreign companies. Under the terms of the Conoco deal, for example, the American company can raise its stake in Lukoil - but only to a ceiling of 20%, less than the 25% it needs to be able to block strategic company decisions. BP, by contrast, whose contract was signed eight months before Khodorkovsky's arrest, has a 50% share in its Russian joint venture. "That's a deal...
...also run into the difficulties foreign companies typically face in Russia. The company's first foray into the Russian market, in 1997, ended badly after Sidanco, a firm in which it took a 10% stake, went bankrupt. At the time, oil was near $10 per bbl., the Russian economy was sliding into crisis, and BP found its stake wasn't big enough to influence Sidanco's management. BP also ended up at loggerheads with other Russian shareholders at Sidanco, members of the private Alfa investment group headed by billionaire Mikhail Fridman. But Sidanco got back on its feet, and despite...