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Oil giant may be created in Russia
27.08.2007 12:42
Oil giant may be created in Russia

The Russian authorities are considering the idea to set up a new oil giant capable of producing over 3.5 million barrels of oil daily 35% of total production volume in the country, reports Energy Intelligence Group (EIG).
      It is said that the new cartel will predictably outperform such international oil companies as Exxon Mobile, Royal Dutch Shell and BP. The cartel is likely to be formed before the presidential election of 2008.
      Rosneftegaz, state-ruled holding owning 75.16% of Rosnefts stock and 10.74% of Gazproms stock, is expected to take control of the new monopoly. Besides, Surgutneftegaz and Zarubezhneft may be included into the cartel.
      The rumors concerning possible consolidation of Russian oil companies have caused a boom on stock exchanges, while shares of other Russian companies demonstrate negative trends.
      Meanwhile, analysts suppose the news about the monopoly can be speculative, since the decision hasnt been announced yet.


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