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Page added on July 11, 2016
Kremlin: Some oil privatization by year’s end
Privatization of Russian oil production and maritime shipping companies could be completed before the end of the year, a deputy minister said Monday.
The Kremlin has been reviewing privatization options as the Russian economy risks lingering in recession because of the strains brought on by Western sanctions and low crude oil prices. Privatizing state oil company Rosneft could bring in up to $6.5 billion to a federal budget struggling under the strains of lower crude oil prices.
Russian First Deputy Prime Minister Igor Shuvalov said similar potential exists for oil company Bashneft and maritime shipping company Sovcomflot.
“We hope that all or a part of the companies will be sold by the end of the year,” he told reporters.
Bashneft in March said its net income was off more than 65 percent compared with the fourth quarter of 2015. Year-on-year, the company said income increased 35 percent, which Bashneft President Alexander Korsik attributed to a commitment to a long-term strategy that was supportive of shareholder value.
China National Petroleum Corp. may be among the potential buyers for the Russian government’s stake in Rosneft, though little information has surfaced about Bashneft since details of a potential divestment surfaced in April.
Revenue for Russia will help the country overcome economic stress from the weakness in crude oil prices. A July survey from the Central Bank of Russia estimated second quarter gross domestic product could decline between 0.2 percent and 0.5 percent. That came as wages rise with inflation, while the pace of industrial output grew by 0.7 percent year-on-year.
13 Comments on "Kremlin: Some oil privatization by year’s end"
Plantagenet on Mon, 11th Jul 2016 3:16 pm
The last time Russia did privatization of part of their oil industry the CEO wound up in a Russian jail cell for ten years when Russia decided to un-privatize the previously private Yukos oil company.
Caveat Emptor.
Cheers!
GregT on Mon, 11th Jul 2016 4:13 pm
United Press International, based in Washington, DC, and Boca Raton, Florida.
Enough said.
Anonymous on Mon, 11th Jul 2016 5:43 pm
Ever see this from the movie Top Secret?
https://www.youtube.com/watch?v=D9FauQOXN90
Plantadope=Klaus
Newfie on Mon, 11th Jul 2016 7:39 pm
Puty-Boy looks a bit peaked.
regardingpo on Tue, 12th Jul 2016 6:36 am
Newfie, learn how to spell. Makes you look really stupid when you say that someone looks “peaked”.
Apneaman on Tue, 12th Jul 2016 7:28 am
regardingpo, if you’re looking for stupid go to a mirror.
“peaked 1 (pēkt, pē′kĭd)
adj.
Ending in a peak; pointed: a peaked cap.
peak·ed 2 (pē′kĭd)
adj.
Having a sickly appearance: You’re looking a little peaked today.”
http://www.thefreedictionary.com/peaked
geopressure on Tue, 12th Jul 2016 11:09 am
The president of Yukos tried to mess with politics…
JuanP on Tue, 12th Jul 2016 12:20 pm
Russia should be nationalizing its energy industries instead of privatizing them. I guess they need the money!
JuanP on Tue, 12th Jul 2016 8:34 pm
Is Russia winning the oil war? At oilprice
http://tinyurl.com/zk9hckj
Anonymous on Wed, 13th Jul 2016 2:27 am
Well, winning or not, they are not buckling like they did the last time the amero-zionists caused the price of oil to crater. This time, Russia appears much better positioned to ride out this latest attempt to crush them economically. Washingdum clearly expected a repeat of the 90’s. People selling everything they owned in informal street markets, rule of law and public health threatened, zionist oligarchs looting state assets for pennies on the dollar, President Putin deposed by angry mobs, etc. You know, the PLAN(tm).
Cept the PLAN(tm) is not working as intended. So now, its on to Plan ‘B’. Position actual troops and war-equipment on her borders, all while the uS presstitutes and their spineless Euro-allies blammer endlessly about a ‘Russian threat’ ™ that does not even exist.
Davy on Wed, 13th Jul 2016 4:51 am
I am not sure why there is all this talk about NATO threatening to invade Russia and or NATO being a threat to Russia. The reality is on the Russian border Russia would quickly kick ass and take names and send the smaller token forces packing. I think the gaming is on both sides for multiple reasons but the reality is Russia has forces and positioned forces that would trounce Nato near her borders all along eastern Europe. NATO is not in the position to position adequate forces with real force projection to be a threat. NATO can’t afford it nor can they agree on it. What is going on now is petty war gaming. Yet, these things can spiral out of control with a wrong move. That spiraling out of control makes this issue vital.
How long Russia could commit to a war is another story. A country of 143MIL against 500M EU plus US 318MIL makes a longer term war problematic for Russia economically. What could either side gain other than destroying forces. There is no way either side could take significant territory and hold it. We are not in a WWII world. Look what the US had to commit to in smallish Iraq. Destroying forces is the easy part holding territory and controlling it is another story in today’s world. The whole issue of a war between NATO and Russia is absurd. The point is mute because such a war is the end game for globalism and by extension modern civilization. Russian energy contribution to the global economy cannot be disrupted at all for over a few weeks without an accelerated global collapse process. Russian energy is a global collapse contagion. Then there is the NUK element of Armageddon, WTF.
The most dangerous thing on the books now is the NATO gamming on the eastern front. Russia is resurgent because of Putin but in my opinion not unreasonably so. Russia has earned a place at the table of nations of power. The best thing that could be done is an acknowledgement of this and accommodation of Russia. Russia is not in a position to be a superpower but they are definitely a world power. This is a reality that cannot be diminished without dangerous results.
There are so many things I don’t like about Trump but he appears to be ready to defuse these tensions with Russia. Trumps foreign policy is on balance an isolationist threat without more allied contribution. His motivation is not complete withdrawal it is a policy of equitable cost sharing or else. Equitable sharing is not new and has been an ongoing issue for years. The reality of the US superpower status since WWII has been bitch about equitable sharing but actually not want more commitment, why, because this would impact the US superpower status. Trump is ready to change this.
Trumps foreign policy is a default of lower commitment abroad because US allies in Europe and Asia are most likely not going to boost spending to replace the US commitment. The reality is they are not capable of it. They don’t have the will of the people behind it. Too many countries with too many divergent opinions to coherently replace the US commitment. Trump will thereby reduce the US presence because he appears to make good on what he says. Trump knows he has to cut spending. When the US is spending so much with so little positive results that is a no-brainer. That said it is still not clear if the US deep state will allow it. I suspect Trump will find allies in the deep state that see the folly and failures of the past and want to assume leadership with a different direction.
This Trump/Hillary election is vital in this respect. On the rest of Trumps policies I am trying to figure out his policies. What policies I ask? He is all over the place, yet, Trump appears far better than Hillary in the respect of steering us away from WWIII. Hillary is status quo “MOAR” whore with the added element of a psychopathic power mongering overweight bitch. I don’t think I can stand looking at that fat ass for 4 to 8 more years.
JuanP on Wed, 13th Jul 2016 7:55 am
Davy “I don’t think I can stand looking at that fat ass for 4 to 8 more years.”
I know I couldn’t stand he if I were to pay any attention to her. So, I would do the same thing I did with W and Obombo, I would totally ignore the bitch, refuse to read anything about her, listen to anything she said, or watch her image or videos about her. It worked well for me where W and O where concerned, but I am a little worried that H would be harder to ignore and block. She is an incredibly obnoxious and shrill bitch!
Anonymous on Wed, 13th Jul 2016 12:47 pm
AH, there it is again, When the complex-interconnected world can’t really be used to deflect blame from americas belligerence, there is always that old standby, the ‘both sides’ are equally to blame fallacy.
Except that is not remotely true, and the exceptionalist knows it. Yet prefers to spill many electrons by continuing to insist Russia is somehow equally complicit in NATO’s war-mongering. Which is very real and evidence of that is not exactly hard to find. When you can provide actual proof ‘both sides’ are working overtime to increase the risk of war, let us know, ok? And good luck with that, because anyone with even the minimum of intelligence can see the belligerence is almost exclusively the work of ‘one side’. IE, your side, the wrong side.
Its funny watching a poser like you try to speculate on Russia’s ‘commitment’ to war. As it turns out, Russia’s leadership is quite a bit smarter than you and repeatedly stresses dialogue and takes a non-confrontational stance in its foreign policy. IoW, they don’t want war or conflict, and never have, which is in stark contrast to what the Pentagon(EU division) is saying and doing these days.
Try to keep informed on current events, k?