Big Oil Deal Helps Putin More Than Russia

A Bloomberg comment piece by Moscow and Kiev correspondent Leonid Bershidsky says that the big oil deal helps President Vladimir Putin more than Russia. After the TNK-BP deal, only one large private oil company will remain in Russia: LUKoil. The only other technically private large oil company, Surgutneftegaz, has a murky ownership structure and is said to be controlled by a group of Putin's friends. In short, Putin has succeeded in squeezing foreigners and 1990s adventurers out of the sector on which Russia's national wealth is based.

Wednesday, October 24, 2012