Introverted Russian oil major may need to change its ways

Article Abstract:

AO Surgutneftegaz (SNG) might be forced to alter the way it operates as a result of declining oil prices and the possibility of lower-cost competitors. The company has maintained its profitability by relying on its considerable export sales. SNG, which exported 49% of its crude production in 1997, has gained an advantage because it sells it crude to cash-paying clients. The company currently has no debts and has also been profitable despite having no operations outside Siberia in Russia but it is currently facing some problems. The company has witnessed a decline in its share price as a result of speculation about some of its practices. These include the non-publishing of financial results and its unconventional accounting procedures.

Comment:

Might be forced to alter the way it operates as a result of declining oil prices and the possibility of lower-cost competitors

Crude Petroleum, Petroleum, AO Surgutneftegaz

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Lukoil, Onexim Bank team up for investment, energy projects

Article Abstract:

NK Lukoil, the biggest oil holding firm in Russia, and Onexim Bank, the fourth-biggest bank in Russia, inked a partnership deal to cooperate in investment projects and to consider effecting oil and gas projects jointly. Even though the deal was effected only days following the announcement of Lukoil's president, Vagit Alekperov, that the company plans to acquire AO Sidanko, both Lukoil and Onexim Bank disclaimed report that they would swap shares. Onexim Bank holds an 85% interest in Sidanko, an oil firm. Onexim Bank President Vladimir Potanin commented the company and Lukoil's capitalization and competitiveness would be boosted by means of their partnership deal.

Comment:

Inks a partnership deal w/ NK Lukoil to cooperate in investment projects and to consider effecting oil and gas projects

Commercial Banks, Commercial Banking, Unit Trusts (Oil, etc), Other Financial Vehicles, Strategic alliances, Unit investment trusts, NK Lukoil, Onexim Bank

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Gazprom chief proposes gas cartel

Article Abstract:

RAO Gazprom is calling on the formation of a cartel similar to the Organization of Petroleum Exporting Countries (OPEC). The cartel would be intended to increase gas prices. A great deal of this gas is consumed in Europe. Rem Vyakhirev, the chief executive officer of Gazprom, criticized the low gas prices. Mr. Vyakhirev said that he would present the cartel idea to Norway and Algeria.

Natural Gas, Planning, Abstract, Gas industry, RAO Gazprom

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