Selling more silver
Needing cash, the Kremlin is willing to sell a stake in Bashneft and maybe even Rosneft
A combination of sanctions and a low appetite for Russian risk will make the latest privatisation programme, including a majority stake in oil-producer Bashneft, a hard sell – but the Kremlin is betting strategic buyers will swoop in to buy energy assets at bargain prices. Russia’s privatisation track record is hardly studded with glory. Ordinary Russians are still furious that a handful of sharp operators ended up with the Soviet Union’s corporate gems through the flawed vouchers-for-shares schemes of the 1990s. So-called “people’s IPOs” of oil-producer Rosneft and lender VTB a decade later were also unpopular – share prices sank following the initial listings. This time around the sale won
Also in this section
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
14 May 2024
But there is still plenty of appetite for the country’s LNG in the Asia-Pacific region