Taxation, not privatisation ahead for Russia
The collapse of the Bashneft sale means Russia's government will wring more cash from producers instead
The shelving by the Kremlin of the sale of Bashneft casts doubts about the credibility of Russia's privatisation programme and puts the spotlight back on additional taxation of the energy sector. Ministry of Finance officials had been banking on the sale of a 50% stake in the oil producer, assuming it would rake in about R300bn ($4.8bn) to cover gaps in a budget caused by lower crude prices and sanctions imposed over the Ukraine conflict. The entire privatisation programme, which kicked off in July with the sale of a stake in diamond monopoly Alrosa for $0.814bn, was supposed to bring in R1 trillion ($15bn). But the sale of shipping agency Sovcomflot has also now been postponed until next ye
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