Rearrangement of Property in the Oil and Gas Sector

National Energy Security Fund, June 2011, Pages: 53

Preparations for the elections are accompanied by quite serious changes in the structure of property of oil and gas companies. After the elections this process will accelerate further. A plan of privatization in the next three years is already drafted; it will directly or indirectly affect assets in the oil and gas sector. There is also a less explicit “creeping privatization”, e.g. when the state transfers licenses on beneficial conditions to private companies removing other bidders from tenders. The number of such cases is growing. Privatization is an old goal of major administrative and political groups and the means of minimizing political risks in the period of enhanced political turbulence. Liberal experts have formed a firm opinion that the state presence in the sector is growing. In reality there is an opposite process. The matter is that new owners of assets are loyal people.

The report elaborates on the following issues:

Main beneficiaries of privatization.

Privatization plan
- What will the government sell for sure and what is likely to go on sale in the next three to six years
- Prospects of selling Rosneft and Gazprom Neft

Role of foreign companies in privatization
- Transfer of licenses to private companies on preferential terms with the aim to sell stakes in them to nonresidents
- Cases of Trebs and Titov and Yamal projects

Possibilities of privatization in the gas industry
- Prospects of emergence of new “Novateks”

The future of large private firms
- Strategies of LUKOIL and TNK-BP, prospects of changing the companies' shareholder structure
- The future of TNK-BP in the context of the Rosneft-BP case
- A possibility of disclosing real shareholders in Surgutneftegas

AFK Sistema's involvement in the oil business
- Reasons and future results
- Consolidation of Bashneft and Russneft

Authors of the report are leading experts in the oil and gas industry.

Introduction
Gazprom: from Gathering to Asset Distribution
Consolidation of NOVATEATEK Shares
Transfer of Gazprombank to Bank Rossiya Clan
Story of Four Yamal Deposits
Sale of SeverEnergia
Sibneftegaz Story
Nortgaz Future
Sale of SIBUR Holding
Sale of Other Non-Core Assets
Role of Nonresidents in Privatization in Russia. Fate of TNK-BP
Role of Nonresidents in Privatization
BP-Rosneft Deal, Future of TNK-BP
Lukoil: diverse developments
Sistema in Oil business: New Gatherer of Assets
The “Putin Aristocracy” as Important Consequence of Privatization of Property
Siloviki Families
Families of Bank Rossiya Clan
Forecast of Developments

- Bank Rossiya Clan
- BP-Rosneft
- Gazprom
- Lukoil
- Nortgaz
- NOVATEATEK
- SeverEnergia
- Sibneftegaz
- SIBUR Holding
- TNK-BP

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• Rearrangement of Property in the Oil and Gas Sector (Russian Version)

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