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YUKOS Case: Why And What For?
RusEnergy, Aug 2004, Pages: 36
The Yukos Case, an unprecedented example of the government's pressure on the leading petroleum company, makes a powerful impact on both the business environment and political life in Russia. In effect, it has become the key pretext for redistribution of power and ownership control in the country, the goal President Vladimir Putin was preparing to start achieving during his first term in the office in 2000-2004. Now, having won the elections again in March 2004, he can do what he had planned.
The weakening of the financial-industrial group that includes Yukos has already entailed significant changes in the operational mode of Russian business structures. Starting on August 1, 2004 the oil industry has to pay more taxes, which will cut into their profits from high oil prices. The legal loopholes that enabled companies to minimize taxes by legitimate means have closed down. Large-scale exporters declare that they will invest in social programs.
Government-controlled structures, such as Gazprom or Rosneft, are beginning to play the domineering role in the industry. The government promotes super-huge projects, e.g., an oil pipeline from Eastern Siberia to the Pacific coast, to tighten the grasp of the state over the national economy. Simultaneously, the privatization of the key industries, such as power generation and distribution, has come to a standstill.
The Yukos Case reports keep stunning public on a daily basis, but nobody seems to have offered a comprehensive, and comprehensible, analysis of its reasons yet, despite of the grave impact the conflict will make on the Russian investment climate. This management report prepared is the first attempt at a systematic analysis of the events around Yukos and its consequences for the business environment in Russia and for dealings with Russian companies—both in the oil and gas industry and in other key sectors of the economy.
This report addresses managers of various companies with current and planned projects in Russia and investors in Russian companies. It offers answers to the following questions:
· What is the conflict of interests between the Kremlin and the principal owners of Yukos?
- Why have the Russian authorities detained former CEO of Yukos Mikhail Khodorkovsky?
· What will be the fallout of the Yukos Case in the oil and gas industry?
· How will the relations of business and authorities change after the Yukos Case?
· May the government start persecuting other financial-industrial groups such as Alfa Group?
· Will it be still possible for foreign investors to acquire Russian oil assets?
· How will the Yukos Case affect Russia's investment climate?
Companies mentioned in this report:
- Yukos
- Sibneft
- ChevronTexaco
- ExxonMobil
- Total
- Shell
- ConocoPhillips
- BP
- TNK-BP
- Rosneft
- Tomskneft
- Gazprom
- Lukoil
- Surgutneftegaz
- Yuganskneftegaz
- Mazeikiu Nafta
- Zarubezneft
- Alfa Group
- RUSAL
- Interros
- Sidanco
- SuAl
- Systema
- MDM group
- Comstar
- Megafon
- Vympelcom
- Golden Line
- Telmos
- Tatneft
- Bashneft
- Slavneft
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