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Russia's Oil: Will It Ever Be Globalized? by Eugene M. Khartukov

Russia's Oil: Will It Ever Be Globalized? by Eugene M. Khartukov

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Since the mid-1990s, Russia’s oil industry has undergone a radical transformation from a wholly state-run and generously subsidized distribution system toward a substantially privatized, cash-strapped, and quasi-market “petropreneurship.” Numerous operating divisions of the former Soviet oil-related ministries gradually have developed into a dozen Russian vertically-integrated and bank-controlled oil companies, most of which are courting foreign investors and persistently paving their own ways to the world oil market. The oil market of late 1997 and early 1998 in Russia is clearly marked by the emerging oligopolistic structure with the state-backed cartelization of its external flanks. The absence of a deeply rooted “market” mentality and the predominance of paternalistic tendencies of the state definitely hamper Russia’s further shift toward a highly competitive market and will probably induce the national oil industry to set and follow its own management paradigm: a tangible Moscow-centric state control (and protectionism) of the most vital spheres of the national oil business. (This paper by Eugene M. Khartukov, “Russia's Oil: Will It Ever Be Globalized?” was published in The Journal of Energy and Development, spring 1998, vol. 23, no. 2)
Since the mid-1990s, Russia’s oil industry has undergone a radical transformation from a wholly state-run and generously subsidized distribution system toward a substantially privatized, cash-strapped, and quasi-market “petropreneurship.” Numerous operating divisions of the former Soviet oil-related ministries gradually have developed into a dozen Russian vertically-integrated and bank-controlled oil companies, most of which are courting foreign investors and persistently paving their own ways to the world oil market. The oil market of late 1997 and early 1998 in Russia is clearly marked by the emerging oligopolistic structure with the state-backed cartelization of its external flanks. The absence of a deeply rooted “market” mentality and the predominance of paternalistic tendencies of the state definitely hamper Russia’s further shift toward a highly competitive market and will probably induce the national oil industry to set and follow its own management paradigm: a tangible Moscow-centric state control (and protectionism) of the most vital spheres of the national oil business. (This paper by Eugene M. Khartukov, “Russia's Oil: Will It Ever Be Globalized?” was published in The Journal of Energy and Development, spring 1998, vol. 23, no. 2)

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08/16/2011

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