Oil in the Russian Economy By: Eugene Hohlov
Plan History Of Russian Oil Exportation of Russian Oil Today Future of Russian Oil
Plan History Of Russian Oil Exportation of Russian Oil Today Future of Russian Oil
History of Russian Oil n Russian Empire, Czar ruled, pumped oil from Azerbaijan http: //www. users. qwest. net/~kryopak/Oil. Gas. News. htm
History of Russian Oil n Nationalization (Revolution) n n Lenin Natural resources (Gas + Oil) belong to the government after 1917
History of Russian Oil n WWII – “Enemy at The Gates” n Stalingrad http: //www. thehistorychannel. co. uk/classroom/gcse/pics/stalingrad_map. gif
History of Russian Oil Found: * West Siberia * Komi * Volga / Ural
History of Russian Oil n Early Nineties (1991 -1992) n Collapse of Soviet Union n Caspian Sea Oilrigs become part of Azerbaijan Privatization of Oil Industry n Creation of new independent companies n n Yukos Sibneft TNK
History of Russian Oil n. Oligarchs n. Berezovsky friends of ex-president (ex-richest person in Russia) owned Sibneft oil n. Outstanding n. Currently warrant on his arrest, assets confiscated lives in London n. Khodorkovsky n. Worth = $8 billion (the richest man in Russia) owns Yukos oil n. Currently n. Abramovich n. Worth n. Lives lives in jail awaiting trial, assets frozen (future richest person in Russia) owns Sibneft oil = $5. 7 billion in London, selling off his assets. Future target for arrest
History of Russian Oil n 1 st Civil War for oil 1994 -1996 Chechnya n 45% of Russian oil n
History of Russian Oil n n n Czar Revolution WWII After WWII Early Nineties Chechnya
The Game Plan History Of Russian Oil Exportation of Russian Oil Today Future of Russian Oil
Russian Oil Today n Number 1 Producer of oil in the world (20022003) n n n Russia is pumping 8. 3 mm bpd OPEC Number 2 Exporter of oil in the world n Russia is exporting 5. 4 mm bpd n More than 25% Of Russia’s Revenue is from Oil Exportation
Russian Oil Today n Capital n n Old equipment Starting to improve Schlumberger n Baker Hughes n Halliburton n
Russian Oil Today http: //www. lib. utexas. edu/maps/commonwealth/soviet_pet_deposit_82. jpg
Russian Oil Today n Foreign investors n Improving efficiency of oil extraction n To reduce dependency on Middle East n n China Japan Europe United States
Russian Oil Today n International Companies Invest in Russian Oil n Exxon. Mobil (largest company) n n Maraphon n n Reserves of more than 21 billion barrels of oil ? Looking to buy Yukos. Sibneft (9. 8 bn barrels) ? ? Yukos. Sibneft (4 th largest company) ? Invested in one of Ural oil companies Chevron. Texaco ? Looking to buy a share in Yukos. Sibneft ? n BP invests 1/8 th of all capital into Russia n Bought 50% of TNK n Forming TNK-BP n
Yukon-Sibneft n n n On November 28, 2003 Yukos. Sibneft merger called off. Yukos Stock in freefall Government interference http: //news. bbc. co. uk/2/hi/business/3245884. stm
Russian Government n n n Increased Taxation Nationalization of Oil Fields? War against Oligarchs www. dulug. duke. edu/ ~icon/pictures/ http: //www. jbs. org/error_docs/not_found. html
Plan History Of Russian Oil Exportation of Russian Oil Today Future of Russian Oil
Future of Russian Oil n The latest events lead to ? Government controlled oil fields? n Oligarchs stay in power? n http: //www. mcli. dist. maricopa. edu/show/magic/images/crystal-ball. gif
Future of Russian Oil n Chechnya 1 st & 2 nd Civil War n 45% of oil produced was produced in Chechnya http: //www. ciai-s. net/chechnya. jpg
Future of Russian Oil n World problems with Middle East n n Increases Russia’s exports of oil OPEC has no control on extraction and exportation of Russia oil n Russia promises to join and follow? Government ? n Oligarchs ? n www. index. hu/politika/ kulfold/irakmiert
Future of Russian Oil n Doubling of Taxation on export of oil n Government making 25% of its revenue More expensive to export n Effect of drop in price on oil n n Exportation Extraction Investment temagami. carleton. ca/jmc/ cnews/22101999/taxes. jpg
Future of Russian Oil n Long Term Goals: n n Build Refineries Produce inside n n Kerosene Mazut Aircraft fuel Gasoline http: //www. godardgallery. com/oil 6. htm
Future of Russian Oil n Government What is Better? Oligarchs
Questions?
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