Russia: Putin Creates World’s Largest Oil Company
Exxon Mobil (XOM) has been displaced as the world’s largest oil company
due to the acquisition by state-owned Russian oil giant Rosneft of
TNK-BP, a Russian oil firm owned jointly by BP (NYSE: BP, London: BP)
and a group of Russian billionaires. Politics and patronage appear to
have played a significant role in the ascent of Rosneft, which is run by
Putin’s close friend Igor Sechin. This deal raises major concerns about
how Putin will use his control of Rosneft, now the world’s largest oil
company, and the potential for corruption.
To continue reading this LIGNET special report, upgrade your
account status by clicking here.
|