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Keyword: renationalization

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  • russia: Putin defends state takeover of Yukos

    01/04/2005 1:33:00 PM PST · by Grzegorz 246 · 7 replies · 239+ views
    President Vladimir Putin has defended the Russian state’s takeover of the main asset of the Yukos oil giant, saying the first post-Soviet renationalization was to ensure the national interests. “Today the state, using absolutely legal market mechanisms, is protecting its interests. I consider that absolutely normal”, Putin told an annual press conference in the Kremlin, referring to the acquisition by state petroleum company Rosneft of Yukos’ core oil-pumping subsidiary, Yuganskneftegaz. On December 23, Rosneft became the new owner of Yuganskneftegaz after buying the mystery firm that had won a secretive auction for the massive Siberian concern, owner of 17 percent...
  • Russia's Putin sacks adviser after YUKOS criticism

    01/04/2005 1:06:44 PM PST · by Grzegorz 246 · 4 replies · 252+ views
    Reuters ^ | Tuesday January 4
    MOSCOW, Jan 4 (Reuters) - Russian President Vladimir Putin has stripped adviser Andrei Illarionov of a key role after the maverick economist lambasted the state's legal assault on oil giant YUKOS . Illarionov is famously outspoken, but his comments on the state-imposed sale of a key YUKOS asset -- which he called "the scam of the year" -- were strong even by his standards. Putin has said the sale of YUKOS unit Yuganskneftegaz, which was bought for $9.4 billion by state oil firm Rosneft, had been a legitimate business deal. A Kremlin statement released late on Monday appointed Igor Shuvalov...