By James Henderson, Alastair Ferguson (auth.)
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Extra resources for International Partnership in Russia: Conclusions from the Oil and Gas Industry
A. a. a. a. a. a. a. a. a. org The Turbulent History of Foreign Involvement in the Russian Oil and Gas Industry 19 increasing the latter’s interest to over 90%. 95% stake in Slavneft, and although the auction was heralded as the most competitive in Russian privatization history, the contest again came down to just two players, Sibneft and TNK, who at the ﬁnal moment decided to co-operate with the intention of running the company as a joint venture. 86 billion was made, well below the anticipated price in a competitive auction.
However, a combination of technological lethargy, political turbulence, corporate rivalry and the Russian government’s ﬁscal demands brought about stagnation in the Russian oil industry in the early years of the 20th century that culminated in the ousting of foreigners after the 1917 revolution. The subsequent production collapse was reversed in the 1920s with foreign help, but foreigners were again effectively excluded from direct involvement in the industry from 1930 onwards. The Soviet era from 1930 to 1990: Development of the Volga-Urals and West Siberia regions Despite the lack of foreign involvement, overall production from the Soviet Union continued to climb as Stalin’s government used growing hydrocarbon output to fuel the country’s industrial revolution.
However, the introduction of joint ventures and the consequent opportunities for generating hard currency outside Russia also encouraged those with access to oil production to exploit the weakening governance system as the Soviet Union collapsed. The use of schemes to transfer revenues away from legal entities to private ventures, the re-allocation of assets to new ventures owned by well-connected individuals, the exploitation of access to preferential export allocations and the use of legal entities to disguise the laundering of illegal revenues38 were all prevalent at this time and heralded their wide use in Russia during the 1990s.