State capitalism as performed by Rosneft

The state giant Rosneft, having completing the purchase of TNK-BP, has strengthened its position as an industry leader and its president, Igor Sechin, his position as the "oil general". The oil workers and experts are trying to figure out what might be the next Rosneft's purchase.
See "Rosneft" - a former Yukos, Sechin - a former Khodorkovsky. Share, which I personally belong to YUKOS, I think, no more than the proportion that actually controls Sechin. <...> At the same time I have never had even a shadow of the power in the state bodies, which is available at Sechin, "- said in an interview Snob.ru former co-owner and president of Yukos, Mikhail Khodorkovsky.

"Rosneft", ending this year's purchase of TNK-BP, for $ 61 billion, was the largest among publicly traded companies. It accounts for about 5% of global oil production and 1.8% of the reserves. In Russia, about 40% of oil production and 35% of all stocks. "Rosneft" (after the consolidation of the "Itera") - the third in the Russian gas producer after the "Gazprom" and "Novatek".

In the world of state-owned companies control almost 70% of oil production and 60% of production, the analyst Gazprombank. Exception - the company's US, Canada and UK. In Russia, the state retains control over key assets, but private capital share is great. According to analysts of Gazprombank, in the foreseeable future a significant reduction etc.Oli will not be in the state sector. In Russia for 20 years of reform has not been created a competitive oil and gas market, center of influence remain state-owned, said analyst IFD "Kapital" Vitaly Kryukov.

After absorption of TNK-BP, the private investors in the oil sector began to fear for their own independence. "Rosneft" has bought this year, "Itera", "TAAs-Yuryakh oil and gas production" gas assets, "Alrosa" consolidated "Sibneftegas". State-owned company was interested in buying "Bashneft", was negotiating the acquisition of NK "Alliance" even think about "LUKOIL", the sources told "Vedomosti" close to the company, and the bankers in the summer. Business owners and representatives of "Rosneft" is denied.

One reason for the increased interest in state-owned assets has been the need for an increase in the resource base, says the source "Vedomosti". To pay for the purchase of TNK-BP (the company's debt at June 30 was $ 70 billion, or 2 EBITDA), «Rosneft" has signed a contract for the supply of CNPC additional 365 million tons of oil for 25 years (plus the current- 300 million tonnes). The contract amount - $ 270 billion, an advance payment -. $ 65 billion Given all declared "Rosneft" plans, oil supplies are already in 2014 could reach about 44 million tons of "Rosneft" has produced 207 million tonnes, "Oil company has... Million we add exactly [in 2014], "- says Sechin. After 2017, "Rosneft" promises to increase production by 3-4% per year due to commissioning of new fields. But there is a risk of falling prey to the main asset - "Yuganskneftegaz", the key assets of TNK-BP, Gazprombank analysts wrote.

"Rosneft" will actively explore opportunities for new purchases, analysts said Gazprombank. One of the first acquisitions in 2014 may become Alliance Oil, the state company will continue to buy gas assets, is the hook. Large companies are protected from absorption or preparing for it, and small companies become larger, to sell "Rosneft", says co-director of "Investkafe" Gregory Birg. "Most of them are just rumors, but the fact that everything is done in the sector with an eye to" Rosneft ", says a lot," - emphasizes the expert.

In 2008-2012,. Sechin worked as a deputy prime minister in charge of fuel and energy, recalls the deputy director general of the Center for Political Information Alexei Panin. With the transition to the "Rosneft", he has lost some administrative resources, but gradually won the most influential status in the Russian "oil general". Among the heads of private companies ally of Sechin Panin calls Alliance Oil Musa Bazhaev owner. While most do not have a relationship with Vladimir Yevtushenkov (owner of AFK "System", where "Bashneft" belongs), and Vagit Alekperov ( "Lukoil"), the analyst believes.

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