How Russia’s energy minister plotted merger of country’s oil majors

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Financial Times 11h ago

How Russia’s energy minister plotted merger of country’s oil majors - Financial Times

Quick Summary:

Analysts from Russian banks and brokerages said such a combination lacked strong economic rationale.“A merger of this scale always carries the risk of temporarily reducing productivity, . . . potentially negating any short-term theoretical benefits,” analysts at the Russian FINAM broker wrote.

Rosneft appeared to dismiss the idea of a merger, suggesting the leak to the press had intended to hurt Sechin: “Evil Sechin” did not have “insidious intentions to take over the assets” and the company “has not any need for,” it said in a statement on Tuesday.

Tsivilev pitched the idea during his first one-on-one meeting with Putin in his new job last month, said the people familiar with the matter.“Putin said something like ‘we’ll think about it,’ which is his usual approach of staying above the fray to observe what unfolds,” one of the people said.