The Russian Oil Industry Between Foreign Investment and Domestic Interests

Author(s): Julia Kusznir, Heiko Pleines
Editor(s): Matthias Neumann, Robert Orttung, Jeronim Perovic, Heiko Pleines, Hans-Henning Schröder
Series: Russian Analytical Digest (RAD)
Issue: 27
Pages: 11-13
Publisher(s): Center for Security Studies (CSS), ETH Zurich; Research Centre for East European Studies, University of Bremen
Publication Year: 2007

As the world's second biggest oil producer, Russia has profited hugely from high world market prices for oil. In contrast to the gas industry, the Russian oil industry was privatized in the 1990s and the domestic market for oil and oil products was liberalized. Foreign investors were allowed to play an important role in the development of the industry. However, at present the Russian leadership is aiming to increase state control over oil production and to focus on the development of the domestic market. This strategy may hamper efficiency .

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