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oil-gas.biz: Russia eyes oil cartel bigger than Exxon Mobil, Royal Dutch Shell and BP

24.08.2007

The Russian government is eyeing establishment of a new oil giant to produce over 3,5 billion bbl per day or nearly 35% of all Russian oil production, “Energy Intelligence Group” (EIG) reported.

The report says that Russia may create a cartel that will produce more oil than international giants such as Exxon Mobil, Royal Dutch Shell and BP. This corporation may be set up before the March 2008 presidential elections, EIG said.

Citing an undisclosed source, EIG reports that the new monopoly is to be controlled by the state holding “Rosneftegaz” that already holds a 75,16% stake in “Роснефти” and a 10,74% stake in “Gazprom”.

Besides, the cartel may gobble up “Surgutneftegaz” and state-controlled NK “Zarubezhneft”, EIG says.

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