Wednesday , 13 November 2024
Home Forex ICYMI-Russia considering merging its oil companies into world’s 2nd-biggest crude producer
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ICYMI-Russia considering merging its oil companies into world’s 2nd-biggest crude producer

Wall Street Journal (gated) with the report.

In brief:

  • The plan under consideration would merge major Russian oil companies Rosneft, Gazprom Neft, and Lukoil into a single entity to strengthen control over global energy markets and support Russia’s economy during wartime.

  • The merged company would become the world’s second-largest crude producer, behind Saudi Aramco, and could leverage its size to secure higher oil prices from markets like India and China.

  • The plan faces opposition from some executives at Rosneft and Lukoil and challenges in funding the acquisition of Lukoil shareholders’ stakes.

  • Kremlin and company spokespeople have denied knowledge of such a deal or dismissed the report, with Rosneft suggesting the news could be a tactic to influence competitors.

  • Talks have occurred, but no decision has been made, and the plan’s details remain uncertain.

This article was written by Eamonn Sheridan at www.forexlive.com.

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