Russia continues energy revolution

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Rosneft assets may be increased by the Kremlin’s nationalisation moves.

Changes in the Russian energy market continue to shift control of resources to the government.

Following a number of high-profile deals, where international oil companies have been strong-armed into marginal agreements, it has been reported that the Moscow Arbitration Court has ruled that the state should be handed full control over US $7 billion worth of oil assets. These were previously owned by private companies based in the Volga region of Bashkortostan. Assets are expected to pass into the hands of state giants Rosneft or Gazprom.

In other announcements, has awarded a US $2.3 billion contract to build drilling platforms for the Shtokman gas field to the Vyborg shipbuilding yard. Construction is scheduled to start this year and may take up to three years to complete. Going against the flow of recent agreements, Gazprom also agreed to give a 25% stake in the company that will develop the first phase of Shtokman, to France's Total. The first phase of development at the Barents Sea field is expected to cost between US $15 billion and US $18 billion.

The Russia state has also sold the last big package of assets belonging to bankrupt producer Yukos. The lot included Yukos' foreign assets held by Dutch unit Yukos Finance UK BV.

Yukos was once Russia's largest oil producer, but has been replaced by Rosneft following a series of state-forced auctions.

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