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Nina Poussenkova

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Nina Poussenkova

The chapter analyzes the new trend in Russia’s energy policy, i.e. its gradual shift to China and India, and discusses the long-term and short-term reasons, challenges, risks and implications of this Eastern vector. Rosneft, the number one Russian oil company, is the driver of this turn to the East. Initially, it made the focus solely on China acting along several directions: raising Chinese credits, expanding crude exports to PRC within the framework of oil-for-loans deals, providing access to CNPC and Sinopec to Russian upstream, and trying to establish a niche in the Chinese downstream. This growing exposure of Rosneft to China that became even stronger due anti-Russian sanctions was causing concern of Russian politicians and analysts and weakened Rosneft’s positions at negotiations with its Chinese counterparts. However, recently Rosneft signed several strategic deals with the Indian petroleum companies, both partnering with them in the development of Russian oil reserves and buying downstream assets in India. These deals improved the balance of forces between Russia and China, but, probably, created new uncertainties in the Russia-India-China triangle.

Open access

Indra Overland and Nina Poussenkova

The main events in the history of each of the five oil companies are presented in tabular form to give readers an overview of each company’s entire development trajectory and to facilitate searches for specific events and/or periods.

Open access

Indra Overland and Nina Poussenkova

The main events in the history of each of the five oil companies are presented in tabular form to give readers an overview of each company’s entire development trajectory and to facilitate searches for specific events and/or periods.

Open access

Indra Overland and Nina Poussenkova

The main events in the history of each of the five oil companies are presented in tabular form to give readers an overview of each company’s entire development trajectory and to facilitate searches for specific events and/or periods.

Open access

Indra Overland and Nina Poussenkova

The main events in the history of each of the five oil companies are presented in tabular form to give readers an overview of each company’s entire development trajectory and to facilitate searches for specific events and/or periods.

Open access

Indra Overland and Nina Poussenkova

Open access

Indra Overland and Nina Poussenkova

Open access

Indra Overland and Nina Poussenkova

The introductory chapter presents the two main questions that the book seeks to answer. First: How are Russian oil companies tackling the changing global context? This question concerns both how Russian actors think about and plan for the future, and how they handle change once it happens. In other words, this question is about the adaptability of Russian actors. Second: How are the companies themselves changing? This concerns the people in charge, their corporate culture and political connections and the companies’ oil reserves. We hypothesize that Russia and its oil companies are struggling to manage change, a question we return to in the book’s concluding chapter. The introductory chapter also presents the various types of change that oil companies have to deal with and details the structure of the five companies that make up the bulk of the volume.

Open access

Indra Overland and Nina Poussenkova

Rosneft is Russia’s national oil company that nearly went out of business in the 1990s but managed to bounce back after the turn of the millennium. With Igor Sechin at the helm, the company grew rapidly, swallowing four other major Russian oil and gas companies (Bashneft, Itera, TNK-BP and YUKOS). Rosneft promoted change in Russian energy policy by turning to China and India; it also pursued commercial and political goals by seeking cooperation with international oil companies in both Russia and abroad. Before the Western sanctions were imposed, Rosneft was involved in the development of the Arctic fields, shale oil and the continental shelf. Rosneft has always emphasized monitoring and forecasting oil prices and appreciated the importance of macroeconomic developments. However, given its strong political ties, it is also well aware that the state will not hesitate to pitch in to help it cope with any major challenges arising from changes in its operating conditions.