• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 19 mins In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 2 hours Will Uncle Sam Step Up and Cut Production
  • 8 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 8 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 2 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 2 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 8 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 13 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 22 hours Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 1 day Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 21 hours Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 12 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours US Petroleum Demand Strongest Since 2007
Can Oil Markets Withstand Recession Fears?

Can Oil Markets Withstand Recession Fears?

The trade war escalation combined…

Russian Economy Minister Charged With Bribery

Ulyukaev Russia

Russia’s Economy Minister Alexei Ulyukayev has been detained on charges of bribery after an ongoing investigation caught him in the act of receiving US$2 million as reward for his ministry’s green light for Rosneft’s acquisition of Bashneft.

According to an unnamed source from law enforcement, Ulyukayev has been the object of a Federal Security Service investigation for more than a year, although it is not clear yet whether the investigation was prompted by suspicions of graft.

The state Investigative Committee said in a statement that the minister was detained after he was caught receiving US$2 million for his ministry’s positive assessment of the Rosneft-Bashneft tie-up. Ulyukayev is currently awaiting charges.

Soon after the news about Ulyukayev’s detention came out, the Investigative Committee said the acquisition of Bashneft will not be subject to any actions on their part. The deal was legal, the committee’s spokeswoman Svetlana Petrenko told media.

The tie-up between Rosneft and Bashneft sparked controversy earlier this year. Bashneft was put up for sale as part of a privatization plan devised by Ulyukayev himself. Rosneft and Lukoil emerged as the main suitors for their smaller sector player in the summer. In August, there were reports that Bashneft’s privatization would be delayed till 2017 because the Kremlin was not in favor of Rosneft buying it. At the same time, there were conflicts between Rosneft and Lukoil about their respective bids.

However, two months later, Rosneft received government approval for the acquisition of 50.075 percent in the smaller company. According to the Investigative Committee, Ulyukayev was the party that asked for the helfty “reward” for his role in the approval.

Meanwhile, Rosneft is preparing its offer for the remainder of Bashneft’s capital, as per regulations. The acquisition of the majority stake in the company cost it US$5 billion.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play