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The russian oil industry between public and private governance : obstacles to international oil companies' investment strategies

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  • Catherine Locatelli

    (LEPII-EDDEN - équipe EDDEN - LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - UPMF - Université Pierre Mendès France - Grenoble 2 - CNRS - Centre National de la Recherche Scientifique)

Abstract

The low level of involvement by international oil companies in Russia seems difficult to explain given what development of its resources and production has to offer. There are still many restrictions and contradictions, born of the particular institutional and political environment of the Russian oil industry at the end of fifteen years of transition, that act as a bar to international integration. Three factors currently define the establishment of relations with foreign investors. First, because of the many different levels of negotiation with Russian companies, the State and the Regions, the decisions are based on complex relations between the various forces. Second, the reforms, and especially privatisation and the allocation of rights of ownership to deposits, are considered by sizeable sections of public opinion and many political classes to be illegitimate, thus making the issue of international investment and foreign presence still more complicated. Finally, the State's wish to take back the oil industry in order to use it to fulfil its economic and foreign policies is creating further uncertainty. These three elements seriously restrict the entry of international oil companies to the Russian market.

Suggested Citation

  • Catherine Locatelli, 2006. "The russian oil industry between public and private governance : obstacles to international oil companies' investment strategies," Post-Print halshs-00002159, HAL.
    • Handle: RePEc:hal:journl:halshs-00002159
    DOI: 10.1016/j.enpol.2004.09.007
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00002159v1
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    References listed on IDEAS

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    1. Andreas Heinrich & Julia Kusznir & Heiko Pleines, 2002. "Foreign Investment and National Interests in the Russian Oil and Gas Industry," Post-Communist Economies, Taylor & Francis Journals, vol. 14(4), pages 495-507.
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    3. Jouko Rautava, 2002. "The role of oil prices and the real exchange rate in Russia‘s economy," Macroeconomics 0209004, University Library of Munich, Germany.
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    5. Gérard Roland, 2004. "Transition and Economics: Politics, Markets, and Firms," MIT Press Books, The MIT Press, edition 1, volume 1, number 026268148x, December.
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    Cited by:

    1. Kalotay, Kalman, 2008. "Russian transnationals and international investment paradigms," Research in International Business and Finance, Elsevier, vol. 22(2), pages 85-107, June.
    2. Dominique Finon & Catherine Locatelli, 2008. "Russian and European gas interdependence. Can market forces balance out geopolitics?," Post-Print halshs-00129618, HAL.
    3. Kropatcheva, Elena, 2014. "He who has the pipeline calls the tune? Russia's energy power against the background of the shale “revolutions”," Energy Policy, Elsevier, vol. 66(C), pages 1-10.
    4. Kalyuzhnova, Yelena & Nygaard, Christian, 2008. "State governance evolution in resource-rich transition economies: An application to Russia and Kazakhstan," Energy Policy, Elsevier, vol. 36(6), pages 1829-1842, June.
    5. Finon, Dominique & Locatelli, Catherine, 2008. "Russian and European gas interdependence: Could contractual trade channel geopolitics?," Energy Policy, Elsevier, vol. 36(1), pages 423-442, January.
    6. Dominique Finon & Catherine Locatelli, 2006. "L'interdépendance gazière de la Russie et de l'Union européenne : quel équilibre entre le marché et la géopolitique ?," Post-Print halshs-00119602, HAL.
    7. Kesicki, Fabian, 2010. "The third oil price surge - What's different this time?," Energy Policy, Elsevier, vol. 38(3), pages 1596-1606, March.
    8. Maria Garbuzova & Reinhard Madlener, 2012. "Towards an efficient and low carbon economy post-2012: opportunities and barriers for foreign companies in the Russian energy market," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 17(4), pages 387-413, April.
    9. Aleksei V. Bogoviz & Svetlana V. Lobova & Alexander N. Alekseev, 2020. "Current State and Future Prospects of Hydro Energy in Russia," International Journal of Energy Economics and Policy, Econjournals, vol. 10(3), pages 482-488.

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