MIT 17 906 - Resource Nationalism (4 pages)

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Resource Nationalism



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Resource Nationalism

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Lecture Notes


Pages:
4
School:
Massachusetts Institute of Technology
Course:
17 906 - Reading Seminar in Social Science: The Geopolitics and Geoeconomics of Global Energy

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17 906 The Geopolitics and Geoeconomics of Global Energy Spring 2007 Prof Flynt Leverett Lecture 8 Resource Nationalism IV Russia and Asia Resource nationalism Russia is exemplary example of both types Russia More aggressive ownership rights assertion by the state over international oil companies During 1990 s there was a liberalization of the Russian energy industry o Foreign investment o 50 50 TNK BP joint venture o ExxonMobile almost took majority stake in Yukos Under Putin there has been huge reassertion of state power in the industry o Gazprom and Rosneft Both companies had IPOs in Europe o Came to believe that total control was not necessary just 51 Norwegian state oil company Statoil did this before Russia Italian companies are currently trying to get a piece of upstream Gasprom and Rosneft the parts that used to be Yukos o They won t have a majority stake by any means but they are willing to play along with the hoops the Russians want them to jump through because the Italians believe that it is worth having some stake than no stake at all and it will allow them to have more access to resources later on in the future There are still opportunities for foreign companies to be involved in upstream portions of the Russian oil companies but you have to be willing to play the games the Russians want you to go through essentially you will won t have any ownership in the strategic portions of the industry but you will still get a piece Other form of Resource Nationalism Controlling the rate at which energy resources are developed and marketd Putin has created a new paradigm in energy policy o We don t know what Yeltzin would have done in this same situation During his two terms Russia was a different place economically In first term though with his more liberal economic advisors might have taken a different track than what Putin is doing now o Putin came to office with a very different strategic paradigm in mind Belived that these were strategic assets and the state



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