The fizz surrounding the auction of Slavneft, one of only two big oil companies still owned by the Russian state, turned into a froth as nearly all of Russia’s oil majors have scratched together the $2 billion Slavneft is expected to fetch when it is sold this month.
The auction is the first real test of president Vladimir Putin’s government’s ability to privatize in a fair and transparent manner. It is also an opportunity for Russia’s oil companies to rationalize their structures, with a string of side deals agreed ahead of the auction.
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