Mikhail Khodorkovsky, the jailed former owner of Yukos Oil Co., will receive a pardon, ending a case that symbolized the lack of rule of law in Russia since President Vladimir Putin came to power more than a decade ago.
OAO Transneft probably will produce what investor Ivan Mazalov calls “massive” cash this year as the pipeline operator delivers Kremlin-backed projects supplying oil to Asia and the Baltic Sea. That may return investors to one of Russia’s cheapest energy stocks.
ConocoPhillips plans to sell its entire 20 percent stake in Russia’s OAO Lukoil, valued at about $9 billion, after gains in crude prices spurred a jump in second-quarter profit at the third-largest U.S. oil company.
Russia’s fourth-largest oil producer pumps more crude than the U.K., employs 100,000 people and trades on stock exchanges in Moscow, London and New York. What’s not disclosed is how much cash OAO Surgutneftegas holds and the identity of its biggest shareholders.