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Russian Pipeline Monopoly Takes Over Oil Product Transit Firm
Moscow (RIA Novosti) May 16, 2007 Russian Prime Minister Mikhail Fradkov has signed a resolution on merging the state-controlled crude pipeline operator Transneft with the state-run oil product transit company Transnefteprodukt, the government's press office said Tuesday. Analysts say the merger is likely to raise the companies' efficiency and cut independent producers' expenses on oil and petroleum product transportation. Under the resolution, the government has contributed 100% of Transnefteprodukt's stock to Transneft's charter capital as payment for the pipeline monopoly's newly-issued shares, the press office said. After the merger, expected to take five months, the government will hold at least 75% plus one share in the united company.
Source: RIA Novosti Related Links Transneft Powering The World in the 21st Century at Energy-Daily.com
Bush Vies To Wean US Off Foreign Oil
Washington (AFP) May 14, 2007President George W. Bush, facing mounting disquiet about global warming and sky-high fuel prices, Monday ordered his government to slash America's dependence on foreign oil. Bush said his directive to cut gasoline usage by 20 percent in the next 10 years will make the United States "more secure for generations to come," help economic growth and safeguard the environment. |
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