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Gold/Mining/Energy : Big Dog's Boom Boom Room

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From: Ed Ajootian	2/21/2008 8:17:50 PM
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WORLD WATCH Traders of Russian oil were stunned this week at the prospect of a return to the dark old days of state-controlled prices. Just as the Kremlin has rolled back the oil privatizations of the 1990s, the new head of Russia's national oil pipeline operator Transneft, Nikolai Tokarev, urged the government to take a strong hand in formulating export prices. He called for the replacement of all "intermediaries" such as Western trading companies Glencore, Sunimex and Mercuria. He said some of these traders were "unprofessional," while others had "worked too long in Russia." He backed the idea of giving Geneva-based trader Gunvor, which is close to the Kremlin, a bigger role in handling pipeline shipments to Europe. For some, the scheme brings back memories of when the Soviet trading monopoly, Soyuznefteexport, held sway over sales for 60 years from its foundation in 1931 under Joseph Stalin until the fall of the USSR. Nelli Sharushkina, London &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& A country with some of the largest amount of prospective oil reserves left in the world is now making it certain that no foreigners will want to invest there.

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