Investment in Russia and Eastern Europe Message Board

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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: Rob Shilling who wrote (713)	9/24/1998 12:25:00 PM
From: P.T.Burnem	Read Replies (2) of 1301

The oil and gas companies have just enjoyed over a 50% reduction in their costs thanks to the ruble devaluation. I doubt it, since oil drilling equipment is priced dollars, and much of their revenue is in rubles. So the government's thinking is that they can raise taxes, at least short term on oil and gas companies to get more ruble taxes to help the budget. Nope. A couple of weeks ago I warned that oil excise taxes were going to be raised because, having robbed foreign bondholders, the government would be looking for new sources of $loot$. It's the kleptonomy, stupid! The oil and gas companies will probably come out way ahead anyway. Chances are, these will end up being nationalized. Either way, the stockholders' equity in these companies will be wiped out. PTB

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