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. Last Updated: 07/27/2016

Yeltsin Decree Set to Complete Oil Revamp

President Boris Yeltsin is likely to sign a decree this week that will complete the restructuring of the Russian oil industry, Itar-Tass quoted Fuel and Energy Minister Yury Shafranik as saying Monday.

Shafranik said that restructuring should be finished by the middle of this year.

The program will determine the shape of 10 big, vertically integrated companies, each with its own production, refining and marketing units.

Government resolutions would be passed in the near future allocating individual companies to the big conglomerates, Shafranik said, but gave no further details.

The decisions are expected to transform state holding company Rosneft into one of the big vertically integrated firms, possibly with certain privileges as a government agent.