Soros Speaks Out Against Rosneft Listing
- By Unknown
- Jul. 06 2006 00:00
"I think that Russia is working as a monopoly supplier and it is essential for Europe to have a coordinated energy policy to be able to stand up as equal partners in negotiating with Russia," Soros said. "If it is unable to do it, I think the dependence on Russia is excessive."
Russia is the world's No. 2 crude exporter after Saudi Arabia. Its supplies, which go mainly to Europe, cover more than one-quarter of the continent's needs.
Soros reiterated his opposition to the Rosneft IPO, which would be Russia's biggest-ever share offering and is scheduled to take place in London this year.
"It is an issue that should not be allowed to proceed, but I think it will," Soros said.
Rosneft grew from a mid-sized firm to a giant after it bought Yukos' main production unit. Soros said questions remained over the ethics of the deal.
