WSJ says Russia is exploring merger plans for ‘mega oil producer’

Source: The Wall Street Journal

The Wall Street Journal reported on Saturday that the Russian state is developing plans to merge its biggest oil companies into a “single national champion,” creating a crude-producing behemoth second only to Saudi Arabia’s Aramco.

The WSJ estimates that Russia’s combined entity would pump almost three times as much as Exxon Mobil, the biggest American producer, and “could enable Russia to wring higher prices from customers in places such as India and China.”

According to the newspaper, one scenario would involve Rosneft absorbing Gazprom Neft and Lukoil. “Talks among executives and government officials have taken place over the past few months,” people familiar with the discussions told WSJ, though a deal is not assured (despite Rosneft CEO Igor Sechin playing a leading role).

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WSJ says Russia is exploring merger plans for ‘mega oil producer’

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