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The Financial Times
Russia ` s new capitalists eye western growth
New capitalists of Russia primerivajutsja to the western growth
Andrew JACK
Before the Russian companies spent forces for struggle against the state and internal competitors. Today the increasing number of the Russian managers already thinks of acquisitions in the West.
attempts to find foreign investors through ADR are left; the new found riches, growing confidence of the forces and change of priorities urge forward ambitions of leaders of the Russian business and pushes them to an exit on the international level.
this tendency is visually shown during preparation of the tender which will take place in the spring of this year, on purchase of 23 % of actions belonging to the Greek government in company Hellenic Petroleum. Two of three main applicants - the oil companies from Russia: YUKOS and LUKOIL. Be protected, Russian go, - the head of the Moscow representative office Ward Howell, engaged in search a top - managers of the top skills, Sergey Vorobev jokes. - the tendency " is already formed;.
Though the London branch of the Moscow national bank existed even before Russian revolution, and national airline Aeroflot had representation abroad in Soviet period, decade was required almost from the moment of communism falling that new serious expansion abroad has begun. Gazprom the gas monopoly with considerable state participation, became the trailblazer, having created the joint venture Vingaz (Wingas) with the German group Wintershall. Aspiring to expand the export, Gazprom has got 10 % of actions of the gas pipeline connecting Britain with continental Europe.
the most part of investments 90 - h went years to the countries of the former Soviet camp. Last year petrochemical division Gazprom - Sibur - has got actives in Hungary. Open Society an Uralmash - factories has bought factory Upetrom in Romania.
in expansion or restoration of the control over oil refining factories and pipelines, for example in Baltic republics, Slovakia and Kazakhstan, the oil companies are in the lead. They behave actively and in other countries historically connected with Soviet Union, especially in Iraq. The largest manufacturer of oil in Russia the company LUKOIL has begun movement on the West with purchase Getty Petroleum, a North American network of retail and wholesale trade in oil products. In the end of the last year the YUKOS has got the British division of maintenance service of Norwegian group Kvaerner.
As one western adviser working in Moscow has noticed: Russian have now money. They understand - either you eat, or you will eat, and they want to be predators. To become the player of the international scale, the sale network is necessary and not to spend 50 years for its creation, she needs to be bought .
Michael Khodorkovsky, the head of the company the YUKOS possessing the cash capital over $3 billion I sharply increase manufacture in Russia, - he speaks. - but the further capital investments here are already impossible, and, to develop the company, we get accustomed to other regions of the world. This beginning of integration of Russia in world economy .
the Russian economy continues to grow actively, despite recession in all other world. In the Russian companies arranged by a rigid hierarchical principle their owners - managers, having huge resources, are capable to react quickly to possibility occurrence cheaply to get high-quality western actives.
however till now their ambitions on an exit on the international level remained modest enough while the risk remains high. Critics consider that purchase by company Getty LUKOIL for $70 million - an advertising course though the company has declared plans to use this network for sale of the Russian oil in the USA. The YUKOS had to moderate the ambitions after the opposition has prevented realisation of plans of the company on a complete control establishment over group Kvaerner.
Today the USA concern an event quite benevolently, in many respects it is connected with support by president Vladimir Putin of war against terrorism. But the mood can easily change. Last year LUKOIL had to expose the actions at a stock exchange not in New York as it was originally planned, and in London. It has occurred after the companies have specified that to it, probably, it is necessary to test on itself pressure from - that it has interests in such region, as Iraq. As war against terror falls outside the limits Afghanistan, this question can become again actual.