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Energy Giants Still Love Russia Despite Yukos, Investment Caps; Russia has big reserves, and Western oil firms are used to political risk.(A)
Byline: LAURA MANDARO
When President Bush met with his Russian counterpart Vladimir Putin last week, the two revisited a subject dear to both: energy.
"The dialogue is "you got a lot of it and we don't have much,' " Bush told reporters before the meeting.
It's a situation the large Western oil and gas companies know well. Russia is the second largest oil exporter after Saudi Arabia. It has the largest natural gas reserves.
The Kremlin wants Western firms' investment and know-how -- but only as junior partners.
On Feb. 10, Russia said only firms at least 51% Russian-owned can bid on major energy projects.
Two months earlier, Moscow auctioned off Yuganskneftegaz, the main unit of Russian oil firm Yukos, which it seized after slapping Yukos with a $27.5 billion tax bill. The successful bidder, a previously unknown firm, promptly resold the unit to state-owned oil firm Rosneft, which is being acquired by state-owned Gazprom.
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