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All That Glitters.(Russian economy)
Three years ago, British Petroleum retreated from Russia. In the wild and woolly days of post-communist euphoria, it had invested $480 million in a Siberian producer called Sidanco with rights to 2 billion barrels' worth of oil reserves. In short order it lost nearly half its money through a financial sleight of hand of the sort that has long made multinationals wary of doing business in the country. But now BP is back. Just last month it invested $375 million for an even larger stake in the very company that burned it. "Sidanco is a company that we know extremely well, and it's now a profitable company," says a BP official. "It's an ideal vehicle to get more involved in ...
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Source: HighBeam Research, All That Glitters.(Russian economy)