György Soros says IPO of Russia's OAO Rosneft shouldn't proceed


Billionaire investor György Soros said OAO Rosneft, Russia's state oil company, shouldn't be allowed to trade publicly because of the country's potential to monopolize global energy supplies. The 75-year-old former financier who turned his attention to political and charitable activities also said the European Union member states must have a more cohesive energy policy to negotiate with Russia. He spoke 3 July at a London School of Economics public forum. Russia, with 143 million people, is the world's second-biggest energy producer after Saudi Arabia. The government built Rosneft into the country's third-biggest oil company using assets seized in 2004 from OAO Yukos Oil Co. That company was led by Mikhail Khodorkovsky, jailed of fraud and tax evasion. The company said in June it plans to raise as much as $11.6 billion in an initial public offering. “It's an issue that should not be allowed to proceed, but I think it will,” Soros said. He also said “Russia is acting 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, who founded New York-based Soros Fund Management LLC, declined to discuss the currency and equity markets.


Budapest Named 5th Best City in Europe for Bargain Lovers Analysis

Budapest Named 5th Best City in Europe for Bargain Lovers

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Danubius Hotels Appoints Group Director of Development Appointments

Danubius Hotels Appoints Group Director of Development

Muni Council Organizing Meeting to Improve Air Quality City

Muni Council Organizing Meeting to Improve Air Quality


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.