By James Henderson, Alastair Ferguson (auth.)
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Extra resources for International Partnership in Russia: Conclusions from the Oil and Gas Industry
Production from the Volga-Urals region continued to climb until the 1970s as huge ﬁelds, such as Romashkino in Tatarstan, were discovered. However, after two decades of growth from the area all the major discoveries had been made and reserves, and therefore production, became increasingly difﬁcult to replace. 21 The use of secondary recovery techniques such as water injection often brought only short-term beneﬁts, if they worked at all, and the increasing share of water being brought to the surface sharply increased the unit costs of oil output.
As a result, the new owners of the VIOCs had to go through a further process of industry re-organization which had a signiﬁcant impact on the role of the major players in the Russian oil industry, including foreign investors. The second process incorporated the consolidation of the cashﬂows and ownership of the subsidiary companies into their respective holding companies and it affected each of the VIOCs differently, depending upon how much control they had managed to establish early in the privatization process.
The overall structure of the share capital of each subsidiary company (production, reﬁning or marketing) was that it should comprise 75% voting ordinary shares and 25% non-voting preference shares. As a result ownership of 51% of the ordinary shares (38% of the total share capital) would give voting control over the company. Initially the government retained 38% of the total share capital in each subsidiary (entirely in ordinary shares to give voting control), with the remainder distributed 10% on advantageous terms to employees, 5% to management, 22% for voucher auctions and 25% as preference shares given free to employees.
International Partnership in Russia: Conclusions from the Oil and Gas Industry by James Henderson, Alastair Ferguson (auth.)