Russia is contemplating a merger of its major oil companies, potentially creating the world's second-largest crude producer. However, Rosneft, the state-backed oil giant, has publicly denied reports suggesting that CEO Igor Sechin is spearheading this initiative. The company dismissed these claims, referring to Sechin sarcastically as 'evil Sechin' and asserting that any plans for a merger have been thwarted. This comes amid discussions led by Energy Minister Sergey Tsivilev, who is related to President Vladimir Putin, to consolidate oversight of Rosneft and nationalize Lukoil. Despite these discussions, President Putin has not approved the merger proposal. The situation has been characterized by skepticism from Rosneft, which has downplayed the seriousness of the merger reports, suggesting that internal opposition from oil companies is a significant barrier to the initiative.
The Financial Times says a recently reported initiative to merge Russia's oil majors belongs to the energy minister, who happens to have married into Putin's family. However, that bond hasn't been enough to overcome opposition from the oil companies themselves.…
Some Godfather-level disappointment baked into FT's report on Energy Minister Sergey Tsivilev's failure to get Kremlin approval for an oil-majors merger. The poor guy married into Putin's family and still can't win. Why do you hurt me, Michael? https://t.co/AXh5Iwl8Aw
There have been no requests from Trump's team to speak with Russian President Putin yet, Kremlin spokesman Peskov told TASS. https://t.co/W198GGrByL