Reforms in the Russian oil industry

As is well known, the more economically developed the state is, the more advanced will its scientific and technological base be. For this state, most of the imported goods will essentially be raw material. On the other hand, export goods will comprise of expensive finished products and technological know how. 

As was noted previously, the petroleum industry was stable even under crisis conditions in Russia. However, problems existed in the oil industry as well. These problems perhaps provided the challenges and opportunities for future developments. The petroleum and gas industry is represented in the gas sector by Gazprom, and in the petroleum sector by such petroleum corporations as LUKOIL, YUKOS, SIDANKO, ROSNEFT, etc. These companies were formed 

Marcel Dekker, Inc. 270 Madison Avenue, New York, New York 10016 

1987-1990 The development of self-financing enterprises in the oil and gas sectors, the expansion of economic independence for the enterprises, and being direct exporters of power sources to the world markets. 

1991-1994 The associations of the enterprises as vertical integrated structures, the beginning of privatization of holding petroleum companies, the creation of an infrastructure for the shares market, coming into existence of financial and industrial groups and consortia for participation in international projects. 

---