Logo
  Wednesday, April 1, 2020
Sign-In  |  Sign-Up  |  Contact Us  |  Bookmark 

Alrosa will be reformed as a commodity concern under state control
Alrosa, Russia's diamond producing giant, will be reformed as a commodity concern under state control, Finance Minister Alexei Kudrin said July 6. A popular daily, Gazeta, reported Monday that the federal authorities wanted Alrosa to diversify into oil and natural. In a campaign to regain control over Russia's natural resources, last year the federal government secured Yuganskneftegaz, Yukos's former cash generator, as the leading asset that would propel state-owned oil major Rosneft to the top of the Russian oil sector, and is planning to secure a controlling share in the gas monopoly Gazprom by the end of the year. Alrosa, the producer of a quarter of the worlds' uncut diamonds, seems to be the next target. Kudrin, who chairs Alrosa's supervisory board and reports to the government about the company's affairs, said Russia should accelerate the development of its Far Eastern mineral deposits, which will be accomplished using huge government-controlled energy and mining companies. The minister said the reformed Alrosa would extend its operations beyond the Siberian republic of Sakha-Yakutia, where the company is headquartered, and well beyond its original business - into coal, oil, and natural gas. "Diversification does not mean ending diamond production," Kudrin added. As the regional government controls 40% in Alrosa and the federal authorities only 37%, the latter technically has to secure the agreement of the former. Regional officials, however, are highly unlikely to challenge the Kremlin.
Print Alrosa will be reformed as a commodity concern under state control Bookmark Alrosa will be reformed as a commodity concern under state control

Related News   
JulAugust 2005Sep
MoTuWeThFrSaSu
25262728293031
1234567
891011121314
15161718192021
22232425262728
2930311234