Investor Presentaiton

Why Are Companies State-Owned? (2) 1. Remnants of state socialism - never privatized 2. Strong state managers opted for state ownership (Chernomyrdin, Gerashchenko & Sechin) 3. Putin's policy of state capitalism, 2004-8, aiming at political control and rent extraction 4. Access to cheap state funds and implicit state guarantees 5. Caused by long commodity boom (high oil and gas prices)

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