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Oil of RussiaIt should be noted that the privatization concept was an attempt to join two incompatible approaches, the first of which put the interests of the work forces at privatized enterprises first, and the second of which prioritized the objectives of public privatization and adherence to the principle of social justice in the distribution of state property. President Yeltsin initiated the industryБЂ™s privatization process by Decree 1403 of November 17, 1992, БЂњOn Features of Privatization of State Enterprises, Production Associations, and Scientific Production Associations in the Oil and Refining Industry and Petroleum Products Supply and Conversion of These Entities to Joint-Stock Companies.БЂ« In this decree, oil-industry enterprises subject to privatization under the decree were divided into three groups. The first group included oil and gas production associations, which were privatized as a unified process complex. Thirty-eight percent interests in these joint-stock companies were restricted to federal ownership for three years and assigned to the state enterprise Rosneft for administration ...» |
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