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Oil of RussiaThe new oil conglomerate, formed under the aegis of Russian banks, was registered in London as a British company, the Russian General Oil Corporation. The companyБЂ™s board included a member of the parliament of the United Kingdom and a British representative of the London division of the Russian-Asian Bank. The Russian entrepreneurs needed this БЂњEnglish shellБЂ« to simplify the attraction of new capital to Russia, but multiple attempts to place the corporationБЂ™s stock on leading European exchanges were not successful. The Years of the БЂњGreat Battle of NationsБЂ« In June 1912, the State Duma finally approved the long-awaited БЂњLaw on Leasing of Treasury Lands.БЂ« The first auctions under the new law were scheduled for mid-1913. In practical terms, the Law proved extremely unsuccessful: the auctions were supposed to determine who would agree to supply the treasury a mandatory minimum of crude oil at the lowest price. The auction results were unexpected: a price of БЂњminus 47 kopecks per pood [36 pounds]БЂ« was offeredБЂ”that is, the oil industrialist was prepared to pay the treasury 47 kopecks for delivery of each 36 pounds of crude oil ...» |
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