The leader among the top 20 ranked by foreign assets of Russian companies, the company “LUKOIL”. Referred to study Russian transnational corporations (TNCs), presented June 23 at the Moscow Institute of World Economy and International Relations (IMEMO) Russian Academy of Sciences and in New York at the Center for International Investment at Columbia University. As the correspondent BakuToday, the report, prepared under the editorship of Doctor of Economics Alexei Kuznetsov said that the “Lukoil” has more than a quarter of all foreign assets of the twenty leading Russian TNK – $ 28 billion of the $ 107 billion
The second list is the oil and gas concern “Gazprom” acting abroad in the fields of production and distribution of gas and the electricity sector. To “Gazprom” has almost one fifth of total foreign assets of 20 leaders – about $ 19 billion “Gazprom” into account in Table 10, the largest Russian foreign projects in “greenfield” in 2007-2009 (the creation of new complementary businesses or carry out). These projects include: construction in Austria for the second stage gas storage Heidach, which required an investment of $ 150 million at the end of 2009, construction in Armenia 5th block Razdan thermal power station ($ 140 million) development in Libya areas of oil deposits ($ 100 million).
In the third and fourth places with rates at $ 10 billion are two steel companies – “Eurasia” and “Severstal”, “RUSAL” appeared in the ranking of only 15th place. According to the study, the growth of foreign assets of Russian TNCs mainly provided by major companies at the expense of cross-border acquisitions in the resource sectors. Projects “on a green meadow” very little, and some of them had to be postponed because of the global crisis.
In terms of geography Russian TNCs are concentrated mainly in Western and Central-Eastern Europe, where more than half of them are localized foreign assets, as well as the post-Soviet space, which is concentrated more than one fifth of their foreign assets. Least popular with Russian TNK South Asia.
Russian TNCs often invest in the “classic” offshore tax havens and other (primarily through Cyprus, the Virgin (British) Islands, Bermuda, Luxembourg and Gibraltar), including for the subsequent return of capital to Russia.
The study lists the largest recipients of Russian direct investments in the nonfinancial sector. During the period from 2007 to 2009, Cyprus received a $ 13.643 billion, the Netherlands – $ 6.286 billion, Bermuda – $ 2.246 billion, Ukraine – $ 941 million, Belarus – $ 760 million, Kazakhstan – $ 468 million, Uzbekistan – $ 330 million, Armenia – $ 234 million and others. Total exports of direct investment for 2007-2009 totaled $ 48, 094 billion
The report cites weak IMEMO Russian government to support domestic TNCs (especially against developing countries such as China). Iakzhe draws attention to the fact that a lot more you can do to support foreign investment by Russian companies, not related to extra-large (including in terms of providing them with necessary information) – especially outside of Europe.
The study also contains a list of countries with which signed investment agreements. Among these countries are Abkhazia and South Ossetia, the agreements that were signed in 2009 and ratified in 2010.
The study is part of IMEMO long-term international study program TNCs from developing and post-socialist countries, initiated by the Center for International Investment, Columbia University (Emerging Market Global Players). The program currently covers 15 countries. Already issued one or more reports on Argentina, Brazil, Hungary, Israel, India, China, Mexico, Poland, Russia, Slovenia, Turkey and South Korea.
