From: MSN NicknameEagle_wng (Original Message) Sent: 11/30/2006 4:18 AM
Russia takes a golden opportunity
Julia Finch
Thursday November 30, 2006
Guardian
Just two months ago in this column we quoted George Soros's view of Russia as "a country that does not hesitate to use its monopoly power in devious and arbitrary ways". Mr Soros was referring to letting the state-controlled Rosneft list in London, but his view was also a good description of events that had just unfolded at the huge Shell-led Sakhalin-2 project. Just as the state-controlled Gazprom was agitating to buy a 25% stake in the $20bn (£10bn) venture, Shell lost its operating licence on environmental grounds.
Yesterday, as if relations between Russia and the UK were not strained enough, the Russian Natural Resources Ministry was at it again. This time it was Peter Hambro Mining in its sights.
With no notice the Russians threatened to withdraw five of the Aim-listed group's exploration licences, wiping 20% off its value, although the shares regained some composure and ended down 14%. As ...
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