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Privatization of the oil sector was regulated by presidential decree No.1403 approved on November 17, 1992. Vertically integrated companies were created by joining some oil-producing enterprises and refineries into open-stock companies. Starting in 1994 many former state oil companies were privatized.
The so-called voucher privatization program of 1992–1994 enabled a handful of young men to become billionaires, specifically by arbitraging the vast difference between old domestic prices for Russian commodities (such as natural gas and oil) and the prices prevailing on the world market.
[citation needed] Of great help was the tripling of international oil prices in the second half of 1999, [citation needed] raising the export surplus to $29 billion. On the negative side, inflation rose to an average 85% in 1998, compared with an 11% average in 1997 and a hoped-for 36% average in 1999.
U.S. stocks closed broadly higher Monday as gains by some Big Tech companies helped offset a skid in oil-and-gas stocks after the price of crude had its biggest drop in more than a year. The main ...
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Former British Prime Minister Boris Johnson -- ousted by ethics scandals just three months ago -- jockeyed to make a comeback Friday as one of several contenders seeking to replace Liz Truss ...
Theresa May, after failing to pass her Brexit withdrawal agreement through parliament three times, announced her resignation as prime minister on 24 May 2019 amidst calls for her to be ousted. [15] [16] Boris Johnson (a key person in the Vote Leave campaign who had served as the Mayor of London and had also served as Foreign Secretary) had ...
A growing number of lawmakers in the British prime minister's ruling Conservative party have turned on their leader after months dominated by scandal — and now the threshold has been met to ...