It is time for oil sector’s demonopolization –G. Gref

The most radical method is the separation of companies for extraction and processing companies.

The head of Sberbank, G. Gref, raised the issue of demonopolization of the oil sector at the ENES-2015 forum. The oil extraction sector in our country is extremely monopolized, it is of crucial importance to support this sector and demonopolize it, G. Gref said.

G. Gref doesn’t have a direct relation to the oil and gas sector but can influence on it. He is the chairman of the Public Council at the Ministry of Energy, and Sberbank is a large creditor of domestic oil companies and it role has significantly risen after the introduction of sanctions on Russia by the west. In the conditions when the attraction of long-term loans in the international markets of capital has become almost impossible, Sberbank became the source of the long-term financing of important projects in the oil and gas sector of Russia.

Until recently the issue of liquidation of Gazprom’s monopoly was discussed. Now it is turn of oil companies.