スラヴ研究 = Slavic Studies;54

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ロシアにおける石油・ガス企業と銀行

大野, 成樹

Permalink : http://hdl.handle.net/2115/38700
KEYWORDS : ロシア;銀行;石油企業

Abstract

本稿は、石油・ガス企業の類型という視点と、時期区分という視点を導入して、石油・ガス企業と銀行との関係を論じたものである。分析の中で特に興味深いのは、財閥系石油企業と銀行との関係である。財閥系銀行は民営化のもとで石油企業の経営権を取得し、インフォーマルなコーポレートガバナンスを利用することで組織や財務の改革を行った。その後、金融危機の勃発により財閥系銀行の多くが破綻し、石油・ガス業界の再編のもとで財閥系石油企業は消滅した。いわば、財閥系銀行は財務や組織が健全な石油企業を生み出す役割を担い、石油企業の経営が軌道に乗ると、存在感を失ったのである。
This article aims to analyze the relations of oil-gas companies with banks in Russia and the characteristics of their activities. In this paper we introduce two viewpoints: classifications of oil-gas companies, and phases which characterize the relations of oil-gas companies with banks. We classify oil-gas companies into four categories: governmental, regional, international, and conglomerate, while the timeline can be divided into three phases. The first phase is from 1992 to the first half of 1995 amid economic instability, when the relations of oil-gas companies with banks were gradually constructed. The second phase is from the second half of 1995 to mid-1998, when conglomerate banks obtained the management rights to oil companies under the privatization. The third phase is after the Russian financial crisis in 1998 up to the present, when many conglomerate banks went bankrupt and the oil-gas sector was restructured. Let us survey the first phase. The oil-gas companies were divided into governmental and regional categories. However, there was no distinct difference between the categories, since although deposits of oil-gas companies were an important source of fund-raising for banks; the latter had little to do with extending loans for capital investment. Russian banks were insufficient financial intermediators, which were used to raising deposits from households with surplus funds and extending loans to firms requiring funding. In the second phase, international and conglomerate companies were added to the categories of oil-gas companies. The first category included Rosneft and Gazprom, while the company in the second category was Surgutneftegaz. The third category (international), meanwhile, included LUKoil. The characteristics of the international oil company are as follows: a relatively low governmental share in capital; foreign participation in the capital; and the management rights do not include banks. The fourth category comprised conglomerate oil companies, namely YuKOS, SIDANKO, Sibneft, and the Tiumen Oil Company (TNK). The management rights of these companies were obtained by the banks which formed a conglomerate through privatization programs. YuKOS, SIDANKO and TNK were only nominally vertically integrated and had problems in their financial and structural aspects. When banks obtained the management rights to these oil companies, they implemented financial and structural reforms, using informal corporate governance such as share dilution, transfer pricing, asset stripping, and so on. Banks could obtain the oil company shares at low prices through the collusive loans-for-shares auctions because they expanded their influence amid the unstable macroeconomic climate by earning foreign exchange gains, and thus strengthened ties with the federal government. In the third phase oil-gas companies in the first category chose one major partner bank (RRDB and Gazprombank) while the company in the third category sold the affiliated bank (Bank Petrocommerce). The oil companies in the fourth category disappeared as a result of the restructuring of the oil sector. Oil-gas companies in each category other than Surgutneftegaz raised funds from foreign banks and the international capital market. As the Russian economic situation improved, it became easier for the oil-gas companies to raise funds from foreign creditors. On the other hand, Gazprombank and Bank Petrocommerce tended to extend loans to subsidiaries, rather than the holding company with which they had close relations, and other banks loaned mainly to other sectors, rather than the oil and gas sector (RRDB and Alfa-Bank). As to fund-raising banks which had close relations with the oil companies in the first and second categories largely depended on them (RRDB, Gazprombank and Surgutneftegazbank). Banks which were related to the oil companies in the fourth category went bankrupt except Alfa-Bank because of the speculative forward operations and the foreign liabilities.

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