Rosneft: Peculiarities and Implications of State Ownership in Russia’s Oil Sector

This chapter outlines the specific features of state ownership in the Russian oil industry, presenting an account deviating from mainstream narratives, which are often informed by considerations of the role of oil corporations in the political economy of the Middle East. An overview of the important turning points in Rosneft’s history is offered, arguing that the patterns of the evolution of the Russian oil industry do not fit well with interpretations based on a dichotomous view of national vs. (private) international oil companies—and the assumptions underlying it. Even if the establishment and rise of Rosneft were inseparable from Russian President Vladimir Putin’s statist drive, its further development was profoundly influenced by factors exogenous to state-to-state-owned enterprise interactions. In this regard, Rosneft’s trajectory is quite like that of other oil companies in Russia.