Russian oil grab 'puts western supplies at risk'

[spindrifter]

Terry Macalister
Monday October 2, 2006
The Guardian

A former government adviser has warned it is "only a matter of time" before BP or Shell faces a bid from a Russian state-owned group such as Gazprom which could threaten western oil supplies.

Professor Peter Odell, an energy economist, says ExxonMobil is also vulnerable to a Chinese takeover as the large UK and American stock-listed oil groups lose their influence in global markets.

"A Chinese bid for Exxon and/or Chevron and/or a Russian bid for Shell and/or BP, backed by funds provided by the wealthy member countries of Opec seem likely to be only a matter of time.

"With the 'majors' gone there will be concern in the main OECD countries for the future security of supplies," he said in an unpublished speech to Opec ministers in Vienna last month.

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http://business.guardian.co.uk/story/0,,1885258,00.html