YELTSIN ORDERS PRIVATIZATION MOVE FOR RUSSIAN OIL

11/09/1992
Russia's battered oil industry will undergo the most drastic changes since the 1917 Bolshevik revolution if a draft decree by President Boris Yeltsin is implemented despite stiff opposition by Communists and ultranationalists. The proposal specifies that oil production, refining, and distribution would no longer be exempt from Russia's move toward privatization. Yeltsin's advisers have concluded that shuffling petroleum related ministries and appointing new chiefs led only to more administrative chaos while failing to stop the 4 year plunge in crude oil production. Sharp price increases haven't been effective in protecti...
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