WATCHING THE WORLD BLACK CLOUD OVER WHITE NIGHTS

With David Knott from London Winston Churchill once said of Russia's war strategy, "I cannot forecast to you the action of Russia. It is a riddle wrapped in a mystery inside an enigma." Brian Lavers, chairman of Phibro Energy Production Inc., London, thinks much the same of Russia's recent petroleum tax strategy. Phibro is chief western partner in the White Nights joint enterprise, holding 43%. Russian production association Varyeganneftegaz (VNG) has a 56% stake and Anglo-Suisse

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