In business areas of strategic importance for the Russian Government, all foreign companies run a high investment risk, researcher Jakub Godzimirski from Norwegian Institute of International Affairs (NUPI) says to Dagens Næringsliv.
For StatoilHydro it will not be enough to work on the economical and technological challenges connected to the Shtokman project. The company will also have to handle a strongly state governed Gazprom. The conflict in Caucasus has not made the situation any better, according to Godzimirski.
Other foreign oil companies, like BP, Shell and Total, have met several challanges while operating in this state governed industry. Godzimirski fears that now, when the political climate between the West and Russia has worsened, it could affect also the economic cooperation.
Senior researcher, and expert on Russian topics at Fridtjof Nansen Institute, Arild Moe says on the contrary that StatoilHydro has nothing to fear at the present stage. In his opinion there is a mutual dependency between the two companies today. Therefore it is highly unlikely that Gazprom would force StatoilHydro out of the Shtokman project. However, this could become a risk in the future if Gazprom no longer need StatoilHydros’s competence, but that is way into the future, says Moe.
