“This was only possible because of the full support of the Russian state”

Business quote of the day.

Vladimir Putin. Photograph: Getty Images

This was only possible because of the full support of the Russian state.

Valery Nesterov, energy analyst at the investment arm of Sberbank, the Russian state bank, on the $55bn deal between Rosneft and TNK-BP. The analyst says the deal was only possible with the “aggressive growth” spearheaded by Vladimir Putin over the last decade in a bid to gain Kremlin monopoly of the oil sector. The Russian oil business Rosneft will acquire 100 per cent of TNK-BP, making it the world’s biggest listed oil company.