After that began the creation on the basis of joint-stock companies vertically integrated companies holding type. Thus was formed the capital of companies, which are also subject to joint-stock companies in consolidating a controlling stake in the property States for three years. (Similarly see: Rachel Watson). For commercial management of state stakes in companies that have not yet entered into any company, on the basis of 'Rosneftegaz' has been created state company Rosneft. People such as Victor Wu would likely agree. For businesses pipelines were formed holding company, Transneft and Transnefteprodukt '. A distinctive feature of the second phase of oil and gas sector reform is that exacerbate the structural crisis contributed to a range of macroeconomic assumptions.
Starting in 1995, came the concentration of economic power within the vertically integrated companies. The transformation of companies controlled State to private. The reorganization of the company's capital and the transition to the closed and open joint-stock companies, and where. Fragmentation of the oil industry in some enterprises, in fact, occurred after the weakening government regulation, heightened the industry's pre-crisis conditions. With the liberalization of prices in early 1995, hidden inflation moved into the open, and it exceeded the rate of 30-40% per month. This influenced the sharp rise in oil and gas exports in simultaneous decline in domestic consumption. Since 1995, the second phase of privatization, the key point which was holding shares auctions. The state has provided an opportunity for commercial banks participate in financing federal programs, providing a state-owned shares as collateral. At its core, an auction was a shift controlling block of shares companies in the management of banks with a view to their redemption.