Russia govt aide attacks some foreign investors
ST PETERSBURG, Russia, June 7 (Reuters) - A top Russian government aide criticised some types of foreign investment in his country's booming economy on Saturday, saying Moscow did not need investment which limited Russian companies' opportunities.
Arkady Dvorkovich, the top economic aide to President Dmitry Medvedev, made the comment in introductory remarks to a panel discussion at the St Petersburg Economic Forum, Russia's main annual event for investors.
"We don't need the type of investment which aims not at developing a company and increasing its competitiveness but instead at limiting its activities including when a Russian company wants to expand in foreign markets," Dvorkovich said.
An official later clarified that Dvorkovich was referring to a shareholder dispute at Russia's second-biggest cellphone operator Vimpelcom (VIP.N).
Vimpelcom is owned by Russian billionaire Mikhail Fridman's Alfa Group and Norway's Telenor (TEL.OL).
The two owners have been locked in a long boardroom and court battle over Vimpelcom. One of the bones of contention was Vimpelcom's desire to expand overseas, something Russian shareholders contend was blocked by Telenor.
The dispute has some similarities with a row between BP Plc (BP.L) and its Russian partners in a 50-50 Russian joint venture oil firm, TNK-BP (TNBPI.RTS).
Fridman's Alfa Group is also one of the main Russian shareholders in TNK-BP.
TNK-BP is currently the subject of a battle between Russian shareholders and BP over strategy, including whether and how to sell a stake in the highly profitable firm to a Russian state-controlled oil company.
One of the bones of contention is also that the Russian shareholders -- a group of four billionaire oligarchs -- say BP is trying to limit TNK-BP's scope to expand operations abroad.
TNK-BP senior managers say they do not oppose foreign acquisitions but these must pass rate of return tests applied to any investment.
Deputy prime minister Igor Sechin, a close ally of President Vladimir Putin, said earlier this week that the shareholders ought to sort out their differences themselves without the involvement of the state.
But few believe the Kremlin is standing aloof from the battle over the fate of TNK-BP, which made over $5 billion in profit last year -- particularly when state-controlled gas giant Gazprom (GAZP.MM) is widely believed to be seeking a big stake in the company. (Reporting by Gleb Bryanski and Anastasia Onegina, writing by Michael Stott)
