The Oil Gods Are Smiling On Russia

Will the country's industry modernize?

It was quite the party: The fifth anniversary of the privatization of Sibneft, Russia's sixth-largest oil producer and 12th-biggest company. For the Sept. 8 bash, Sibneft hired Seventies-style pop group Boney M to entertain a throng at the Hotel Rossiya in Moscow that included the company's largest shareholder, reclusive Russian tycoon and shadowy Kremlin courtier Roman Abramovich. Revelers rocked to Boney M's smash hit: Rah Rah Rasputin--a song hailing an infamous political puppeteer of Russia's pre-revolutionary past.

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