As the author notes;
After all, the outright exuberance among financial analysts and Russian and Western investors over Rosneft's IPO plans seems somewhat irrational. Sure, the IPO would open the state company to private investment, but lost in the enthusiasm for exposure to Rosneft is some common sense - after all, this is the same company that last year managed to make even Gazprom look like a transparent, efficient company. Rosneft's recent efforts to clean up its image - including a failed attempt to lure former U.S. Secretary of Commerce Donald Evans to become the company's chairman - should not obscure Rosneft's less-than-stellar past method of operating.
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