(FORTUNE Magazine) -- Russian oil's on fire

President Vladimir Putin is already a major player in the global oil market. His country controls more than 5% of the world's reserves, after all. But the status of Putin and Russia as titans in the crude business should be sealed in mid-July, when state-owned oil giant Rosneft floats an IPO in Moscow and London that's expected to bring in $15 billion.

The offering, the third-largest IPO in history, certainly sounds juicy. Rosneft has bigger oil reserves than Exxon Mobil (Charts), its profits have nearly quintupled since 2004, and it is a Kremlin favorite. But there's a catch. About 70% of Rosneft's output comes from a subsidiary of rival Yukos, acquired after its CEO, Mikhail Khodorkovsky, was jailed on tax evasion charges. Still, at the right price, demand for Rosneft stock will be strong--even if some investors have bought the assets once before.- Barney Gimbel

Scrap it and start over

Attendees at the Farnborough Air Show in Britain will have more than biplanes and stunts to look forward to July 17. Airbus, after receiving complaints from carriers that its A350 jetliner is too small, too slow, and too inefficient, is expected to unveil a completely redesigned version of the airplane. The company's goal: Catch Boeing, whose midsized 787 has netted more than twice as many orders as the A350. - Abrahm Lustgarten