Energy Blast, March 28, 2008

A Russian court has frozen the sale of shares in power producer TGK-11 as part of a second lawsuit filed by a Rosneft subsidiary. More than 100 miners who spent the night 700 meters underground in a Sverdlovsk region bauxite mine have refused to return to the surface until their demands for better pay and working conditions are met. The mine is owned by RUSAL, who refused to recognize the strike. “It is unlikely that TNK-BP‘s troubles will end despite the firm’s willingness to cooperate with authorities” because “several government agencies are finding faults in what appears to be an orchestrated campaign to coerce TNK-BP into giving up whatever the government or state-controlled companies want.” The Economist says “the energy business in Russia is as murky as ever.”

Lukoil has confirmed that the Varandey oil terminal on the coast of the Barents Sea will be opened in June this year, and will produce an annual 7,5 million tons of oil.WORLD ENERGYAn attack on a pipeline in Iraq has pushed the price of crude oil to $107, with an explosion halting production for several days.Indian Tata Power is considering selling stakes in holding companies and assets to help fund its $6 billion expansion plans.