Energy Blast – June 5, 2008

Russia’s Interior Ministry has issued a summons to TNK-BP’s chief executive as part of an investigation into possible tax evasion. The EU’s external relations commissioner has discussed recent problems at TNK-BP with Deputy Prime Minister Igor Sechin, reportedly focusing on mounting pressure from authorities. The company that runs TNK-BP has filed a lawsuit against Moscow’s employment service in what may be part of a shareholder dispute over how many foreign employees can work there. Meanwhile BP’s CEO, at a recent Rosneft shareholder meeting, emphasized the company’s commitment to Russia and said the country needs to respect the rule of law in order to secure the flourishing of its investment environment. Lukoil has announced a $100 million investment plan to support the Ghana’s efforts to improve on-shore oil exploration. Rosneft plans to raise its market value to $200 billion by 2020. The company is currently facing protests over small dividends.