Russia and South Korea have signed a preliminary agreement on a $90 billion energy supply project involving Gazprom and Kogas. The 30-year project is planned to go ahead in 2015, and will allow Russia to diversify away from Europe as well as linking South and North Korea. Russia blames the US for stalls in talks to renew the START 1 treaty aimed at reducing both countries’ nuclear arms supplies. Ukrainian Prime Minister Yulia Tymoshenko will visit Russia this week to discuss energy relations. Did the Russian government engineer a slowdown in oil production by raising taxes? Gazprom may build a $935 million natural-gas pipeline in Russia’s Far East next year. Is TNK-BP finally solving some of its problems?
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