Energy Blast – June 4, 2009

According to President Medvedev, the current value of Urals at $60-70 a barrel is ‘a fairly just price’.  Finnish Prime Minister Matti Vanhanen has said the government will need more time to decide upon whether or not to approve the construction of the Nord Stream pipeline.  Putin has reportedly said that the nations participating in the pipeline project are willing to change the route to take into account Finland’s environmental concerns.  At a press conference the Prime Minister reiterated pleas that Europe help Ukraine with its gas payments, or otherwise transit from Russia might cease.  ‘Gazprom will only supply the gas which has been prepaid. Without the gas pumped into storage, Ukraine will simply not survive and will be forced to take gas destined for transit’, Putin also warned journalists.  In the fourth contract with US companies, Russia has agreed to supply Exelon with low-enriched uranium.  Will the conflict between the Iraqi Federal government and autonomous Kurdistan over oil reserves be settled by force? asks the New York Times.  Sergei Lavrov believes that a final decision on the territorial claims to the resource-rich Arctic seabed must be taken by the United Nations.