Energy Blast – Oct 27, 2009

The head of Iran’s Atomic Energy Organization says the country expects Russia’s government and Atomstroyexport ‘to honor their commitments to launch the Bushehr nuclear power plant … on time‘.  In turn, Russia’s foreign minister has urged world powers to ‘demonstrate maximum patience‘ with Iran, saying that ‘Russia does not have evidence that Iran is carrying out nuclear work of a non-peaceful nature.‘  Russian resistance is one possible reason why U.S. efforts are producing few results on the nuclear problem.  Naftogaz denies the widespread report claiming that its ability to meet gas payments to Russia is in jeopardy.  Energy Minister Sergei Shmatko is campaigning for Siberian oil duties to be lifted for at least five years ‘to make producing profitable‘.  TNK-BP can survive without an IPO for the time being, according to a working group set up especially to examine the issue. Turkmenistan may resume its gas exports to Russia, which have been on hold since a pipeline explosion earlier this year.  Sinopec has discovered an estimated 120 billion cubic meters of natural gas in southwest China.  Company streamlining through shedding assets could help the pace of Canadian oil and natural-gas acquisitions pick up next year.