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Energy Blast – March 2, 2012

Gazprom has begun arbitration proceedings against Lithuania over the country’s plan to split the gas sales and transmission ownership of Lietuvos Dujos, the gas utility of which Gazprom owns 37%.  Russia’s February oil output hit a post-Soviet high of 10.36 million bpd.  Lukoil has abandoned plans to make a $1.8 billion shale gas acquisition in the U.S., blaming slumping gas prices.  ‘Say what you want about Russia, but whenever oil prices are going higher the Russian economy is going to do well.’  Investors want Surgutneftegas to reveal its cash holdings and the names of its biggest shareholders as ‘opaque accounting’ continues to keep its share price down.  Russia’s InterRAO has sold its stake in Italy’s Enel OGK-5 project to a private equity investor group for $750 million. Italy’s ENI has won concessions on the price it pays for gas from Gazprom worth $700 million.