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Energy Blast – May 22, 2012

Russian licencing agency Rosnedra cancelled its decision to grant a licence for the Trebs and Titov oil fields to a consortium of Bashneft and Lukoil, blaming the pair’s insufficient refining capacity.  TNK-BP is postponing a decision on dividend payout, supposedly as a result of a ‘broadening rift’ with BP shareholders.  China’s crude oil imports from Iran increased by 50% in April over March figures, thanks to a resolution of pricing disputes, despite ongoing pressure exerted by Western sanctions against Iranian oil, which at present show no signs of letting up.  Bangladesh has discovered oil in two old gas fields, with estimated reserves worth $5.5 billion.  Baghdad has criticised and threatened to veto plans for an oil pipeline with Turkey.