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Energy Blast – June 28, 2012

Gazprom CEO Alexei Miller says that Russia will insist on keeping its current gas supply agreement with Ukraine, despite Kiev’s calls to review it as unfair.  Ukraine’s total imports of natural gas fell by 50% over the first five months of 2012. Under the current contract with Russia, Ukraine will have to spend almost 27 percent of its estimated budget income in 2012 on Russian gas – more than its healthcare budget.  Russian oil companies will pay a total of $500 million this year in penalty fines for natural gas flaring – a 50-fold increase on last year’s sum.  China plans to accelerate its shale gas exploration.