A trader at TNK-BP says that Russia will soon have so much spare export pipeline capacity that it will be able to switch a fifth of its output between customers in Asia and Europe to take advantage of the best prices. The company is planning to invest 5 billion rubles into modernising its Saratov Oil Refinery. Siberian Coal Energy, which produces Russia’s Suek fuel, has acquired 18.7% of Murmansk Commercial Seaport. Lukoil has won a block in the Nenets region with an auction bid of $61.4 million. ExxonMobil has dampened down predictions of a take-off for shale gas in Europe, saying that commercial production would not be a reality for five years.