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Energy Blast – April 30, 2012

Russia’s number two crude producer LUKoil apparently believes it can develop Iraq’s West Qurna-2 oilfield without partners.  Russia and Iran are complicit in helping Syria avoid the impact of Western sanctions with fuel supplies, which it needs for heavy vehicles including army tanks, says this report.   Chinese energy officials have hinted that Beijing is still keen on pursuing a major gas deal with Russia despite a long-standing price disagreement.  French oil group Total has upped its stake in Russia’s No.2 gas producer Novatek to 15%.  According to a Bloomberg report, Iran has discovered ‘one of the biggest natural gas fields in the Middle East’ with reserves comparable to those of the South Pars field.  A Middle East private equity fund will inject $175 million into Russian power generator Enel OGK-5 in what is thought to be the more considerable injection by a Gulf investor into the country so far.