Energy Blast – July 15, 2011

Following a period of aggressive expansion, ConocoPhillips will conclude a three-year restructuring program by turning the company into two separate, publicly traded entities by the end of next June, divesting itself of its fuel-making business and re-orienting itself around oil and natural-gas production.  Coal producer Raspadskaya has witnessed a drop in output of 5% in the second quarter after an accident halted operations at one of its mines.  The Russian government has ordered the Economics and Energy Ministries to sell a 7% stake in RusHydro by July 1, 2012, as long as ‘market conditions are favorable’. Cooperation is stepping up between Germany’s RWE energy company and Gazprom following the German government’s decision to phase out nuclear power: the two companies have signed a memorandum of understanding on the possibility of building joint gas and coal-powered stations in Europe.  How Lithuania is also profiting from Germany’s turnaround on atomic energy.