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Energy Blast – July 4, 2012

Germany’s largest utility, EON, has raised its profit forecast after reaching an agreement with Gazprom on a natural-gas price cut.  Will this prompt other customers to seek a discount?  The deal could signal an increase in Russian gas sales to Germany, say some.  Meanwhile Sergei Tazin, the chairman of E.ON Russia, controlled by Germany’s utility E.ON, has stepped down, apparently of his own volition.  Serbian oil firm NIS, majority owned by Gazprom Neft, plans to invest $630.3 million a year through 2015 in an attempt to become a ‘regional market leader’.