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Energy Blast – May 30, 2012

The Telegraph analyzes where Mikhail Fridman’s departure from the board of TNK-BP leaves the venture.  Maxim Barsky, who resigned last year as deputy chief executive of the partnership could be set to return, says Reuters.  Russian nuclear power corporation Rosatom is willing to assist Iran in building one more power unit at the Bushehr nuclear power plant, says the firm’s deputy head.  Bloomberg debates the use of carrot and stick in an opinion piece on Iran’s dubious atomic program.  The IEA has reported that the US along with European nations seeking to reduce their reliance on Russia could benefit greatly from the boom in unconventional natural gas over the next 20 years.  This is, however, contingent upon addressing environmental concerns correctly, the agency stresses.   State-owned Rosneftegaz may spend as much as $4 billion on acquiring new shares of Russia’s state companies in the energy sector.   Reuters considers Repsol’s plans to recover from the seizure of its Argentinean assets.  Russia’s mid-sized oil company Bashneft has announced a rise in net profit of 20% year-on-year in the first quarter to $444 million.