fbpx

Energy Blast – Dec 27, 2011

Russia’s Federal Anti-Monopoly service has fined Gazprom Neft $31 million for charging ‘monopolistically high prices’ for diesel and jet fuel.  Rosneft and Bashneft were also fined a combined total of $80 million for breaching regulations.  Rosneft says that it will work on the Sakhalin project without BP.  The sinking of the Kolskaya oil rig has called Russia’s ability to deal with such emergencies into question.  Gazprom CEO Alexei Miller and Eni CEO Paolo Scaroni have been discussing the future of the South Stream pipeline project.  Turkey and Azerbaijan have signed an agreement to establish a consortium for a pipeline that will carry Azeri gas to Turkey and the EU.  Lukoil will spend $9 billion on refining upgrades over the next four years.  Russia wants Germany to clarify its rules on power supplies so that the two sides can increase cooperation.  Russia and Ukraine will renew their gas talks on January 15 in a bid to avoid a New Year’s row over pricing; Ukraine has vowed to protect its national interests during negotiations.  It is anticipated that Russian crude oil production will reach 510 million tons next year.