BP has been released from probation for a spill prior to last year’s Gulf of Mexico spill, a ‘victory’ in the company’s efforts to rebuild its image. Iran has threatened that it will close the Strait of Hormuz (which sees traffic of a third of the world’s oil trade) if it is subjected to further sanctions by the West. Lukoil and Bashneft have closed deals on their joint venture to develop the giant Trebs and Titov oil fields in the Arctic. Gazprom, Total and Statoil will meet tomorrow to discuss whether or not to go ahead with their first planned investments in the Shtokman gas field. The Bulgarian Prime Minister says that his country will not reimburse Russia ‘a single lev’ for the Burgas-Alexandroupolis oil pipeline project. TNK-BP shareholders are accusing local police of harassment over a huge damages claim against BP. Azerbaijan will build its own pipelines to deliver natural gas to the European Union, part of a broader plan to increase export security. A Polish minister has called for state-linked companies to team up on shale gas exploration in the country. Bulgaria and Romania are about to start working on the construction of infrastructure for the transfer of natural gas, which will include Greece.