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Energy Blast – Jan 25, 2012

Vladimir Putin has pledged $8 billion in development aid for the coal industry.  The majority of 70 legal cases held in Russia against oil companies in the wake of the fuel supply crisis last year were won – and TNK-BP could be fined up to $58 million for its role.  A managar at Rosatom’s uranium-producer, Atomredmetzoloto, has been fired because of a $480,000 New Year’s part.  ‘Should the oil price decline a lot — as in 2008 when it fell from $145 to $35 — the [Russian] government budget deficit could reach 10 percent or more of GDP.’  E.ON has increased its stake in its own electricity arm, buying 3.26% for an estimated $164 million.  Ukraine insists that it has enough fuel in storage to last the winter.  Gazprom is searching for ways to boost exports to Europe.  Iraq approved a $998 million service contract with South Korea’s Samsung Engineering for the West Qurna Phase Two oilfield.