Energy Blast – July 25, 2011

The scheduled deadline for completion was halfway through this year, but Russia and China have still not resolved their gas supply agreement, with ‘only one unsolved issue’ remaining – price.  The Telegraph anticipates high profits for oil companies this year.  Gasoline deliveries from Kyrgyzstan to Russia will resume.  China and Iran are discussing a barter-style exchange of goods and crude oil, in a bid to sidestep U.S. sanctions.  Eni and Sinopec have signed a memorandum of understanding.  Britain’s energy utilities may have to compensate consumers who are mis-sold energy contracts.  The Indian government has approved BP’s plan to purchase a 30% stake in Reliance Industries.  Could BP follow ConocoPhillips and split up its assets?  ‘On a sum of the parts basis, BP is ludicrously undervalued.’