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Energy Blast – Oct 6, 2011

Troubles continue for Poland’s dominant natural-gas supplier, Polskie Gornictwo Naftowe i Gazownictwo SA, which claims it is posting losses on imports of the fuel that are not being covered by profit on domestically produced gas.  Gazprom is planning to invest up to $370 million in its aviation unit this year.  The company’s US energy trading arm has signed a long-term contract to supply natural gas to Associated Electric Cooperative’s St. Francis power plant in Missouri.  Pipeline operator Transneft apparently intends to open a link later this month that will help increase exports to Asia from Rosneft’s Vankor field in northern Siberia through a pipeline which will be able to carry 25 million metric tons of oil a year.  The Nabucco Gas Pipeline has submitted a transportation proposal to the Shah Deniz II consortium in the hope of becoming the preferred export route for gas from Azerbaijan.  Kazakhstan may pay $700 million to $1.1 billion for 10% of the Karachaganak oil venture led by BG Group Plc and Eni SpA.