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Energy Blast – April 21, 2009

President Medvedev did not receive the wholehearted backing he had hoped for from Finnish countepart Tarja Halonen over the Nord Stream gas pipeline; the Finns feel that ‘an ecological question’ remains.  Nonetheless Finland apparently hopes to have these environmental concerns addressed by June.  Russia plans to unveil new measures for international energy cooperation, including rules on transit.  Russian uranium company Atomredmetzoloto has reported an increase in output of 4.5% in comparison with last year’s January-March figures.  Russia and China have reached an agreement to allow Rosneft and Transneft to receive loans in exchange for oil.  Brazil’s state controlled oil company Petroleo Brasileiro SA will not participate in a similar kind of deal which would see the company provide oil in exchange for $10 billion worth of loans.  OPEC is reportedly ‘frustrated‘ with the fact that the US continues to import increasing amounts of Russian oil, despite promises that the rate would drop.  Big money investors are reportedly ignoring Russia but investing heavily in China and Brazil.  China’s National Petroleum Corp. intends to issue a $1bn three-year floating-rate bond in the interbank market, the first time such a bond has been issued by a non-financial institution.