To derail European attempts to diversify energy suppliers, Russia would need to purchase all natural gas exports of its Caspian neighbors, Bloomberg reports. Russia is set to build a wind farm on Russky Island by 2012. Rushydro should come to a financial agreement with Rusal by the end of the summer over the Boguchansk electricity plant. Surgutneftegaz will be prevented from voting in MOL’s annual meeting, as the company’s purchase of a stake remains unapproved by Hungary’s Energy Office. The world’s biggest offshore oil company, StatoilHydro, says that Russia holds the most potential for Arctic exploration. The company faces stiff competition in Norway’s Arctic zone as Exxon Mobil Corp. and Royal Dutch Shell Plc make bids for the region. TNK-BP is reportedly contemplating buying Kazakh oil company Zhaikmunai. The company is also seeking a $315 million loan, Reuters reports. China will apparently take advantage of the foreign need for loans in the downturn and expand overseas oil exploration. Barack Obama has appointed Richard Morningstar as a special envoy for Eurasian energy issues. EU Energy Commissioner Andris Piebalgs has said that he believes Russia and Ukraine will manage to overcome their disputes to assure Europe they are a credible supplier.