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Energy Blast – April 24, 2009

Gazprom Neft has outbid TNK-BP to buy a 16% stake in Sibir Energy, in a possible gesture towards acquiring complete control of the company.  Measures to prevent ‘creeping takeover’ were approved by Hungarian group MOL’s shareholders, whilst its biggest shareholder, Surgutneftegaz, was blocked from voting.  At an energy conference Turkmen President, Gurbanguly Berdymukhammedov, has expressed a desire to increase cooperation with foreign gas importers.  The Financial Times reports that the EU is likely to be the first economic group to successfully reduce electricity consumption, cutting dependence on Russia.  Samaraneftegaz, a subsidiary of Rosneft, will receive $148 million from Russneft over the illegal purchase of an asset in defunct oil major Yukos.  Russia’s Integrated Energy System will invest $660 million on modernizing, constructing and possibly even relocating power plants this year.  Allegations that French nuclear major EDF may have spied on Greenpeace activists are discussed in the Economist.  Gazprom has told the European Commission that it hopes to create a pipeline to Europe that would bypass Ukraine.  RFERL analyzes the European energy debates to be considered at the conferences taking place this week in Turkmenistan and Bulgaria.