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Energy Blast – April 25, 2008

Alfa Group,Access Industries and Renova (AAR), the Russian shareholders of TNK-BP, have denied that they will sell their stake in the company. “Speculation and rumors of a planned sale by AAR of its stake in TNK-BP are groundless and have no basis in reality.” Gazprom’s chairman met with the prime minister of Qatar to discuss possible energy cooperation. A report by United Energy System (UES) says that Mosenergo was the only electricity generating company to receive an “unsatisfactory” rating in a national survey on power-sector investment. UES auctioned off large stakes in two power supply firms, SamaraEnergo and UlyanovskEnergo, for a total of $92 million. Amid reports that oil production in Russia has peaked, one official says the country needs investment in new oil fields. BP has announced that it will invest $560 million in Brazilian biofuels, amidst criticism from environmental groups regarding the effects of biodiesel production on food supplies. Lukoil plans to invest $5.5 billion in gas exploration in Uzbekistan.