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Energy Blast – April 30, 2008

Russia will increase natural gas exports to Pacific Rim countries from the current 3% to 30% of its total exports by 2020. Gazprom says Russia will be able to completely satisfy the growing demand for gas in Greece. The two countries have signed a deal under which Greece will join Gazprom’s South Stream gas pipeline, saying that it will strengthen energy security in Europe. Gazprom is teaming up with Germany’s Verbundnetz Gas to build and operate an underground gas storage facility in Germany. The Bush administration hopes to send a pact on civilian nuclear cooperation with Russia to Congress in the next month. Fuel crisis Q&A at The Times. BP has thus far received visas for 24 of 148 employees who were suspended from assignments to TNK-BP last month. Vladimir Bogdanov, the head of Surgutneftegaz, has denied controlling the firm, saying he holds a stake of less than 2%. AMEC, the international engineering and project management company, has been awarded a five-year contract for BP in Azerbaijan worth $500 million. Striking oil workers who have shut down virtually all Exxon Mobil’s production in Nigeria have agreed to return to work while negotiations with the company continue.