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Energy Blast – April 7, 2009

Putin has apparently stated in his address to the Duma that it would be detrimental to attempt to leave out Russia of crucial energy decisions.  He also commented that the East Siberia-Pacific Ocean pipeline would arrive at the Chinese border within the next few weeks.  Gazprom will cut off gas supplies to 90 companies if they do not settle their debts imminently.  Naftogaz Ukrainy Company has paid what it owed to Gazprom for gas received in March.  The companies have also come to an agreement on transportation of gas, according to ITAR-TASS.  Iran has encouraged Russia to expedite the completion of the Bushehr nuclear plant.  Italy will extend the Blue Steam pipeline which transports Russian natural gas to Turkey, says Bloomberg.  Drilling company Siberian Services Co. has defaulted on $100 million of bonds.  Kazakhstan is seeking $10 billion investment from China, while China may buy up a stake in a local oil producer.  China National Petroleum Corp reportedly has its sights set upon Petro-Canada’s $5 billion stake in Syria and Libya.  Qatargas 2, the world’s first fully integrated value chain LNG project has been launched.