Energy Blast – Aug 12, 2008

Oil prices have continued to fall as investor fears about economic damage resulting from the conflict in Georgia subside. Georgia’s attack on South Ossetia has given Russia “a perfect excuse to roll back US control of Azerbaijan’s oil supply”. Russia’s military denies Georgian claims that it bombed Georgian oil pipelines. Troubled Russian oil firm TNK-BP has bought a 25% stake in a Siberian power plant from OGK-1 for $345.6 million. Read an article on US attempts to reduce Russia’s Eurasian energy monopoly. The US is sending a scientific expedition to explore the Arctic seabed. Energy-to-auto conglomerate UMW Holdings has won a $170 million contract to build a drilling rig for a group of oil companies led by Malaysia’s state oil firm Petronas. Rosatom State Nuclear Energy Corporation has signed a cooperation agreement with a subsidiary of Integra Group.