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Energy Blast – Aug 14, 2008

Russia’s antitrust watchdog has found Mechel guilty of breaking competition law, and could fine it up to $130 million. The company may also have to cut prices by 30%. Petroneft has agreed a deal with Arawak Energy to jointly pursue new opportunities in the West Siberian region of Russia. The Moscow Times says that the Baku-Tbilisi-Ceyhan oil pipeline closed two days before the outbreak of conflict in Georgia. Power utility RusHydro reported a 40% year-on-year rise in net profit for the first half of 2008. If the anti-monopoly agency gets its way, Gazprom may be forced to share export pipelines with independent producers.