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Energy Blast – Aug 18, 2010

Having amassed ‘a record cash pile‘, Rosneft is profiting on its mammoth $11.4 billion loan from China, because Russia’s interest rates are currently higher than the rate of interest that the company is paying on the debt.  The East Siberia-Pacific Ocean pipeline’s capacity is to be expanded to 50 million tons a year with the addition of five new pumping stations, according to Rosekspertiza.  Novatek has set its sights on 12% increased gas production by next year.  If new changes go ahead, Uganda’s income tax rules would require petroleum firms to pay taxes on income earned from the sale of oil stakes.  German Chancellor Angela Merkel will tour her country’s energy facilities before announcing a new energy program next month.