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Energy Blast – Aug 1, 2008

A Libya-Russian energy alliance “could raise alarms in Europe where countries had looked to Libya to help ease their dependence on Russian oil.” Robert Dudley may step down as chief executive officer under a possible deal to resolve differences between TNK-BP shareholders. And, in further evidence of a “thaw”, BP chief executive Tony Hayward has met with Mikhail Fridman, with sources indicating “progress”. Business Week takes a look at the history of TNK-BP. Royal Dutch Shell is turning to Australia, Brazil and Iraq to counter recent losses in Nigeria caused by rebel attacks. The Moscow Times says Igor Sechin was behind Putin’s recent attack on Mechel. “In stock market lingo, Mechel fell under “Sechin’s ax,” something that stock brokers and shareholders remember all too well from the Yukos affair.