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Energy Blast – Aug 27, 2008

India’s state-run Oil & Natural Gas Corp. has agreed to a takeover of Russia-focused oil explorer Imperial Energy for $1.4 billion, beating Sinopec’s bid. The imminent takeover is a positive story for Western oil companies in Russia, says the FT. Gazprom has moved to reassure its foreign partners in the giant Shtokman project that their business interests will be protected. Integrated Energy System will invest $1 billion modernizing its Volga division stations over the next four years. State nuclear company Rosatom, together with foreign firms, has commissioned the construction of a two-reactor power plant in Kaliningrad. According to the US, North Korea has decided to stop disabling its nuclear facilities.