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Energy Blast – Aug 8, 2008

TNK-BP plans to relocate its head office in downtown Moscow to a business park on the outskirts of the city. Mechel, struggling to recover from criticism by Vladimir Putin, has announced that it will postpone its share offering indefinitely. Has the oil bubble finally burst? Analysts are forecasting that oil will see a weekly decline in the coming months, amid decreasing demand and the rising dollar. Radio Free Europe on the “post-Soviet petrostates”. Chinese firm Sinopec “may need the backing of a state-run Russian heavyweight such as Rosneft or Gazprom” if it wants its bid for Imperial Energy to succeed.