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Energy Blast – August 13, 2009

Reuters reports that Poland and Russia are unlikely to reach a deal on gas when Putin visits Warsaw in September, and negotiations could continue until the end of the year, meaning Poland may, in the meantime, have to seek supplies elsewhere.  Ukraine will accelerate attempts to restructure the debts of state energy giant Naftogaz by opening talks with bonds investors imminently.  A new government bill will give wholesale electricity markets special access to stations that are powered by associated gas.  The government has decided that 95% of associated gas extracted must be used by 2012.  Pipeline maker Transneft’s net profits have fallen by 17% year on year.  Petrom and ExxonMobil are initiating a seismic study of 3,000 km2 in the Black Sea.  The state-controlled Chinese chemicals company Sinochem has agreed to buy London-listed Emerald Energy for $879 million, with the approval of Russian tycoon Michael Kroupeev, who owns 31% of the company, and Russia’s Soyuzneftegas which owns 8%.  The Russian army is holding military exercises in the Siberian region to prepare for possibility of an attack on its valuable oil and gas export routes.