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Energy Blast – August 14, 2009

RusHydro has sold investors 3.5 billion of 7.5 billion new shares in a public offering, with the rest bought by its own unit for a later resale.  Prime Minister Vladimir Putin has approved a Russian-Turkish draft protocol on cooperation in nuclear power engineering.  The Economist examines the historically fraught relationship between Turkey and Russia, recently soldered by energy agreements.  A marriage of convenience, but how long will the honeymoon last?  At today’s meeting with President Medvedev, it is expected that German Chancellor Angela Merkel will focus on Nord Stream, in which Germany is Russia’s principal partner.  Turkmenistan has announced it will open a new gas pipeline to Iran in December, a maneuver that will push Gazprom to settle a four-month gas trading dispute with the Central Asian state, says the FT.  Gazprom Neft has increased its stake in Sibir Energy to 75.05%.  Factbox on recent consolidation in the oil and gas sector in Reuters.  Oil Analyst Ed Morse says that world oil prices are unlikely to rise above between $75 and $85 a barrel as the global economy rebounds, due to high production rates from Saudi Arabia.