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Energy Blast – August 17, 2009

The Polish premier’s energy adviser has stated that even if negotiations with Russia are unsuccessful, the country will secure gas from another supplier, as high-volume gas imports will be unavoidable in 2010.  Diamond giant Alrosa will sell two oil and gas assets to VTB for $620 million, a figure which apparently vastly overinflates their worth, making the deal a de facto state bail-out as the company’s solvency looks precarious.  Petroleos de Venezuela and a group of Russian oil companies will spend $30 million on their 40-year joint project in the Orinoco region.  Production has been suspended at Russia’s biggest hydro-electric power station, Sayano-Shushenskaya, following an accident which killed six people.  KBR has won a contract to provide engineering and design services for a project in Eastern Siberia.  Royal Dutch Shell has made an $3 billion bid for Arrow Energy, but talks ended ‘in stalemate’.  Canadian prime minister Stephen Harper has begun a five-day tour of the Arctic after assertions that Canada will ‘protect our sovereign territory’ and ‘meet any challenge to that territorial sovereignty’, following the news that Russia would drop paratroopers in the hotly-contested territory next spring.