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Energy Blast – August 24, 2009

Following the hydropower disaster, Vladimir Putin has instructed Energy Minister Sergei Shmatko to submit proposals for regulating the wholesale power market to prevent high increases in prices.  Anti-monopoly chief Igor Artemyev has said that oil companies should beware of a second crackdown.  The Ministry of Economic Development is apparently reconsidering its forecast for oil and gas prices in 2010.  On Medvedev’s trip to Russia’s second biggest trading partner, Mongolia, it is expected that joint cooperation on uranium mining will be high on the agenda.  China’s state refiner Sinopec is planning rapid’ expansion abroad after net income grew at a record rate.  Apparently Iraq needs to offer higher returns for companies bidding for control of oil fields newly opened to foreign investors, as the country still remains vulnerable to insurgency threats and security issues.  Turkish energy company Aksa Enerji and Gazprom will sign a partnership agreement in the near future.  Rosatom has reached a deal with Ecuador on nuclear energy for ‘peaceful purposes’.  Rosneft has opened a large new oil field in the Arctic, hoping to gain a greater share in the Chinese energy market.