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Energy Blast – August 28, 2009

Presidential aide Sergei Prikhodko has stated there has been ‘progress’ in the construction of a nuclear power plant in Belarus with Russia’s assistance.  Energy was a focal point for discussion between Russian presidential envoy to the Far East Viktor Ishayev and South Korean President Lee Myung-bak.  Emphasis was put upon ‘oil and gas development, coal deposit exploration, the construction of pipelines’.  Prime Minister Putin has reportedly suggested paying all natural gas extraction revenue tax straight into the federal budget to boost revenue.  Gazprom has stated that Ukraine is pumping gas into underground storage at sufficient rates to ensure the stability of gas transit to Europe over the coming winter months.  The Guardian reports that UK coal has begun a ‘buy British’ marketing campaign to counter Britain’s dependence on Russian energy resources.  Lukoil has seen a 44% fall in net income, defying analyst expectations of a steeper drop.  The Federal Anti-Monopoly service has fined TNK-BP and Gazprom Neft a combined $283.4 million for abusing their positions on the oil products market.