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Energy Blast – August 6, 2009

Turkey has apparently approved ‘in principle’ plans for the South Stream pipeline to pass through its waters.  Russia may decrease the price at which it will offer to sell power from a proposed nuclear plant to be built in Turkey.  The Economic Development Ministry has sent a proposal to the government to lower export duties on light oil products from 2012.  Ukraine has reportedly paid Gazprom for its $605 million gas supplies in July.  Ukrainian Prime Minister Yulia Tymoshenko promises, ‘we will continue to pay for gas on time’.  Gazprom’s official in charge of talks for the proposed South Stream gas pipeline to Europe has resignedRussia and Venezuela have discussed prospects for building nuclear research reactors and distillation reactors.  Gulf Keystone Petroleum Ltd has made a significant oil discovery’ in the Kurdish region of Iraq.  Gazprom is to buy a controlling stake in Kyrgyz national gas company.  Polandmay have problems’ with gas supplies if it doesn’t sign a contract with Russia by the end of September for additional deliveries.  Gazprom plans to start exporting gas from East Siberia to Asia, where it believes increase in demand will, in the future, surpass that from Europe.