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Energy Blast – Feb 11, 2011

Gazprom is forecasting a European price hike of 15% for gas supplies, to $352 per cubic meter.  Alfa-Access-Renova, the Russian shareholders in TNK-BP, say they are hiring lawyers in order to be clear on their position regarding the company’s share swap with Rosneft.  Meanwhile, the AAR court injunction blocking the alliance in the UK has been extended to March.  But the group cannot block shareholder payouts as it would like to, says a Vedomosti report, as company regulations obligate payments.  Biofuel is a problematic fuel source because it ‘compete[s] with food‘ – the US needs to find a way of turning garbage and crop residues into energy instead, says the Washington Post.  EU energy commissioner Guenther Oettinger is seeking to reassure Russia that projects like Nabucco are not a threat to Russia’s European gas sales.  Total’s net profit for 2010? €10.29 billion.