Energy Blast – Feb 22, 2010

Energy Minister Sergei Shmatko says Russia may seek to specify exemptions on East Siberian oil exports depending on fields, while keeping the tax break as a ‘long-term measure‘ to stimulate investments.  Shmatko also commented that Gazprom should be ‘more innovative‘, and react quickly to market conditions without changing the system of long-term supply contracts.  Israeli Prime Minister Benjamin Netanyahu is calling for an immediate embargo on Iran’s energy sector, saying the UN Security Council should be sidestepped if it cannot agree on the move.