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Energy Blast – July 10, 2008

Viktor Vekselberg, chairman of Russian investment company Renova Group and TNK-BP shareholders, wants a “peaceful solution” to the joint venture dispute over management and strategy, and has drawn up a “four-point peace proposal”. Deputy prime minister Igor Sechin, meanwhile, said that the state supported BP’s presence in the country. Gazprom is upping its bid for continued gas sovereignty, reportedly offering to buy all oil and gas available for export from Libya. Gazprom’s controversial Nord Stream pipeline, to ship Russian gas directly to Europe, is awaiting environmental approval from neighboring countries after the European Parliament “scandalously” demanded an additional study into the potential negative effects of the project. Gazprom and Poland’s PGNiG will discuss extending the Yamal gas pipeline. Centrica, owner of British Gas, has bought Norwegian natural gas assets from Marathon Oil for $375m.