Energy Blast – July 15, 2009

OPEC has said that it expects a slower increase in oil demand next year than suggested by the International Energy Agency, with a gloomier outlook for economy.  Within two months Turkey will conclude its review of a bid by Atomstroiexport to build the country’s first nuclear power plant. Gazprom will pay $28.4 million for the rights to develop three Sakhalin-3 blocks and the West Kamchatka shelf in the Sea of Okhotsk.  Russia’s grip on the Armenian energy sector is the subject of an op-ed piece in the Moscow Times which anticipates South Stream dominating the European energy market.  With oil hovering around $60 a barrel and ‘green shoots withering traders are avoiding purchases, reports Oil and Gas Eurasia.  ExxonMobil look set to venture into the world of biofuels, with a $600 million investment in producing liquid transportation fuels from algae.  Greek, Bulgarian and Italian companies have signed an agreement to build a 160 km pipeline reducing Bulgaria’s reliance on Russia for its natural gas.  The BBC has a collection of comments from the international media on the Nabucco signing.