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Energy Blast – July 18, 2008

Russia’s federal migration service is “refusing” to replace TNK-BP’s CEO Robert Dudley’s visa, which runs out tomorrow, meaning that he will have to leave Russia within 10 days. Dudley says that struggle for control of TNK-BP is tearing it apart. “As a manager, we are fed up with him,” says Russian shareholder Elvardi Stafilov. Transneft has become the first large state company to see a change on its board to accommodate new independent directors. E.ON says that its new power station in Russia, when completed, will be the biggest in the world. Israel is close to an agreement with Russia that would secure natural gas for a planned pipeline project between Turkey and Israel. Bulgaria has sent a shipment of its remaining highly enriched uranium to Russia for “safeguarding”. The founder of a Russian company involved in trade with Iran has been charged with trying to smuggle a restricted metal into the country. Gazprom will lose 10% of its Moscow staff to “cut costs”. Rosneft is about to repay the last outstanding part of a $22 billion bridge loan it took on last year in order to acquire assets of bankrupt Yukos.