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Energy Blast – July 1, 2008

BP says it is “disappointed” and finds it “utterly disgraceful” that up to 75 foreign employees of TNK-BP will have to leave Russia after Moscow authorities refused the firm a number of work visas. Kommersant sees TNK-BP’s Russian shareholders “advancing towards gaining operational control over the company”. Dubai World is backing Roskommunenergo, “an energy trading company headed by the son of the Kremlin’s top real estate official,” in an offer to buy OGK-1 for $5.34 billion. Oil producer Rosneft plans to expand into Africa and Europe and increase output by 70% in 13 years. The price of crude oil has risen above $141 on concerns that Iran “may face military attacks over its nuclear program, disrupting Middle East supplies.” Iraq is becoming increasingly attractive to oil investors due to the unsuitability of Russia and Nigeria, says one article.