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Energy Blast – July 24, 2009

The European Investment Bank is apparently willing to finance the $11.24 billion Nabucco pipeline.  Belarus will pay $50 million of its $252 million debt to Gazprom for gas next month.  After the huge interest shown in Gazprom’s eurobonds, it is apparently likely that other oil majors will follow suit with bond issues.  The government has sanctioned tax breaks for up to 15 years for oil fields on the Black Sea and the far eastern Sea of Okhotsk.  Mol has announced that it will ‘do everything’ to adhere to the requirements of the license of its Siberian oil venture with Russneft.  Ecuador has agreed on a deal to export crude oil to China in return for which the OPEC-member country will receive $1 billion advance payment.  Apparently Vedemosti has reported that tensions with China over the Cherkizovsky market closure could jeopardize a $15 billion loan to indebted state oil firm Rosneft.  Lawyers for Shalva Chigirinsky have provided evidence to a London High Court that they claim makes clear that Yelena Baturina is the owner of a 50% stake in Sibir Energy.  The influx of migrants returning back home after encountering job losses in Russia may be the reason behind electricity usage shooting up in the Northern Caucasus.