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Energy Blast – July 27, 2010

Russia has rejected the ‘irresponsible rhetoric‘ of Iran’s criticism of Russian support for UN sanctions, calling it ‘unacceptable‘.  Sources suggest that Transneft will not be part of discussions for a government privatization plan – is this early evidence of backtracking on the Kremlin’s announcements of a supposed $29 billion privatization plan?  Rosneft’s profits are looking very healthy thanks to rising output at its Siberian fields and a hefty tax break.  BP has confirmed that CEO Tony Hayward (‘[…] his complaint that he would ”like my life back” made him an object of scorn’, says the New York Times) will step down in October, with reports suggesting that Hayward could take up a post at TNK-BP, the company’s joint venture with Russia.  A Total joint venture with Russia’s Novatek may have its Siberian license revoked by an environmental watchdog.