fbpx

Energy Blast – July 2, 2010

Russian oil output reached a record-high level in June and remained above 10 million barrels per day for the tenth month in a row, allowing Moscow to maintain its predominance over Saudi Arabia.  Belarus has just increased transit fees for Russian oil products in transit through its territory, a move the Moscow Times suggests is to open up customs union negotiations.  The Guardian has more details on who is eyeing what in the BP asset sale, through which the company hopes to raise $9 billion: China National Offshore Oil Corporation has apparently expressed an interest in buying the 60% stake held by BP in Argentina’s Pan American Energy.  Russia’s oil pipeline monopoly Transneft has seen its first-quarter net profit increase by more than 80% on a year earlier.  Rosneft and its Chinese partner, China National Petroleum Corp, will decide in August on the envisaged multi-billion-dollar refinery in northern China, four years on from the initial deal.  Finland reportedly plans to reduce its dependence on Russian electricity with the construction of two new nuclear reactors.