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Energy Blast – June 15, 2010

Bulgaria’s deputy foreign minister has suggested that the European Nabucco gas pipeline project is more important for the country than the Russia-backed South Stream project.   An analysis from Stratfor examines the tergiversations in Bulgaria’s energy relations with Russia.  Total is apparently looking to invest in a major way in the Yamal gas peninsula project.  Ukraine plans to purchase up to 5 billion cubic meters of gas from Azerbaijan, once it builds a liquefied natural gas terminal in Odessa.  The country reportedly has shale gas reserves of at least 2 trillion cubic meters.  China has completed a 927 kilometer stretch of a Russia-China crude oil pipeline in northeast Heilongjiang province.  The New York Times has an in-depth report on Kazakhstan’s nascent relationship with major oil companies.  The country also profits from its uranium deposits.   Turkmenistan has said it would welcome U.S. support to diversify energy exports to be drawn from the world’s fourth-largest natural gas reserves.  Hungary’s government is in talks with Surgutneftegaz on buying back a 21% stake in oil group MOL.  Poland needs to sign a gas deal with Russia in order to prevent cuts to supply which may begin in October.  Why Lithuanian President Dalia Grybauskaite is dissatisfied with Russia.