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Energy Blast – June 18, 2010

Prime Minister Putin has signed an agreement with the US Chevron Corporation on the development of the western Black Sea section, apparently assured of its environmental acceptability.  BP’s possible withdrawal from Rosneft’s shareholding structure will not have any serious effects on the Russian company, its CEO has pledged.  The troubled British major has apparently not sold its stake in Rosneft, and does not intend to as part of its $10 billion asset sale.  Lukoil claims it will not ‘eat the weak’: the company does not plan to acquire anything from the BP yard sale which will be used to pay for the Gulf of Mexico spill.  Lukoil’s CEO foresees oil prices of $65-70 a barrel in the next two years.  85% of planned gas deliveries to Belarus will be cut if the country fails to pay its outstanding debts.  The country plans major spending on modernizing its refineries.  Russia and the US to vye over Vietnam.  Gazprom is reportedly making headway on an exploration deal with Bolivia.  President Medvedev has criticized further sanctions in Iran suggesting collective action to encourage Tehran’s return to the negotiation table would be more appropriate.