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Energy Blast – June 1, 2011

According to Transneft, China has paid three quarters of its disputed arrears for oil supplies (or $78 million).  Europe’s largest utilities companies are urging Russia and Qatar to scrap their systems of long-term contracts, and to use spot markets to determine pricing instead.  Greece has reiterated its support for the South Stream project.  Russia will benefit from Germany’s decision to stop producing nuclear power, says this article, as it will boost natural gas sales.  Meanwhile the demand for power in Asia may be met by coal imports from Indonesia and Australia.  A U.N. nuclear safety team says that Japan underestimated the tsunami hazard for its nuclear plants.  Britain is one of only two major EU nations to oppose efforts to prohibit sales of tar sands petrol and diesel.  The developers behind the Shtokman gas field are calling for as much Russian investment in the project as possible.  Shell has confirmed that the blocs it was discussing with Rosneft included those that would have been part of the latter’s alliance with BP.