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Energy Blast – June 24, 2011

The gasoline export duty increase will remain in place in a bid to overcome gasoline shortages and protect Russia’s domestic market.  Russia is one of six EU countries that have agreed to reassess and impose new safety checks on their nuclear power stations.  A state review has found that Russia’s nuclear plants are unprepared for natural disasters.  Lukoil’s ‘comfortable‘ oil price range is $100-120 per barrel, but insists that it can work ‘in any price climate‘.  Former Ukrainian Prime Minister Yulia Tymoshenko has appeared in court for a pre-trial hearing over charges related to the gas contract she signed with Vladimir Putin in 2009.  Novatek will pay $240 million for four licenses to fields in the Yamal region.  Belarus says that it is prepared to sell all of its stakes in its natural gas pipelines to Gazprom for $2.5 billion.