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Energy Blast – June 6, 2008

The Caspian Sea Basin — home to some of the world’s largest hydrocarbon resources — is becoming a new focal point for fierce competition.” The Russian government has approved a draft agreement to cooperate with the Lithuanian government over Baltic Sea oil pollution. Gazprom’s Chief Executive met with the chief of the administration board of Ukraine’s Naftogaz Ukrainy to discuss current gas supplies and relations. The UK papers have picked up on BP chief Tony Hayward’s comments on Russia’s rule of law, with one interpreting him as warning the Kremlin that its reputation is at risk. Hayward may meet with Mikhail Fridman, head of Alfa Group and shareholder in TNK-BP, in the midst of the shareholder dispute. Other papers are focusing on the interrogation of TNK-BP head Robert Dudley. The company says it views the interrogation “as routine and unrelated to the current debate amongst shareholders”. Russia has closed down the second of its three remaining plutonium-producing reactors. Chevron and KazMunaiGaz will build a $1.5 billion pipeline to connect with a BP Plc-led link to ship oil from Kazakhstan to international markets, bypassing Russia. BNP Paribas has agreed with Bulgaria’s state-run National Electricity Co. to help raise funding for the construction of a $6.3 billion nuclear power plant along the Danube River.