Energy Blast – June 7, 2010

Dmitry Medvedev and Angela Merkel are reportedly in agreement on the idea of sanctions over Iran’s nuclear activities: the Russian President has urged the Iranian regime to cease its ‘irresponsible behavior’.  Deputy Prime Minister Igor Sechin has told reporters on a visit to the United Arab Emirates that Russia will have ‘stricter requirements for ecological safety’ in the future as the country contemplates BP’s ecological (and economic) quagmire.  Exxon has cautioned against ‘premature reactive changes’ to drilling laws prompted by the events in the Gulf of Mexico.  BP is apparently looking for help from Russian mini-subs to combat the oil spill.  President Medvedev has suggested that perhaps a global insurance fund could be created by the world’s biggest economies to intervene in the event of major environmental catastrophes.  From the Washington Post, why investors are still buying BP shares.  Notek may not get rights to export gas from Russia under a new deal with Gazprom.  The Russian giant reportedly sees no need to develop the Kovykta gas field in the near future.  Rosneft is hoping to develop its standing in the Middle East with participation in a ‘groundbreaking’ gas project with a UAE energy firm.