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Energy Blast – March 26, 2009

Reuters offers some suggestions as to why Russia was so angered by Ukraine’s plan to modernize its pipeline system.  Italian-owned power producer OGK-5 has warned that electricity prices must rise if it is to maintain investment.  Some larger European green energy investments, such as those by Iberdrola, Shell and BP, are bowing out of renewable power investments and struggling to make returns, says The Times.  Coking coal producer Mechel says it will begin placing preferred shares on April 1 as part of an agreement in which it will acquire Bluestone Coal Corp, its US rival.  Oil giant PetroChina says 2009 may be its ‘most challenging’ year after it revealed its first profit drop in eight years.  Halliburton’s contract with Salym Petroleum Development, which comprises Royal Dutch Shell and Sibir Energy, has been extended by four years in a $100 million deal.