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Energy Blast – March 29, 2010

Russia is apparently losing interest in Ukraine’s gas infrastructure.  ‘Putin’s a priori assumption that Yanukovych will — and should — agree to most or all of his proposals could seriously damage Russian-Ukrainian relations.‘  Sistema will buy 49% of oil producer Russneft for a price that will be decided following a review of financial and operational targets.  Considering the construction of a new liquefied gas terminal, Lithuanian Prime Minister Andrius Kubilius suggested that Gazprom would lose out in such a project to suppliers offering gas at cheaper prices, and implied that the company should re-think its prices in view of the global gas glut.  Gazprom, meanwhile, could become one of the biggest fuel suppliers in the UK if its offer for a network of petrol stations is successful.  A court dispute between Russia and Belarus over export duty for oil may not be resolved until ‘well after 2012‘.  PetroChina aims to give ExxonMobil and BP a run for their money with a plan to pour $60 billion into overseas acquisitions over the next decade.