Energy Blast – March 3, 2010

‘Economically, he’s doing well,‘ Vladimir Putin said of Mikhail Prokhorov. ‘As they say, he cashed out. I have very good relations with him. He is looking where to invest his funds. But he must fulfil his [power investment] obligations.‘  But Prokhorov has refuted Putin’s claims, saying ‘Incorrect documents concerning investment programs must have been provided to the prime minister.  The issue is that all companies, without exception, postponed their investment programs.‘  Following a question from a French businessman at a meeting in Paris, President Dmitry Medvedev said he would ‘try to see‘ if there were any alternatives for the historic Khimki oak forest that is due to be replaced with an $8 billion highway between Moscow and St. Petersburg.  The Nord Stream consortium, led by Gazprom, will complete its financing this month, and aims to start construction on April 1.  Warm winters in recent years are forcing raindeer herders in Russia’s Arctic Kola Peninsula to delay the rounding up of their reindeer ‘at great economic cost‘.  BP is looking to cut costs to 2004 levels to improve profitability, particularly on refining and sales.  China and Russia have reached an initial agreement on pricing and supply of natural gas.  Exxon Mobil says it’s ‘early days‘ for unconventional natural-gas projects in Europe.