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Energy Blast – March 4, 2010

Western powers have sent a revised proposal for new sanctions against Iran to Russia and China, in a bid to dissuade Iran from continuing with the production of nuclear energy – ‘China, which relies on Iran for much of its energy, has not responded‘.  Poland’s PKN Orlen oil company is considering bringing in a partner to help turn around its $3.7bn investment in Lithuania’s troubled Mazeikiu refinery, and despite the ‘controversial‘ nature of Russian involvement, ‘a Russian investor would be the most obvious partner,‘ says the FT.  GDF Suez cut its key profit target, as sharply lower gas prices capped the group’s core earnings growth 1% in 2009.  A report for the next International Energy Forum this month in Mexico warns that current biofuels targets risk causing another oil supply crunch in the middle of this decade and calls for a review of existing policies.