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Energy Blast – March 8, 2010

Chinese Foreign Minister Yang Jiechi says construction of a Russia-China oil pipeline – part of the East Siberia-Pacific pipeline – will be finished by the end of the year, and will have the capacity to pump 1.6 million barrels of crude per day.  Reuters has a Q&A on a new draft proposal for UN sanctions on Iran over its nuclear program.  The FT considers the shale gas rush that is driving world prices down.  Britain’s energy infrastructure is apparently at risk from uncertainty over policy and regulation after the May elections, which are likely to result in a hung parliament.  Royal Dutch Shell and PetroChina have made a joint offer thought to be worth at least A$3.7bn (US$3.4bn) for Australia’s Arrow Energy, which focuses on coal-bed methane gas.  A €34 billion North Sea energy ‘super-grid‘ is due to be launched today by a group of 10 European companies.  China’s national crude demand is going to rise by 150 million tons over the next decade to 550 million tons, 350 million of which will have to be imported.