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Energy Blast – May 13, 2009

Russia and Japan have concluded a deal on more extensive cooperation in the nuclear industry that may path the way for a flurry of contracts, including supplying Japan with $100 million worth of low enriched uranium for nuclear power plants.  Gazprom has signed a ‘memorandum of understanding’ with Japan to explore possible gas ventures in the Vladivostok area.  The Khabarovsk Oil Refinery has attained a $650 million long-term loan from Vneshekonombank which means it can continue with construction of a hydroprocessing plant.  Crude-producer Rosneft will begin construction of a huge $14 billion petrochemical works near the Pacific Ocean as part of a drive to increase exports to Asia.  Serbia’s gas provider Srbijagas and Gazprom will sign an agreement on developing its part of the South Stream pipeline.  Greece is also reportedly set to extend an agreement with Russia to join the pipeline.  Poland’s main gas company has agreed to buy more gas this year from Russia.  Is BP losing control of TNK-BP?  ‘A host of factors today are turning proposed Westbound gas pipelines into a Eurasian pipe dream’, says the New York Times.