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Energy Blast – May 1, 2009

The EU Energy Commissioner has said that Russia’s proposals regarding a legal framework for energy contracts will not replace the current Energy Charter.  ‘There was no attempt to isolate Russia‘, were the words of an EU spokesman regarding the Ukraine pipeline modernization agreement.  Russia says Ukraine must buy 19.5 billion cubic meters of gas to maintain its gas deliveries to the EU, warning that a ‘catastrophic replay’ of January’s problems would be likely otherwise.  Echoing yesterday’s trepidation about agreements with Bulgaria, Deputy Prime Minister Igor Sechin has voiced caution on the Ukraine-Russia gas transit, saying there is as of yet no ‘guaranteed stability’ in transport to Europe via Ukraine, despite attempts to ensure so.  Sergei Shmatko has apparently called Turkmenistan’s attempts to find alternative energy partners ‘disturbing’.  Italy’s Eni may use profits from its sale of a stake in Gazprom to reduce its debts and make ‘small acquisitions’.  KazMunayGas National Company has bought BP’s share interest in the Kazakhstan Pipeline Ventures joint venture, which represents 1.75% interest in the Caspian Pipeline Consortium, seen as the ‘most viable export option for Kazakh oil’, according to Oil and Gas Eurasia.