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Energy Blast – May 20, 2009

The New York Times features a special report on how the energy sector may emerge from the global recession.  GDF Suez is likely to finish talks on joining the Nord Stream pipeline by the end of the summer.  Regarding Nord Stream, ex-German chancellor Gerhard Schroeder has advised EU member states who value having stable energy to be less critical of the project.   Russia will propose that the EU include the South Stream pipeline in its list of priority projects.  Gazprom has said that the EU may risk a gas shortage if it does not benefit from Russian pipelines: ‘Russophobe politicians are a real threat to Europe’s energy security’.  President Medvedev has encouraged Norwegian President Jens Soltenberg to agree on a united front on Arctic development.  Norway says on Russia: ‘we have a shared interest in developing and expanding our potential on the European gas market’.  Royal Dutch Shell has encountered the biggest shareholder revolt in the history of UK corporations over a pay deal.  China has concluded a loans-for-oil agreement with Brazil, in which China will lend $10 billion to Brazil’s Petrobras in return for oil for ten years.