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Energy Blast – May 21, 2008

Fear of a global oil shortage within five years has “propelled oil futures prices to well above $130 a barrel.” It is thought that top Russian energy officials could sign a cooperation agreement on nuclear power with China during President Dmitry Medvedev’s visit to the country this week. “I cannot disclose what project … but it is a big possibility that it will be signed [during the visit],” says Russia’s Ambassador to China. Gazprom has warned the European Union that it is endangering the security of its natural gas supplies by planning to break up the Continent’s energy giants. Security agents have raided the Moscow office of BP for the second time in two months, feeding market speculation that the state is hoping to hasten a deal that would see a state-run firm buy into the venture. Unified Energy System chief executive Anatoly Chubais has opened the country’s first Russian-produced, combined-cycle power unit.