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Energy Blast – May 22, 2008

Tatneft has started a $1.1 billion legal action against Ukraine over an ownership dispute at a Ukrainian refinery. Russia wants to delay the annual summit of the “gas OPEC” from June to October due to its newly appointed government. “Iran’s natural resources could play a lead part in western Europe’s quest for energy security”. The United States has criticized Ukraine’s decision to break off an energy exploration and extraction contract in the Black Sea with Vanco Energy, annulling its 30-year license in a move to “protect state interests”. Oil prices could begin to subside over the coming months with help from rising crude supplies “from unexpected corners of the world”. One Nobel prize-winning economist believes volatile prices are now a permanent feature of the economy. Russia’s anti-monopoly service says that the country’s top oil firms have pledged to cut exports of refined products or build up stocks during refinery repairs if there is a risk of a domestic market shortage. Gazprom’s oil arm, Gazprom Neft, has appointed five banks to arrange a $1 billion, three-year unsecured syndicated loan.