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Energy Blast – May 28, 2009

In an unexpected twist, shareholder Mikhail Fridman may be the person to become the interim head of TNK-BP, whilst the company considers which of its two candidates, Pavel Skitovich and Maxim Barsk, will take over.  This decision has been postponed until the end of the year.  Tensions may be mounting between Russia and OPEC as the former boosts its productions levels to a rate far higher than that of Saudi Arabia, taking hold of the market share.  Global energy demand looks set to increase by 44% over the next twenty years.  Russia’s nuclear power company Energoatom has said that the atomic plant Belarus hopes for will not be compatible with Russia’s plan to build a reactor in Kaliningrad.  The Wall Street Journal reports that Russia may make special tax arrangements for the consortium that is planning to develop the major offshore Shtokman gas field.  Bloomberg reports that oil prices will return to $110 a barrel by 2015 as a resurgence in global economic growth increases consumption.  Russia and Cuba have agreed to restart their cooperation in nuclear research.