Energy Blast – May 6, 2008

“Medvedev’s shift from Gazprom chairman to Russia’s president will be a key factor in rebranding Gazprom and Russia as a whole.” In a bid to increase its number of natural gas suppliers, Israel’s ministry is in discussions with a number of companies including Gazprom. A group of Goldman Sachs analysts says crude oil prices may rise to between $150 and $200 a barrel within two years because of a lack of adequate supply growth. Power generator OGK-5 posted a net profit of $83.96 million in 2007. The European Commission has ruled out the possibility of linking Russia up to the Nabucco gas pipeline. “Embattled” oil firm Russneft may see its back tax claims doubling to over $1.69 billion. Gazprom is laying ground work for the expansion of its Arctic exploration projects. The Economic Development and Trade Ministry will propose a delay in the government’s plan to deregulate gas prices for industrial consumers. “Chinese engineers are coming to the rescue of the electricity sector”. It is looking increasingly likely that France’s EDF will be the first to bid for the nuclear generating company British Energy.