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Energy Blast – May 7, 2008

The President of the Russian Gas Union has defended the government’s decision to raise consumer prices by 40%. Russian refined products exports fell in April following an increase in export duties and maintenance work. Exxon Mobil and Falcon Oil & Gas may ship Hungarian natural gas to western Europe to boost supplies in a region “increasingly concerned that Russia may reduce exports.” The head of Rosatom, the state nuclear corporation, says that the new US-Russia civilian nuclear cooperation will help “to eliminate the legacy of the Cold War.” A Moscow arbitration court upheld a lower court’s ruling to refund TNK-BP the $408 million it paid as value-added tax in 2006. BP plans to invest $8 billion over the next five years in developing alternative energy technologies around the world. Indonesia is considering withdrawing from OPEC because it is no longer a net exporter of oil.