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Energy Blast – Nov 10, 2008

The Federal Anti-Monopoly Service has approved a $2.2 billion takeover bid by India’s ONGC for British-based, Russia-focused Imperial Energy. The government’s move to cut oil export duties has ‘failed to make exports profitable again’, with a 25% drop in exports estimated for November. Bigger oil companies may be finding it better value to buy up smaller companies than to build new operations. Sintez Group is suing German utility RWE for $1.4 billion over the acquisition of Russian electricity generator TGK-2. Russia will meet with Qatar and Iran this week for a second round of talks on gas cooperation.