Energy Blast – Nov 19, 2009

Russia’s EU ambassador says his country aims to reduce greenhouse-gas emissions by 25% through to 2020. Ukraine’s President, Viktor Yushchenko, has written an open letter to Dmitry Medvedev, asking him to change the terms of agreement on gas supplies.  The move ‘appeared designed to embarrass his political rival, Prime Minister Yulia Tymoshenko‘, says Reuters, alhough things will likely be tense enough ahead of Tymoshenko’s meeting with Vladimir Putin today, as she has already announced that the transit price of Russian natural gas through Ukrainian territory will be doubled as of January next year.  Tymoshenko says the meeting’s agenda does not include gas issues.  RusAl is pulling out of the construction side of the Boguchanskaya hydroelectric plant, its joint project with RusHydro, although says it will not withdraw funding. The venture has already been the focus of disputes between the two over alleged delayed payments from RusAl, which, in other news, insists that it will ‘absolutely‘ proceed with its initial public offering this year. TNK-BP has selected its new chief executive: Maxim Barsky, a young Russian and the ‘preferred candidate‘ of the existing board. If the EU continues to stall on a gas pipeline for its Caspian ally Azerbaijan, the country says it will start selling its gas to Asian markets.