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Energy Blast – Nov 3, 2010

Global oil prices are at a six-month high.  In conversation with Deputy Prime Minister Igor Sechin, the EU Energy Commissioner Gunther Oettinger said he wanted Russia to take part in developing an energy strategy with Europe.  Sechin suggested that the EU ‘pay attention‘ to the Nord and South Stream pipeline projects as potential means of boosting energy security.  Oettinger has expressed the EU’s satisfaction with the new Russia-Poland gas deal.  As predicted, Bashneft has won tenders for the Trebs and Titov oil fields (it was the only bidder).  Rusnano and Renova are developing a $97 million plan to build Russia’s first industrial solar power station, with a view to being fully operational by 2012.  A $4 billion liquefied natural gas terminal in the Black Sea could reduce Ukraine’s dependence on Russian gas imports, says the head of the project.  Norilsk Nickel will pump $20 billion into its polar mining productions in a bid to boost dwindling production.