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Energy Blast – Oct. 17, 2008

Rosneft, LUKoil, TNK-BP, Gazprom Neft and Surgutneftegaz are all under pressure from the Federal Anti-Monopoly Service to reduce domestic prices. TNK-BP is being hung out to dry by Gazprom, which has reneged on its agreement to buy 63% of the Kovykta gas field, which is a reflection of the enormous financial pressure on the company as they shift focus to short-term projects. Russia’s Central Bank has decided to place a long-term $500m deposit in Gazenergoprombank, a bank affiliated with Gazprom. The company’s surprise decision to send a high-ranking 12 person delegation to Alaska to discuss projects with ConocoPhillips is seen as an embarrassment for vice presidential candidate Sarah Palin.