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Energy Blast, April 2, 2008

Back tax claims and fines caused Russneft to suffer losses last year of over $500 million. Russneft has yet to be sold to Oleg Deripaska’s Basic Element due to “legal complications”. The Australian Takeover Panel is blocking plans by Russian oligarch Alisher Usmanov to sell his 20% stake in Mount Gibson to Chinese steelmaker Shougang, because the sale breaches Australian mergers and acquisitions rules. Electricity producer OGK-1 posted a profit of $1.9 billion last year, a 240% increase on 2006, reportedly due to “the electricity market liberalization”. Finnish power and heat company Fortum has acquired the Urals-based generating firm TGK-10.

Gazprom is expected to price a benchmark two-tranche dollar bond, with a total size of no more than $1.5 billion. The bond will be issued by Gaz Capital as part of Gazprom’s $30 billion issuance program.WORLD ENERGYUkrainian iron ore producer Ferrexpo posted a doubling of pre-tax profits due to higher production and soaring commodity prices.