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Energy Blast, Feb. 15, 2008

An oil deposit, which Russian state-controlled crude producer Rosneft is developing in East Siberia, will produce cheaper oil than Saudi crude. The company has dropped plans to sell convertible bonds to refinance debt, and says it will increase output by 50% by 2020 with the help of new assets and fields. The company is aiming “to become the world’s top listed oil producer.” Russia and Iran could set up a joint venture to start operating the Bushehr nuclear power plant in southern Iran within the next three months.

Nitol Solar, the chemicals and silicon gas company based in Russia’s Irkutsk region, said that it has decided to postpone the initial public offering of its ordinary shares because of market conditions.Enel SpA has acquired 60% of Russian power generator OGK-5.World EnergyUkrainian President Viktor Yushchenko asked the country’s government to return to state energy firm Naftogaz its role of supplying industrial businesses, with the aim of improving the company’s ailing financial situation.Reports of the oil industry’s imminent death are greatly exaggerated, and “every year more oil is added to reserves than is used,” according to one article.