It is expected that Russian oil exploration and production company Imperial Energy will form a strategic tie up with Gazprombank this year following pressure from regulators last year. Gazprom announced that it has increased natural gas supplies to Greece and Turkey to above previously-contracted levels. Uzbekistan is to begin charging Russia up to 50% more for natural gas exports in 2008, according to a new report. Gazprom “will find it hard to become a major player in Nigeria”.
Russian investment firm Capital, linked to managers of oil major LUKOIL, has offered to buy out shares of power producer TGK-8. A special report on LUKOIL Chemical Group can be found here.World EnergyKazMunaiGas, Kazakhstan’s national oil and gas company, has signed a $3.1 billion, 364-day syndicated bridge loan to fund its purchase of Romania’s second-largest oil company Rompetrol.India is trying to lure global companies including Exxon Mobil and Chevron into exploring for oil and gas due to concerns that crude prices may rise to well above $100 per barrel. Reliance Industries is considering jointly bidding with international oil majors in India’s latest auction of oil exploration blocks.Venezuela’s state energy company, PDVSA, has cut the period for which foreign companies can pay for oil from thirty days to just eight, so that it can quickly reinvest money into its infrastructure.The world could become even more dependent on OPEC this year for its oil supply as production sags from key non-cartel members.