Energy Blast, Jan. 3, 2007

Azerbaijan’s state oil company is set to auction off 605,000 barrels of Russian oil that will be delivered to Russia’s Novorossiysk port. World Energy The Indian government “must allow prices to be market driven” says oil retailer Indian Oil Corp after it emerged that the company is losing $43.1 million a day from selling cheap fuels. The US is sending a chief negotiator to North Korea, after admitting that it is “skeptical” about the region disclosing its nuclear programs.

PetroChina will defer the start-up of a new 100,000 barrels per day refinery in China’s remote northwest by almost a year to late 2008 due to building problems.India’s JSW Energy aims to raise up to $1 billion from an initial public offering that could go ahead this year.