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Energy Blast, March 11, 2008

Russia and Ukraine are expected to resume talks today on their long-running natural gas dispute. The two countries have already partially resolved the dispute, with Ukraine agreeing to pay off about a $1 billion of its debt. The price of Russia’s export blend crude oil (REBCO) for April delivery rose 1.76% to a record $100.5 per barrel, boosted by the faltering US economy. Gazprom Neft, an oil arm of Gazprom, said it would raise capital expenditure by 36% in 2008 to $3.74 billion.

WORLD ENERGYA new report warns that climate change poses serious security risks for the European Union, ranging from sharper competition for global energy resources to the arrival of numerous “environmental migrants“.India’s Ratnagiri Gas and Power, a joint venture between GAIL India and NTPC, plans to raise up to $250 million from an initial public offering by the end of 2008.Larsen & Toubro Ltd, India’s top engineering and construction company, has won a contract worth $18 million to set up offshore control centers for state-run Oil and Natural Gas Corp.