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Energy Blast, March 21, 2008

Gazprom said methane captured from underground coal mines may provide a “serious” addition to resources as producing natural-gas fields in Siberia decline. The company has completed the acquisition of effective control in regional power utility TGK-1. President Vladimir Putin ordered that the state’s controlling stake in electricity import and export trader Inter RAO be transferred to Rosatom, the new national nuclear company. “The government of the Russian Federation is ordered to bring its documents in conformity with this decree by March 1, 2009,” according to the official statement.

Japan’s trade ministry and Russia’s biggest oil company, Rosneft, have agreed on a framework for cooperation that paves the way for Rosneft to work with Japanese companies in oil development and technology. Japan imports about 90% of its oil from the Middle East, but is increasing its reliance on Russian energy assets to ensure supply.WORLD ENERGYThe new government of South Korea, among the world’s largest emitters of greenhouse gases, plans to cap emissions at 2005 levels for the next five years despite Seoul’s exemption from cuts under the Kyoto protocol.