Energy Blast, March 26, 2008
The Kremlin’s investigation into BP is dominating the news today. “Analysts see clear similarities to the way Shell was treated before being made to hand part of its Sakhalin-2 project to state-owned oil and gas group Gazprom,” says one paper. “The idea that the events of the past few weeks are all coincidental stretches credulity,” says another. Russia’s largest coking coal producer Mechel has agreed to pay $1.5 billion in cash to acquire British-based ferro-chrome producer Oriel Resources. Russian potash miner Silvinit has offered to buy out a 25.1% stake held by managers of rival miner Uralkali. Unified Energy System has delayed an auction for its 25% stake in Russian Communal Systems by two months due to interest from a foreign investor. Anxiety in Germany about gas and oil deliveries from Russia, its main supplier, is contributing to a new interest in coal mining.