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Posts from ‘February, 2007’

RosBusinessConsulting: Gazprom to pay in cash for Sakhalin-2 stake

RBC, 28.02.2007, Tokyo 10:14:02.Gazprom will pay in cash for a stake in the Sakhalin-2 project, Russian Industry and Energy Minister Viktor Khristenko told a press conference in Tokyo today. He pointed out that a decision to this effect had already been made. Khristenko added that the process of Gazprom buying into Sakhalin-2 would be completed by the end of March, 2007. The minister also said that all participants of the project were interested in completing the construction of the liquefied natural gas plant and supplying the necessary resources within the deadlines, specified in contracts. read more

RIA Novosti: Gazprom to supply 250 mln cu m to Turkey annually until 2021

MOSCOW, February 28 (RIA Novosti) – Russia’s Gazprom Export and Turkey’s Shell Enerji A.S. have signed a contract to supply Turkey with 250 million cubic meters of gas annually until 2021, a joint news release said.

The contract was struck between Gazprom Export, which handles the energy exports of Russian energy giant Gazprom [RTS: GAZP], and Shell Enerji, a subsidiary of Royal Dutch Shell, responsible for gas imports on the Turkish market.

“Under the contract, Gazprom will supply 250 million cu m of gas annually to Shell Enerji A.S. in the period up to 2021,” the news release said. read more

Safehaven.com: Mother Russia – A Pivotal Year Ahead

February 28, 2007
by KWR: Scott MacDonald 
 
NEW YORK (KWR) — February 27, 2007 — Russia has come a long distance from the bad old days of the 1990s when it was forced to default on its domestic debt, the economy almost slipped into free-fall, and the country’s politics were unsteady. Over the last few years the oil and commodities boom has translated into rapid economic growth, a substantial rise in foreign exchange reserves (over $311 billion as of February 16, 2007), budget surpluses, and the rise of strong national champion companies, such as energy giant Gazprom. Russia’s political life is more stable as well — but at the cost of its democratic politics. President Vladimir Putin and his intelligence network allies have broken the power of the oligarchs and many now live in London. This has diminished the liberal and Communist wings of national politics, and implemented a quasi-authoritarian system. read more

The Wall Street Journal: Russia Is Urged to Build Pipeline

ASSOCIATED PRESS
February 28, 2007

TOKYO — Japanese ministers urged Russia yesterday to push ahead with a proposed trans-Siberian pipeline that will carry oil and gas to the Pacific coast to feed Japan, saying Tokyo is prepared to pay part of the construction cost.

Finance Minister Koji Omi also urged a visiting Russian delegation including Prime Minister Mikhail Fradkov to supply energy from a major project in Siberia recently taken over by Russia’s state-controlled natural-gas monopoly. read more

Kommersant: Fradkov the Generous

Feb. 28, 2007
Russian Prime Minister Showers Japan with Investment Projects

Yesterday was the first day of Russian Prime Minister Mikhail Fradkov’s official visit to Tokyo. Although the prime minister, in his own words, “was not trying to surprise the Japanese,” the sheer volume of offers soliciting participation in Russian investment projects brought the table by Mr. Fradkov and his entourage of government officials left the Japanese with their mouths hanging open. The Russian proposals are due to be discussed today, but all that the Japanese appear to want from the visit is a guarantee of gas supplies from Sakhalin and a conversation about the disputed Kuril Islands. read more

Reuters: UPDATE 1-From Market Chatter

The arrival of BP (BP.L: Quote, Profile , Research) Chief Executive Lord Brown in Moscow has been met with the news that Oleg Mitvol, the official who led the recent campaign against Royal Dutch Shell’s (RDSa.L: Quote, Profile , Research) Sakhalin 2 project, will not budge on threats to revoke the licence which BP’s Russian joint venture company BP-TNK has with the government to develop the vast Kovykta oil and gas field in Siberia, the Financial Times said.

From a Shell insider: Entrepreneurial spirit around Shell!

Wednesday 28 February 2007: By a Shell Insider

There is currently a severe shortage of good people in the oil business.

An ambitious individual (to spare his blushes I won’t mention his name) recently left Shell’s HR department and has set himself up as a recruitment consultant.

In order to get set up, it seems that he took copies of the personnel files of a number of people currently employed by Shell, whom he is now offering to “recruit” for his clients.

Anyone with a high CEP can expect a call soon… read more

The Scotsman: Cairn to return GBP 481m to investors after Indian float

EXTRACT: The Edinburgh company, whose chief executive counts US president George Bush and Tony Blair among his friends, bought the exploration block from Shell for little more than GBP 10m.

THE ARTICLE

Martin Flanagan City Editor, The Scotsman – United Kingdom
Published: Feb 28, 2007

EDINBURGH-based oil explorer Cairn Energy is to return GBP 481 million to investors following the flotation on the Indian Stock Exchange of Cairn India Ltd.

Cairn, which raised dollars 1.18 billion from what was India’s biggest IPO in 2006, said shareholders would receive GBP 3 for each share held and the remainder of the proceeds would be retained by the business. read more

PR Newswire (US): US Federal Government Ties Crude Sales to Argus

Published: Feb 28, 2007

HOUSTON, Feb. 27 /PRNewswire/ — Almost all crude oil sold by the US federal government under its latest Royalty in Kind program is linked to prices published by Argus Media.

Companies buying oil from the government’s Minerals Management Service (MMS) specified Argus as the pricing reference in 98pc of all volumes offered at the US Gulf coast in an award announced February 27.

Six companies won crude oil volumes totaling 7.16mn bl, equivalent to roughly 41,750 b/d, which also included some US west coast oil. Winners were Chevron, ExxonMobil, Shell, Marathon, Plains Marketing and Citadel Investment Group. Deliveries will start on 1 April, and most will run over the ensuing three months. read more

Asia Pulse: INDIA’S PETRONET IN TALKS TO IMPORT 2.5 MT OF LNG FROM AUSTRALIA

NEW DELHI, Feb 28 Asia Pulse – Petronet LNG Ltd (BSE:532522) is in advanced discussions for import of 2.5 million tons of liquefied natural gas (LNG) from the Gorgon Project in Australia, Minister of State for Petroleum and Natural Gas Dinsha Patel said on Tuesday.

“Pricing of LNG would be indicated by the suppliers at the time of conclusion of the agreement, which is linked with financial closure of the project,” he said in a written reply to a question in Rajya Sabha here.

The liquefaction and loading port facilities are planned by the suppliers at Barrow Island in the North West offshore region of Australia, while in India it will be unloaded at Kochi Port. read more

Financial Times: BP under pressure over Kovykta field

By Catherine Belton in Moscow
Published: February 28 2007 02:00 | Last updated: February 28 2007 02:00

Russia stepped up pressure on a key asset held by TNK-BP, BP’s Russia venture, yesterday as Lord Browne, BP chief executive, arrived in Moscow for talks and the end-game neared for a possible transfer of part of a key asset to the state.

Oleg Mitvol, the official who led the state campaign against Shell’s oil and gas venture in Sakhalin2, said yesterday that Russia’s Natural Resources Ministry would not budge on threats to revoke TNK-BP’s licence to develop its vast east Siberian Kovykta gas field in three months time. read more

Financial Times: Focus on buy-out scale

By Peter Smith and Angela Maier in Frankfurt
Published: February 28 2007 02:00 | Last updated: February 28 2007 02:00

David Bonderman, founder of Texas Pacific Group, kicked off the private equity industry’s Super Return conference yesterday with adeclaration that the sector had now reached the scale to target the largest global companies.

“There have been more public to private [deals] in the last 18 months than in the previous 18 years,”Mr Bonderman told delegates at the event in Frankfurt. read more

Bloomberg: Repsol, BP, European Oil Companies Struggle to Boost Output

By Stephen Voss

Feb. 27 (Bloomberg) — Repsol YPF SA, Europe’s fifth-biggest oil company, joined BP Plc and Royal Dutch Shell Plc in cutting production forecasts after their output dropped in 2006 amid rising energy nationalism and supply disruptions.

Repsol’s production this year will slide about 12 percent, following a 3.3 percent decline in 2006, the Madrid-based company said today. Output at Total SA, Europe’s third-biggest oil company, also fell last year.

European producers pumped less oil and gas because governments in Venezuela and Russia took greater control of their energy industries and disruptions and delays curbed supply in Nigeria and the U.S. Total was the only company among the top five, which includes Eni SpA of Italy, to increase its forecast for production growth this decade. read more

Bloomberg: Gazprom to Finish Sakhalin-2 Share Purchase in March (Update1)

By Shigeru Sato and Yuji Okada

Feb. 28 (Bloomberg) — OAO Gazprom plans to complete the acquisition of shares in Royal Dutch Shell Plc’s Sakhalin-2 oil and gas project by March 31, giving the Russian company control over the country’s first liquefied natural gas project.

“We’re targeting the end of March,” Igor Bakhtin, deputy head of Gazprom’s eastern projects department, told Bloomberg News in Tokyo when asked for the company’s timetable for the share transaction. read more

Bloomberg News: Buyout firm record-setter sees bigger deals ahead

Equity firms seen making bigger deals
 
By Edward Evans
Published: February 28, 2007
 
FRANKFURT: A day after he helped set a $45 billion record for the biggest buyout in the world, David Bonderman, co-founder of Texas Pacific Group, said Tuesday that he expected buyout firms to maintain their acquisition spree.

Speaking at a conference here, Bonderman said, “2006 was a record year, and I predict we’ll have another record year in 2007.” He added, “I see no reason why private equity won’t be a substantial part of the capital markets — a much more substantial part than it is today.” read more

MarketWatch: Russian steps up pressure on BP over Kovykta Field

Last Update: 7:46 PM ET Feb 27, 2007

The Russian government has increased pressure on TNK-BP over one of its assets as BP PLC (BP) Chief Executive John Browne arrived in Moscow for talks, the Financial Times reported on its Web site Tuesday.

Russian environmental regulatory official Oleg Mitvol said the Natural Resources Ministry wouldn’t back off from threats to revoke the license of TNK-BP, BP’s Russian venture, to develop its Kovykta gas field in eastern Siberia in three months, FT reported. read more

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