Daily Archives: January 27, 2011

Russian oligarch Mikhail Fridman is throwing caution to the wind. He and his Russian partners in TNK-BP questioned the BP-Rosneft deal as soon as it was announced last week.

Now they are seeking an injunction blocking an agreement that has the personal backing of prime minister Vladimir Putin. And as if this wasn’t enough, Fridman is complaining loudly about his exclusion from the privatisation of the Bank of Moscow and riding roughshod over Telenor, his partner in the Vimpelcom telecoms group.

At times the European Gas Conference in Vienna felt more like a television dating gameshow than a humdrum industry get-together.

It is make-or-break-time for Europe’s ambition to open up the so-called “Southern Corridor” – the bid to access alternative gas supplies in the Caspian region (which holds one quarter of the world’s reserves)  and thereby break the continent’s dependency on Russian gas.

Kiran Stacey

Last night, we reported that Igor Sechin, the Russian energy tsar, Rosneft chairman and deputy prime minister, had moved to damp down a brewing rebellion from BP’s Russian partners in TNK-BP against the Rosneft tie-up.

Well, it didn’t work. This morning it emerged that AAR has filed for an injuction at the High Court in London, claiming, the deal “may have been a breach” of BP’s existing shareholder agreement to pursue projects in Russia and Ukraine exclusively through TNK-BP.

Sechin insisted at Davos,

We consulted with BP and it is their opinion that they acted in line with the law. We don’t see a problem here.

But BP shareholders are obviously a little concerned. On an otherwise positive day for the FTSE100 and oil stocks, BP’s shares have slipped 0.5 per cent.

FT Energy Source

- Conoco benefits from higher oil prices – FT

- Oil majors: radical rethink needed – FT Lex

- Exelon results hurt by hedging losses and lower earnings – WSJ (£)

- BG jumps after Brazil oil discovery and spin-off talk – FT

- Heritage Oil falls 29% after gas find – FT

- Australian cyclone halts oil production – Bloomberg

- Brent and WTI gap continues to widen – FT

- Oil dispersants lingered in deep water – NY Times Green blog

- Lawmakers vow to pursue oil spill bill – Reuters

- Founding father backs Glencore IPO – FT

- South Korea to debate carbon-emission trading bill – Bloomberg

- Backing for Brussels on energy market – FT

- Icahn extends offer for Dynegy – FT

- BP and Rosneft clear way for Arctic exploration – The Times (£)

- TNK-BP investors reassured on Rosneft – FT

- Pension giants tilt at the wind – The Times (£)

- UK must deliver on reforms this year, says EDF – FT

- GE Hitachi to re-enter UK reactor market – Argus

- Huhne warms to nuclear option – FT

- India bowls nuclear industry a surprise googly – FT

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