NEFTE Compass articles from March 2003

NEFTE Compass archives from March 2003

Pumping Iron: TNK To Tap Asian Markets Via Israeli Pipeline.(Tyumenneft)
March 5, 2003... Tyumen Oil Co. (TNK) is pursuing an innovative scheme to pump crude through a pipeline in Israel to tap Asian markets. The Russian company is negotiating to ship 2.2 million barrels (300,000 metric tons) of Urals crude through Israel's...

Piping Hot: Caspian Gas Project Gets The Green Light.
March 5, 2003... Azerbaijan is breaking into the world's gas industry, with a BP-led consortium giving the financial go-ahead for the $3.2 billion, first phase development of the Shah Deniz project. Stage One calls for the development of the offshore Shah...

North Wind: Gas Independent Squares Up To Gazprom.(Northgas is fighting to raise capital to compete in a market dominated by Russia's natural gas monopoly Gazprom. )
March 5, 2003... Rugged independent gas producer Northgas is fighting to raise capital in a quest to become the leader of a small but resolute group of companies that are trying to compete in a market dominated by Russia's natural gas monopoly Gazprom. ...

A1 Sauce: BP Opens Jet A1 Lines With Refiners.(British Petroleum Company PLC)
March 5, 2003... BP is expanding its trading operations inside Russia, closing deals with local refiners to switch their kerosene production lines to international jet A1 grade. Lukoil will soon open a jet A1 line at its Nizhny Novgorod (ex-Norsi)...

Up In The Air: Doubts Resurface Over Oil Pipeline To China.
March 5, 2003... The future of the proposed oil pipeline from Eastern Siberia to China is up in the air again. Rosneft is pushing for the variant of the pipeline that would be built initially to the Pacific port of Nakhodka, but it wants it to bypass Lake...

Siberian Slip: BP's Browne Meets Putin As Kovykta Wobbles.(British Petroleum Company PLC)(Vladimir Putin )(John Browne )(Brief Article)
March 5, 2003... BP's top brass met President Vladimir Putin in the Kremlin on Mar. 4, as clouds gathered over one of the UK major's most prized Russian assets -- the Kovykta gas field. BP chief executive John Browne and his senior adviser Rodney Chase met...

Northern Foes: Yeltsin's Ex-Son-In-Law Threatens Lukoil.
March 5, 2003... Lukoil has come under fire from Leonid Dyachenko, the ex-husband of former president Boris Yeltsin's daughter, Tatyana. The latest flare-up comes just days after Lukoil lost the battle for Northern Oil, which was sold to Rosneft by senator...

First Up: Japanese Utility To Sign First Sakhalin LNG Deal.(Sakhalin Energy)(Brief Article)
March 5, 2003... Japanese utility Tokyo Gas is likely to sign a gas purchase agreement with Sakhalin Energy of Russia next month to buy 1 million metric tons/yr of liquefied natural gas from the Sakhalin-2 project for more than 20 years. It will be the...

March Madness: Port Loading Schedules Jam Packed In March.(shipments)(Brief Article)
March 5, 2003... The government has put together a jam-packed export program for March, envisaging a whopping 69,000 b/d rise in port loadings from February's scheduled volumes. Seaborne exports are set to hit 1.750 million b/d, compared with last month's 1.681...

Banana Split: Sibneft And TNK To Share Slavneft Spoils.
March 5, 2003... Sibneft and Tyumen Oil Co. (TNK) have agreed to split the assets of Slavneft between them. And TNK is to purchase Sibneft's 1% stake in Orenburg Oil Co. (Onaco) and 38% stake in Onaco's producing subsidiary Orenburgneft. Since the end of...

Turkish Delight: Tatneft To Increase Crude Exports To Turkey.(Tupras imports)(Brief Article)
March 5, 2003... Turkey's largest refiner Tupras intends to increase crude imports from Russia's autonomous republic of Tatarstan in 2003 to 4 million metric tons (80,000 b/d), up from the 2.4 million tons agreed in November last year. Tupras earlier made a...

Up And Away: TNK Chief Sees Surge In Russian Output, Exports.
March 5, 2003... If pipeline capacity expands and oil prices average $18/bbl or more, domestic oil production from Russia's oil companies could rise from about 7.52 million b/d in 2002 to roughly 11.5 million b/d in 2012, according to forecasts from Tyumen Oil...

Russian Crude Loading Programs For March 2003.
March 5, 2003... Novorossiysk Crude Loading Program For March 2003

Ukraine: Refineries Go On Sale In 2003 Privatization Program.
March 5, 2003... The Ukrainian government has approved a plan to sell off 25% stakes in the Drogobych (Galichina) and Nadvornyansk (Naftokhimik Prikarpatiya) refineries, as part of an ambitious 2003 privatization program that also has stakes in 10 other...

Kazakhstan: Fluor Recovers Tengiz Contract.(Tengizchevroil)(Brief Article)
March 5, 2003... California-based contractor and service company Fluor says its PFD UK joint venture has been reconfirmed by Tengizchevroil (TCO) to provide engineering, procurement, and construction management services for the restarted second generation and...

Kazakhstan: Ban Slapped On Gas Oil Exports.(Brief Article)
March 5, 2003... In a bid to ensure adequate supplies of diesel for the sowing season, Kazakhstan has slapped a temporary ban on gas oil exports. The government issued the prohibition on Feb. 27, and it is set to last from Mar. 15 until June. Kazakhstan...

Azerbaijan: Chevron And Total To Abandon Offshore Block.(ChevronTexaco Corp.)(TOTAL S.A.)(Brief Article)
March 5, 2003... ChevronTexaco and Total Fina Elf are pulling out of the offshore Absheron exploration block because the chances of finding any significant hydrocarbons are regarded as "infinitesimal," according to sources close to the consortium. Chevron,...

Turkmenistan: Gazprom Lays Foundations For New Pipeline.
March 5, 2003... As part of a campaign to pull Turkmen gas back into the supply-short Russian system after years of exclusion, Gazprom is trumpeting a plan to build a new 700 km, 30 Bcm to 40 Bcm/yr pipeline to carry the volumes that the Russian gas company...

Loan Together: TNK And Lukoil Affiliate Tap Loan Market.(Tyumen Oil Co.; Ritek)(Brief Article)
March 5, 2003... Tyumen Oil Co. (TNK), in which BP recently purchased a 50% stake, has secured a $200 million syndicated export-backed credit arranged by Vienna-based Raiffeisen Zentralbank Osterreich. Citibank Moscow, Commerzbank, Moscow Narodny Bank,...

Gascast: Gazprom Sees Sharp Rise In 2004 Earnings.(Gazprom Russian Joint Stock Co. forecasts profits)(Brief Article)
March 5, 2003... Russian gas monopoly Gazprom is forecasting that its consolidated net profit in 2004 will be more than 200 billion rubles ($6.33 billion) -- double what it expects to report as earnings for 2002. According to a preliminary forecast, Gazprom...

Equities And Currencies.
March 5, 2003... Share Prices Closing On March 4, 2003

Products: Gas Oil A Little Calmer, But Still Strong.(Brief Article)
March 5, 2003... Markets have calmed a little after last week's feeding frenzy. An arbitrage for Russian gas oil into the US is still open, but higher shipping rates take a bite out of profits.a In the Mediterranean demand is high, and tankers are waiting up to...

Crude: Bewildered.
March 5, 2003... Brent futures have been chopping and changing with bewildering speed. It hit a $33.80 on Feb. 27, bombed to a $32.01 low on Mar. 3, romped back up to $33.80 on Mar. 5 and then headed back down for a $32.55 intra-day low before edging up toward...

Chinese Takeaway: China Inc. Moves Into Kazakhstan.(China Petroleum and Chemical Corp.)
March 12, 2003... China's integrated refining giant Sinopec is to buy BG's remaining equity stake in Kazakhstan's giant Kashagan oil field for $615 million, surprising analysts who expected the UK gas company to retain some exposure to the highly prospective...

Talking Shop: US Companies Discuss LNG Projects In Russia.
March 12, 2003... In a move to expand further Russia/US energy dialogue, US Energy Secretary Spencer Abraham and Russia's Energy Minister Igor Yusufov agreed in Moscow on Mar. 12 to establish a bilateral dialogue on oil spill prevention and response. Prior to...

Mister No: Backed Up Transneft Refuses Crude.
March 12, 2003... The smoldering standoff between national pipeline operator Transneft and Russia's oil companies over export bottlenecks has just gotten hotter. Transneft has infuriated oil companies by further cutting back the amount of crude it accepts...

New Faces: BP-TNK Venture Names Management And Board.(Brief Article)
March 12, 2003... Alfa Group chairman Mikhail Fridman has been elected chairman of the advisory board of Tyumen Oil Co.'s (TNK) new joint venture with BP, which has been given the name TNK-BP. BP's Rodney Chase was chosen as deputy chairman of the board. ...

Northern Lights: Rosneft Gets Northern Oil At A Bargain Price.(Brief Article)
March 12, 2003... Investment bank ABN Amro has estimated the value of crude producer Northern Oil (Severnaya Neft) at $947 million, substantially more than the $600 million state-owned Rosneft paid to take over the independent. But the estimate does not take...

Chinese Noodles: Rosneft Slams Proposed China Pipeline.
March 12, 2003... State-owned Rosneft's president Sergei Bogdanchikov has slammed the Yukos-backed plan to build a pipeline to China on the eve of a government meeting to discuss development plans for East Siberia's reserves and infrastructure. "The most...

Still Chugging: Zarubezhneft To Invest $200 Million In Vietnam.(Brief Article)
March 12, 2003... Russia's state-owned Zarubezhneft has signaled its determination to stay involved in Vietnam, with an announcement to plow $200 million into developing the Dai Hung oil field off the southern Vietnamese coast of Ba Ria-Vung Tau together with...

Let Me In: Gazprom Tries Again To Join Kovykta.
March 12, 2003... Gazprom is using its state mandate as coordinator of a unified gas export policy to Asia to push for a role in the giant Kovykta project in East Siberia. The gas giant is in talks with shareholders in Rusia Petroleum to get its...

Kalming Effect: Itera Moves Into Kalmykia.(Itera International)(Brief Article)
March 12, 2003... Facing restrictions on gas supplies from Russian gas monopoly Gazprom, Florida-registered gas trader Itera is seeking a partner inside Russia. In a bid to expand its resources base, the gas trader signed an agreement with RussiaAEs Kalmyk...

Alone Together: Sibneft And MOC Sort Differences Over Refinery.(Moscow Oil Co.)
March 12, 2003... A power struggle between the owners of the Moscow refinery has drawn to a close, as the main shareholders have reached an agreement governing the plant's management. Sibneft and Tatneft control nearly 60% of the refinery's charter capital,...

Teamwork: Gazprom Taps Hungarian Firm To Supply Ukraine.(Gazprom Russian Joint Stock Co. has teamed up with Eural TG)(Brief Article)
March 12, 2003... In line with its strategy to oust gas trader Itera from its traditional markets in the former Soviet Union, Russia's gas monopoly Gazprom is teaming up with a Hungarian company to supply gas to Ukraine. Gazprom and Hungary's Eural TG have...

Lithuania: Gazprom Digs In Over Gas Privatization.(Brief Article)
March 12, 2003... Russian gas monopoly Gazprom is stepping up the pressure on Lithuania to accept its offer for the privatization of local gas utility Lijeuvos Dujos (LD). The winner of the tender, which is the second stage in the privatization of LD, will...

Kazakhstan: Kiinov Trades Places With Deputy Minister.(Lyazzat Kiinov)(Brief Article)
March 12, 2003... In an apparent move to give the Ministry of Energy and Mineral Resources more clout over the oil industry, the president of state oil and gas company Kazmunaigas (KMG), Lyazzat Kiinov, has been made deputy minister. Kiinov swaps places...

Lithuania: Mazeikiu Refinery To Close For Upgrading.(Mazeikiu Nafta)(Brief Article)
March 12, 2003... Mazeikiu Nafta (MN), which is controlled and operated by Russia's Yukos, plans to invest $61 million on finalizing the first stage of upgrading its Mazeikiu refinery. The refinery will shut for about 30 days at the end of March for a...

Ukraine: TNK Seeks To Restructure Refinery Debt.(Tyumenneft)(Brief Article)
March 12, 2003... Russia's Tyumen Oil Co. (TNK), which owns a 76% stake in the 320,000 b/d Lisichansk refinery via TNK-Ukraine, wants to restructure about $47 million of borrowings by the refinery. The Lisichansk refinery is one of the assets included in the...

Romania: Petrom Spells Out Privatization Plans.
March 12, 2003... Romania has revised the timetable for the privatization of the country's largest company, oil and gas holding Petrom, with international bidders to be invited to submit offers for the company by September 2003 rather than by July, as originally...

Events.(Petroleum industry)(Brief Article)(Calendar)
March 12, 2003... 6th Annual Russian Economic Forum, London, Apr. 2-4, +44 (0) 20 7510 2560, email info@eventica.co.uk Investing in the Russian Oil and Gas Sector, Moscow, May 28-29, The Energy Exchange, +44 (0) 1242 529090 MIOGE -- Moscow international...

Retail Therapy: Rurhgas Raises Gazprom Stake.(Gazprom Russian Joint Stock Co.)(Brief Article)
March 12, 2003... Germany's Ruhrgas has raised its stake in Russian natural gas monopoly Gazprom to 5.7% from 5.5%. Ruhrgas is working with Gazprom on two gas transit projects, one aimed at improving transit of Russian gas through Ukraine to Germany, and...

Bottom Line: TNK Boosts Profits On Back Of 8% Output Rise.(TNK International)(Brief Article)
March 12, 2003... TNK International, the parent company of Tyumen Oil Co. (TNK) and BP's new partner in Russia, announced a 9% increase in pretax profit to $528.7 million in the third quarter of 2002, compared with third-quarter 2001. Net profit for the...

Equities And Currencies.
March 12, 2003... Share Prices Closing On March 11, 2003

Crude: Uncertain Volatility.(Petroleum Industry)
March 12, 2003... April Brent futures traded through another volatile week with prices ranging from $32.70 to $34.55 on a mixed diet of political gymnastics in the UN Security Council, a sell-off in US heating oil and Opec promises of more oil in case of war....

Products: Gas Oil Surges, But Ventspils At Tank Tops.(Brief Article)
March 12, 2003... Russian gas oil differentials have surged in Northwest Europe and the Mediterranean with a dearth of shipping propping up prices. Russian gas oil shipments out of the Baltic Sea ports increased by 4,000 metric tons over the week to 452,000...

Looking Out: Putin Urged To Defend Russia's Iraqi Interests.(Vladimir Putin)
March 26, 2003... President Vladimir Putin has been urged by Russia's parliament to set up a 'crisis group' to draw up a list of Russia's interests in Iraq and work out how Moscow should defend them during and after the war. The call came from Russia's...

Taking Stock: Russian Equities Ride High On Iraq War.
March 26, 2003... The war in Iraq is threatening to take the froth off the Russian equities market, as the near-term windfall from high oil prices of recent months gives way to lingering uncertainty. The bottom line is that a prolonged conflict, helping to...

R.I.P.: Tuapse Mix-Up Signals Demise Of Siberian Light.
March 26, 2003... Siberian Light is to disappear from the market. In a bid to boost exports, Russia has decided to mix Urals blend crude in with the Siberian Light it traditionally sends to the Black Sea port of Tuapse. Deputy Prime Minister Viktor...

Output Up: Yukos Claims No. 1 Spot As Production Rises.(petroleum production data)
March 26, 2003... Russia produced 8.10 million b/d (30.95 million metric tons) in February, a slight 71,900 b/d hike from January, when output stood at 8.03 million b/d (33.96 million tons) (see pages 10-11). In the first two months of the year, Russian...

Nabbed: Berezovsky Arrested By UK Police.(Boris Berezovsky )(defrauding charges)
March 26, 2003... Russian self-exiled oligarch Boris Berezovsky has been arrested by UK police on an extradition warrant. The London Metropolitan Police said on Mar. 25 that they arrested Berezovsky on an extradition request from the Russian government. He...

New Face: Zemlyuk Named New Director Of Purneftegas.(Rosneft)(Brief Article)
March 26, 2003... Rosneft has named Stepan Zemlyuk as the new general director of its crude producer, 200,000-b/d Purneftegas. Zemlyuk previously worked as general director of Rosneft's Sakhalinmorneftegas. He replaces Yuri Balduyev, who had served for five...

Swap Meet: Lukoil Buys Tebukneft, Sells Drilling Unit.(Urals Energy)(Brief Article)
March 26, 2003... In a sure sign that Lukoil has reached an agreement to buy Urals Energy out of Tebukneft, the oil major has secured all nine seats on the northern producer's board of directors. The new board was voted in at Tebukneft's Mar. 21 annual...

New Job: Kukes To Be Special Adviser At TNK-BP.(Simon Kukes appointed)(Brief Article)
March 26, 2003... Tyumen Oil Co. (TNK) president Simon Kukes has secured a new role in the joint venture that TNK is forming with BP. He has been appointed as a special adviser to TNK-BP president Robert Dudley as well as the new company's executive board....

Watts Up?: Russia's Premier Meets With Shell's Chairman.(Royal Dutch-Shell Group of Cos.)(Mikhail Kasyanov )(Philip Watts)(Brief Article)
March 26, 2003... Russia's Prime Minister Mikhail Kasyanov met on Mar. 21 with the chairman of the Royal Dutch/Shell Group, Philip Watts, to discuss the Sakhalin-2 project developing oil and gas reserves in the Russian Pacific shelf. No official details...

Heavy Metal: Russia Bans Sale Of Leaded Gasoline.(Brief Article)
March 26, 2003... President Vladimir Putin has signed into law a bill banning the sale and production of leaded gasoline in Russia from Jul. 1. Russia has adopted the ban as a public health initiative to protect people from the harmful effects of lead...

Eastern Delight: Gazprom To Tap East Siberian Reserves.(Gazprom Russian Joint Stock Co.)
March 26, 2003... Gazprom is stepping up efforts to gain control over potential gas production and exports from untapped fields located in East Siberia and Russia's Far East, in anticipation of the scheduled adoption in May by the government in Moscow of a new...

Events.(calendars)
March 26, 2003... 6th Annual Russian Economic Forum, London, Apr. 2-4, +44 (0) 20 7510 2560, email info@eventica.co.uk Oil & Gas Project Finance in Russia & CIS, Moscow, Apr. 9-10, EuroForum, www.ef-international.co.uk CIS Oil & Gas Transport & Supply,...

Azerbaijan: Nations Energy Takes Over From Moncrief.(Nations Energy Corp.)(Moncrief Oil)(Brief Article)
March 26, 2003... Nations Energy, a US company with a large oil field in Kazakhstan, has expanded across the Caspian to take over two onshore blocks in Azerbaijan from US operator Moncrief Oil. Nations has acquired the Kura Valley Development Co., which has...

Kazakhstan: State Sets Up Company For Offshore Projects.(KazMunaiTeniz)(Brief Article)
March 26, 2003... A new state company is being set up to coordinate the opening up of Kazakhstan's north Caspian Sea shelf. The new company, Kazmunaiteniz, will be an offshoot of state oil company Kazmunaigas (KMG), and will be headed by Bakytkozha...

Azerbaijan: Turkey Pipeline Remains On Course Despite War.(Baku-Tbilisi-Ceyhan Co.)
March 26, 2003... Despite hiccups due to the Iraq war and foot-dragging over finance, the construction of the 1 million b/d Baku-Tbilisi-Ceyhan (BTC) oil pipeline from Azerbaijan via Georgia to Turkey remains on course for completion by end-2004, according to...

Consolidation: Hungarian And Polish Firms Target Czech Group.(MOL Rt, PKN Orlen, Unipetrol Nigeria Ltd.)(Brief Article)
March 26, 2003... Hungarian oil and gas company Mol and Poland's PKN Orlen are rumored to be planning a joint bid for a 63% stake in Czech state oil and chemicals group Unipetrol. The Czech government will retender the stake after Czech chemicals company...

Serbia: J&S Wins Tender To Supply Tengiz Crude.(Brief Article)
March 26, 2003... Cyprus-registered trader J&S has strengthened its marketing presence in the Balkans by winning a tender held by Serbian state oil company NIS for the delivery of 380,000 metric tons of light crude to Serbia's Pancevo and Novi Sad refineries...

Kazakhstan: Marubeni Starts Refinery Reconstruction.(Atyrau Oil Refinery)(Brief Article)
March 26, 2003... Japan's Marubeni Corp. has started a $310 million project to modernize the Atyrau refinery, according to Kazakh state oil company Kazmunaigas (KMG), which owns 86% of the plant. The 35-month project will increase the refinery's annual...

Press On: Surgut Reports Slight Drop In Profits.(Surgutneftegaz Industrial Association)
March 26, 2003... Surgutneftegas, the most conservative of Russia's oil majors, has reported a slight drop in its 2002 net profits. But the company is buckling down with a tough cost-cutting program and is ramping output this year. Despite a big rise in...

Equities And Currencies.
March 26, 2003... Share Prices Closing On March 25, 2003

Crude Oil: Urals Under Pressure From Unsold Cargoes.
March 26, 2003... War in Iraq did little to revive the market for Russian Urals. Traders reported a handful of March Urals cargoes still unsold in the Mediterranean when April stems made their debut this week. The resulting dip in differentials -- on Mar....

Products: Shipments Frozen By Baltic Ice.(Brief Article)
March 26, 2003... Tight shipping and another buildup of ice at the Baltic ports strangled the market for Russian products which was in any case immune to war in Iraq. Gas oil differentials in Northwest Europe fell from last week's dizzy heights, while...