NEFTE Compass articles from May 2007

NEFTE Compass archives from May 2007

Baku Urges Central Asia To Team Up For European Gas Market.
May 2, 2007... Azerbaijan is calling on other natural gas producing nations in the Caspian region and Central Asia to band together to enhance Europe's energy security. And it is warning the European Union and the US that unless they act soon they risk losing...

Iraq May Renegotiate Lukoil West Qurna Contract.
May 2, 2007... The Iraqi oil ministry could renegotiate Lukoil's production sharing contract (PSC) for the West Qurna oil field if the federal government decides it's in its interest to try to salvage the deal, which was revoked by the previous regime before...

Sakhalin-2 Partners to Pay Moscow An Annual Dividend From 2010.
May 2, 2007... Last month's deal confirming Gazprom as the majority shareholder of the Sakhalin-2 LNG project -- previously led by Royal Dutch Shell -- contained some unwelcome details for the project's original partners. In return for Moscow's approval...

Rosneft Reserves Top Global List.
May 2, 2007... State-controlled Rosneft, which has benefited greatly from Moscow's mission to take back control of the country's natural resources, has announced that its proved hydrocarbon reserves rose by 6.1% in 2006 to 20.089 billion boe at the end of the...

Transneft Gets Russia's CPC Stake.
May 2, 2007... In a long awaited decision, President Vladimir Putin signed a decree Apr. 28 to transfer Russia's 24% stake in the Caspian Pipeline Consortium (CPC) to national pipeline operator Transneft, under trust management. The move will add more...

Moscow Boosts May Crude Loadings.
May 2, 2007... With yearly port maintenance work out of the way, Moscow is opening up the taps on crude oil exports for May. State oil pipeline monopoly Transneft has penciled in 3.105 million b/d (13.130 million metric tons) for the month, up from 3.023...

Lukoil Expands in West Africa, Looks For New Regions.
May 2, 2007... As part of its overseas expansion drive, Lukoil has signed an agreement with US Vanco Energy to acquire a 56.66% stake in three exploration projects in the Gulf of Guinea. The Russian major announced last week that it is acquiring two...

Espo Second Phase Could Be Built By 2015.
May 2, 2007... The second phase of the East Siberia Pacific Ocean (Espo) oil pipeline could be built six to seven years after the completion of its first phase, according to the president of Russia's national pipeline operator Transneft, Semyon Vainshtok. ...

Russneft Sells Novosibirsk Assets To TNK-BP.
May 2, 2007... Russian independent Russneft, which is well known for its aggressive acquisition tactics, has sold its 1,100 b/d Severnoyeneftegas producer in the Novosibirsk region to TNK-BP. The move could be explained by the infrastructure constraints...

Stroitransgas Wins New Syria Gas Job.
May 2, 2007... Russian oil and gas contractor Stroitransgas is pushing ahead with its expansion overseas, signing a new contract in Syria. The Russian firm and Syrian Gas Co. (SGC) last week signed a contract to build a 1.1 Bcm/yr gas processing plant and...

Russian, Turkmen Presidents Agree On Energy Cooperation.
May 2, 2007... Russia and Turkmenistan, the two biggest gas producers and reserve holders of all the former Soviet states, have agreed to accelerate cooperation in the energy sector. The issue was on the agenda of a meeting between Russian President...

Hungary's Mol Looks To Buy Russian Assets.(Brief article)
May 2, 2007... Hungary's Mol will continue its spending spree in Russia this year, seeking out midsized acquisition targets, of between $200 million and $500 million each, totaling up to $3 billion. Speaking after the company's annual general meeting last...

Dyachenko Takes Over At Urals Energy.
May 2, 2007... Leonid Dyachenko, a former son-in-law of the late President Boris Yeltsin, has taken over as chief executive of independent oil producer Urals Energy. He replaces Bill Thomas, who remains on the board as a nonexecutive director. Robert...

Gazprom Pressures UES To Move To Coal Supplies.
May 2, 2007... Gazprom has stepped up its pressure on utility giant United Energy Systems (UES) to move its power units to coal supplies, warning at a recent investment committee meeting that it may not be able to provide gas to two proposed production...

Nord Stream Hires Italian Engineering Firm.
May 2, 2007... Italian oil-field services group Saipem, has been awarded a contract to implement engineering works for the planned Nord Stream pipeline that will run from Russia directly to Germany under the Baltic Sea. Under the deal, Saipem subsidiary...

Russian Crude Exports To Non-CIS Markets, April 2007.
May 2, 2007... Russian Crude Exports To Non-CIS Markets, April 2007

Crude Exports Bypassing The Transneft Pipeline System, April 2007.
May 2, 2007... Crude Exports Bypassing The Transneft Pipeline System, April 2007

Russian Crude Rail Shipments, April 2007.
May 2, 2007... Russian Crude Rail Shipments, April 2007

Novorossiysk Crude Loading Program For May 2007.
May 2, 2007... Novorossiysk Crude Loading Program For May 2007

Primorsk Crude Loading Program For May 2007.
May 2, 2007... Primorsk Crude Loading Program For May 2007

Yuzhny Crude Loading Program For May 2007.
May 2, 2007... Yuzhny Crude Loading Program For May 2007

Tuapse Crude Loading Program For May 2007.
May 2, 2007... Tuapse Crude Loading Program For May 2007

Odessa Crude Loading Program For May 2007.
May 2, 2007... Odessa Crude Loading Program For May 2007

Gdansk Crude Loading Program For May 2007.
May 2, 2007... Gdansk Crude Loading Program For May 2007

Monument Row Sparks Cutoff Concerns.
May 2, 2007... Estonia appears set to lose the substantial volumes of Russian fuel oil that transit through the country because of a political crisis with Moscow over the removal of a World War II memorial to Soviet soldiers. Russian oil firms have...

Turkey Crisis May Impact Transit Role.
May 2, 2007... A political crisis in Turkey this week cast a shadow over its emerging role as secure conduit for energy exports from the Caspian and Central Asia to European and world markets. A spokesman for BP, which operates the Baku-Tbilisi-Ceyhan...

Ventspils Nafta Renews Search For Russian Partner.
May 2, 2007... Latvian crude oil and refined products terminal Ventspils Nafta (VN) has opened the door to a Russian partner taking a stake in the port in exchange for restarting deliveries from an oil pipeline that has been dry since Russian monopoly...

Belarus Mulls Crude Imports From Iran and Venezuela.
May 2, 2007... Belarus has announced its intention to start importing crude from Venezuela and Iran in a bid to ease its dependence on crude supplies via Russian national pipeline operator Transneft's network. In an annual address to the nation last week,...

Gazprom Board Approves Beltransgas Purchase.
May 2, 2007... The board of directors of Gazprom last week approved the state Russian gas group's purchase of a 50% stake in Belarus' state pipeline operator Beltransgas. According to a Gazprom statement, it will pay a total of $2.5 billion in four equal...

Gazprom Makes Progress With Italian Gas Sales.
May 2, 2007... Russia's Gazprom has likely moved closer to its long-standing goal of starting natural gas sales to consumers in Italy. According to Italian media reports, the supplies could be launched early this month, totaling up to 1.9 Bcm of gas...

Lukoil Accumulates Funds For Further Acquisitions.
May 2, 2007... A move by Lukoil last week to include a provision for the approval of authorized shares on the agenda of its annual shareholders meeting on Jun. 28 has been widely interpreted as an effort by the oil producer to accumulate funds for further...

Yukos Proceeds Will Be Used To Fund Housing.
May 2, 2007... In his address to Russia's Federal Assembly last week -- analogous to the State of the Union address in the US -- President Vladimir Putin offered to use proceeds from the sale of Yukos assets to finance the construction of new apartments and...

Equities and Currencies.
May 2, 2007... Share Prices Closing On Apr. 28, 2007

Strong Margins Support Urals.
May 2, 2007... Improved refining margins for Urals were supportive of prices but deal evidence of stronger differentials in Northwest Europe (NWE) was absent from the Mediterranean. June Brent futures initially firmed on the back of post-election worries...

Russian Gas Oil Fends Off Softer Futures.
May 2, 2007... The market for Russian gas oil remained strong this week, fending off a dip in gas oil futures. After selling at a discount to gas oil futures last week, Russian product was trading at a premium of around $12 over the June contract c.i.f....

Chevron Hits It Off With New Turkmen Leader.
May 9, 2007... Chevron got a warm welcome in Ashkhabad last week when top executives met the new president of Turkmenistan, Gurbanguly Berdimuhammedov. While the visit represents the first high-level overture from a Western major since Berdimuhammedov was...

Gunvor Gets Around Estonian Oil Restrictions.
May 9, 2007... More than a week after Russia's railway monopoly informed traders of impending interruptions in deliveries to Estonia, Russia's major oil firms are still struggling to reroute oil products away from the Baltic port of Tallinn. The exception...

With Yukos Sale Russia Increases Oil Sector Control.
May 9, 2007... With the sale of the last sizable assets of bankrupt oil firm Yukos this week, the Russian government is to formalize its ownership of nearly 33% of the country's crude oil production. Its informal control will, however, be much larger,...

Baltic Pipeline System-2 Decision Delayed.
May 9, 2007... A decision on the construction of the Baltic Pipeline System-2 (BPS-2) from the border with Belarus to the Baltic Sea port of Primorsk has been delayed, as the draft resolution for the project has still to be agreed on by all the relevant...

Offshore Fields Could Get Tax Breaks.
May 9, 2007... Tax allowances could be granted for the development of and gas reserves in Russia's offshore shelf zone. The proposal, initiated by Rosneft, got the support of President Vladimir Putin last week at a state council meeting on sea-related...

Russian Crude Oil Output Down In April.
May 9, 2007... Russian crude and condensate production stood at 9.82 million b/d (40.18 million metric tons) in April, down by 68,900 b/d or 0.7% from the previous month, according to preliminary data from the Industry and Energy Ministry issued last week....

Lukoil Resumes Full Processing At Volgograd Plant.
May 9, 2007... Russia's Lukoil resumed full crude processing at its Volgograd refinery in late April, which was reduced following a major fire in March. In a statement, the oil major said it had restarted the plant's primary crude processing unit several...

Surgutneftegas Plans New Russian Refinery.
May 9, 2007... Surgutneftegas plans to build a new refinery in Russia able to process 12 million metric tons/yr of crude (240,000 b/d), according to media reports citing company President Vladimir Bogdanov. The proposed Kirishi-2 plant will be built next...

Russian Company Gets Stake In UK Independent.
May 9, 2007... Soyuzneftegas, a financial and investment group set up by Russian oil veteran Yuri Shafranik, has become the holder of an 8.39% stake in UK junior Emerald Energy, which has oil exploration and production assets in Columbia and Syria. ...

Putin In Central Asia For Energy Talks.
May 9, 2007... Facing strong competition from the West, Russia is likely planning a new push to get more control over Central Asian gas and oil reserves, mainly in Turkmenistan and Kazakhstan. Russian President Vladimir Putin embarked on a seven-day visit...

Uzbekistan Inks Deals With China.
May 9, 2007... Energy-hungry China has advanced toward its goal of expanding in Central Asia, last week signing two accords with Uzbekistan, the third-largest natural gas producer in the former Soviet Union after Russia and Turkmenistan. The agreement...

Baku Sounding Out New Relationship With BP.
May 9, 2007... Baku is pretty much a one-company city, its oil and gas industry dominated by BP. The UK supermajor has a commanding position as a leading shareholder and operator of Azerbaijan's four biggest projects -- the Azeri-Chirag-Guneshli (ACG) oil...

Ukraine Pipe Blast Didn't Hit Europe Gas Supplies.
May 9, 2007... An explosion on a gas trunk pipeline in Ukraine this week did not disrupt Russian gas supplies to European consumers, according to Ukraine's state oil and gas monopoly, Naftogaz Ukrainy, which owns and operates the line. According to...

Slovakian Pipelines To Be Sold To Russians.
May 9, 2007... Moscow has likely succeeded in its attempt to take hold of bankrupt oil firm Yukos' 49% stake in Slovakia's pipeline operator, Transpetrol, the most expensive of Yukos' remaining non-Russian assets. The issue was on the agenda of talks in...

Turkmenistan, Kazakhstan Discuss Energy Cooperation.
May 9, 2007... Turkmenistan and Kazakhstan expressed interest last week in advancing energy cooperation between the two countries, particularly in the area of gas transportation, Turkmen media reported after talks in Turkmenistan between Kazakh Prime Minister...

Tengizchevroil Ordered To Pay Sulfur Storage Fees.(Brief article)
May 9, 2007... Chevron-operated Tengizchevroil (TCO), the biggest oil producer in Kazakhstan, has been ordered by the Atyrau District Economic Court to pay $8.8 million (1.06 billion tenge) in fees related to the amount of sulfur stored at the company's...

Russian Oil Firms' Dividend Payments Fall Short.
May 9, 2007... Russia's dividend-announcements season is wrapping up and opaque oil firm Surgutneftegas has once again managed to disappoint, as the company this week confirmed a dividend payment of only 0.71 rubles (3cents) per preferred share and 0.53...

Equities and Currencies.
May 9, 2007... Share Prices Closing On May 7, 2007

Margins Still Supportive.
May 9, 2007... Strong refining margins continued to support prices for Urals, but cash values yo-yoed with a volatile and uncertain futures market led by US gasoline. June Brent futures initially fell about $3.80 from a $67.41 high on May 2 to a $63.80 low on...

Russian Gas Oil Still At A Premium.(Brief article)
May 9, 2007... The market for Russian gas oil fell this week amid significant volatility in futures contracts, which at one stage dipped to their lowest point since March. Russian product continued to enjoy a steady premium over futures prices, however,...

Russia Tightens Its Grip On Central Asian Gas.
May 16, 2007... President Vladimir Putin appears to have secured a significant victory over Russia's rivals in the battle for Central Asian gas. A new deal last week tying Turkmenistan and Kazakhstan closer to Russia was criticized by US Energy Secretary Sam...

Russneft President Faces Criminal Charges.
May 16, 2007... Criminal charges that have been filed against Mikhail Gutseriev, president, founder and major shareholder of Russian oil independent Russneft, show once again that private companies in Russia with sizable assets in strategic sectors tread a...

Yukos Sale Didn't Go To Plan.
May 16, 2007... Despite a strong belief that all auctions in Russia are usually pre-staged, the sale of Yukos' latest lots did not go strictly according to plan. After nearly three hours of bidding, Rosneft lost last week to an unknown firm, Prana, that paid...

Rosprirodnadzor To Inspect Urals Energy.
May 16, 2007... The Russian Ministry of Natural Resources' environmental oversight board, Rosprirodnadzor, has announced that it will begin an investigation into London Alternative Investment Market (AIM) listed independent Urals Energy over alleged violations...

Ministry Keeps Kovykta In Its Sights.
May 16, 2007... Russian-UK joint venture TNK-BP remains in danger of losing its licenses to the massive far eastern Kovykta gas field, as the Russian Ministry of Natural Resources said it would go ahead with a license compliance check regardless of an Irkutsk...

Moscow Approves Pipeline Companies' Merger.
May 16, 2007... Russian Prime Minister Mikhail Fradkov has signed a resolution merging national crude pipeline operator Transneft with Transnefteproduct, the pipeline monopoly for refined products, the government's press office reported this week. The...

Lukoil, Gazprom Neft To Sign JV Next Week.
May 16, 2007... The long-awaited joint venture between Lukoil and Gazprom Neft, an oil subsidiary of Gazprom, could finally be forged next week, according to sources. Lukoil head Vagit Alekperov announced that the signing is going to happen very soon when...

East Siberian Output Not Enough For New Pipe.(Brief article)
May 16, 2007... Russian oil producers have committed 462,000 b/d of crude for the East Siberian oil pipeline by 2010, significantly less than the pipe's first phase designed capacity of 600,000 b/d. The first phase of the new line is due to be completed by the...

Gazprom Purchases Bashkir Refinery.
May 16, 2007... Russian state gas behemoth Gazprom has taken control of the Salavatnefteorgsintez (Salavat) refinery from the Bashkir government, according to a Salavat regulatory filing. Gazprom controlled Gazprombank became the nominal holder of a 53.9%...

Total Gets Compensation For Vankor Fields.(TOTAL S.A.)(Brief article)
May 16, 2007... Russian state-controlled Rosneft has paid French Total $120 million in compensation to settle litigation over its acquisition of the far northern Siberian Vankor fields, according to Rosneft's 2006 GAAP financial results. Total had held an...

Gunvor Eyes Second St. Petersburg Storage Tanker.
May 16, 2007... Following the recent boost in river shipments of fuel oil to St. Petersburg that has resulted from the Estonian crisis, trading sources say Swiss-registered trader Gunvor is considering bringing in a second floating storage vessel to the port....

Russia, Nymex To Agree On Petersburg Exchange.
May 16, 2007... Russia's Ministry of Economic Development, the New York Mercantile Exchange (Nymex), oil trading advisor Expertica and the city of St. Petersburg will sign an agreement on the long promised creation of a commodities trading floor in St....

Offtakers Of Seaborne Crude Exports, March 2007.
May 16, 2007... Offtakers Of Seaborne Crude Exports, March 2007

Offtakers Of Seaborne Crude Exports, April 2007.
May 16, 2007... Offtakers Of Seaborne Crude Exports, April 2007

Shah Deniz Opens New Gas Horizons After Shaky Start.
May 16, 2007... BP's Shah Deniz field got off to a shaky start, but there's no doubt that the giant Caspian Sea gas deposit is destined to have a major impact far beyond Azerbaijan's borders. The first challenge, however, is to sort out teething problems and...

Koreans To Sign Zhambyl Contract.
May 16, 2007... A South Korean consortium led by state Korea National Oil Corp. (KNOC) plans to sign a contract with Kazakhstan's state oil and gas company Kazmunaigas for the Zhambyl Block in the northern Caspian Sea offshore Kazakhstan by the end of next...

Kazakhs Wring Higher Gas Price From Russia.
May 16, 2007... Kazakhstan looks set to secure the highest price for Central Asian gas when it signs a deal with Russia in the near future on increased supplies from the Karachaganak field to the Orenburg processing plant that the two sides are jointly...

Gazprom Signs Agreement With Kyrgyzstan Government.
May 16, 2007... Russia's Gazprom scored another success over the last week in its drive to expand in Central Asia, signing a new agreement with Kyrgyzstan. Gazprom and the Kyrgyz government signed an agreement May 14 covering the basic principles for...

Kazakhstan Gets Entry To Bosporus Bypass.
May 16, 2007... Kazakh President Nursultan Nazarbayev and his Russian counterpart Vladimir Putin have agreed that Kazakhstan will take a role in the Bourgas-Alexandroupolis pipeline, which aims to bypass Turkey's congested Bosporus Strait. The Russian...

Mazeikiu Nafta Woes Slam PKN Orlen.
May 16, 2007... Poland's PKN Orlen suffered a crippling operating loss of $120 million at its Lithuanian-based subsidiary Mazeikiu Nafta (MN) in the first quarter, which resulted in the group's overall net profits plummeting by 86% to $17.6 million. PKN...

Ukraine Launches Pipeline Testing Following Blast.
May 16, 2007... A recent explosion on a gas trunk pipeline in Ukraine has forced Kiev to look deeper into the state of the country's gas pipeline network, which pumps about 120 Bcm/yr of gas from Russia to Europe, and according to specialists is in need of...

Azeri Flows To Germany Up, Russian Down.(Brief article)
May 16, 2007... Germany bought less Russian but more Azeri crude oil in the 12 months to March 2007, according to German federal agency Bafa. Russian imports of 734,360 b/d and Kazakh imports of 152,460 b/d were both down by 1% year-on-year, while those...

Kazakh Gas Production, April 2007.
May 16, 2007... Kazakh Gas Production, April 2007

Kazakh Refinery Activity, April 2007.
May 16, 2007... Kazakh Refinery Activity, April 2007

Russian Export Taxes Hit Rosneft Profits.
May 16, 2007... Rosneft's net profits dipped to $3.53 billion in 2006 from $4.159 billion in 2005 despite a major rise in revenues, as the company suffered from Russia's burdensome export taxes. The drop was partially exaggerated by the sale of...

Mol Profits Dip On Weak Upstream Performance.(Financial report)(Brief article)
May 16, 2007... Hungary's Mol reported that adjusted operating income fell by 19% in the first quarter of 2007 to $321.6 million (58.7 billion forints), hurt by a weak performance from its upstream business. The group's net income plummeted by 47%...

Equities and Currencies.
May 16, 2007... Share Prices Closing On May 15, 2007

Prices Firm Across The Board.
May 16, 2007... Cash values gained across the board as Brent futures, dated Brent and Urals differentials all firmed. Urals buyers said they were withdrawing because of high prices, but sellers seemed unconcerned. June ICE Brent futures traded in a $4.40 range...

Balanced Fudamentals Produce Modest Gains.(Brief article)
May 16, 2007... Russian gas oil experienced modest gains on the week as Northwest European supply and demand became more balanced. The market had previously been saddled with supply logistics concerns after some railed volumes of Russian products were...