Russia 110505 Basic Political Developments


Activity in the Oil and Gas sector (including regulatory)



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Activity in the Oil and Gas sector (including regulatory)




Russia may curb oil if gasoline prices stay high


http://af.reuters.com/article/energyOilNews/idAFLDE72C0DI20110505
Thu May 5, 2011 7:31am GMT

MOSCOW May 5 (Reuters) - Russia, the world's largest oil producer, may try to limit petrol (gasoline) prices by focusing its efforts on crude oil, Russian Deputy Prime Minister Igor Sechin told reporters on Thursday.

Russia has already imposed price caps and protective export tariffs on the motor fuel to battle price rises.

"If... we won't see any movements (in gasoline prices) we will take additional measures, which will, first of all, be applied to the crude oil," he said.

(Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Melissa Akin)

Russia May Change 60-66 Oil Export Tax Proposal on Higher Price


http://www.bloomberg.com/news/2011-02-24/russia-ready-to-change-oil-tax-in-coming-months-shmatko-says.html
By Stephen Bierman - May 5, 2011 8:57 AM GMT+0200

Russia may reconsider proposed tax rates for exports of crude oil and refined products after global prices rose, Deputy Energy Minister Sergei Kudryashov told reporters today in Moscow.

The Finance Ministry aims to introduce the so-called “60-66” measure to lower crude export duties to 60 percent and increase taxes on oil product exports to 66 percent in July, Deputy Finance Minister Sergei Shatalov said yesterday.

Government agencies have agreed “in principle” on the proposal, Kudryashov said. The measure was created based on oil at $75 a barrel and works until prices rise to $90 to $95 a barrel, he said.

Urals, Russia’s benchmark crude export blend, has traded at more than $100 a barrel since February, amid unrest in northern Africa and the Middle East.

To contact the reporters on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Finance Ministry suggests hiking taxes on gas sector to achieve revenue comparable to oil sector taxes

http://www.bne.eu/dispatch_text15072


Alfa Bank


May 5, 2011

Russian Finance Minister Alexei Kudrin has suggested raising the gas MPT by an undisclosed amount and reinstating export duties for currently-exempt countries (primarily Ukraine) in an attempt to bring tax revenues from the gas sector closer to those from oil. Tax revenues, excluding export duty payments from gas, have been only RUB157bn in 2010 vs. RUB1.9tn from oil. The proposed measures could result in an additional RUB150bn in revenue for the state budget. Reinstating export duties for Ukraine may mean an almost $100 per mcm price increase, which will make the price Ukraine pays for gas one of the highest in Europe. This move may also create fiscal problems for Ukraine and lower eventual sales volumes. The Blue Stream pipeline to Turkey is also threatened with reinstated export duties.

We view the likelihood of MPT indexation as high, although it is hard to pinpoint the magnitude. Reintroducing export duties would be more difficult owing to international agreements. The necessity of indexing the MPT has been discussed for the past five years. However, due to Gazprom's extensive capital expenditures program, it had managed to delay any measures until last year, when the MPT was raised by 61%. We believe the MPT may be indexed to inflation or the increase in the domestic tariff, while the threat of export duty reinstatement may be a part of the political game with Ukraine in price negotiations. In any case, we find talk about gas taxation NEGATIVE for the sector, particularly as we are entering a season of low demand and approaching peaks in Gazprom's European gas prices, which could further affect demand.

11:50


Rosneft closes purchase of 50% in Germany's Ruhr Oel - Sechin (Part 2)

http://www.interfax.com/news.asp



Russian LNG Production to Grow at CAGR of 13.9% During 2010-2020


Posted on Wednesday, May 04, 2011

http://www.sbwire.com/press-releases/sbwire-92077.htm

With various new field discoveries and large LNG production plans underway, LNG production In Russia is all set to achieve 13.9% CAGR growth during 2010-2020, says RNCOS.

Noida, UP -- (SBWIRE) -- 05/04/2011 -- According to our new research report “Russian LNG Market Analysis”, Russia is emerging as a new force in the global LNG market. Russia has timely recognized its enormous LNG potentials in the form of one of world’s largest natural gas reserves situated in Yamal, Sakhalin, and Shotkman fields.

The country is witnessing a significant level of development in the LNG production, which is anticipated to grow at CAGR of 13.9% during 2010-2020.

Rapidly growing output will position Russia as a prominent name in the global LNG trade arena and will attract new market players to utilize business opportunities.

The study identified that, the country joined the elite club of global LNG exporters with Sakhalin-II project exporting its first cargo in March 2009. Japanese utilities are the current major buyer of Russian LNG production followed by Korean and the US firms. However, the export matrix is expected to change a bit in coming 8-10 years with growing demand from the Asia-Pacific countries especially China and India.

Further, to increase LNG supply and to tap the emerging regional demands, Russian LNG majors are formulating huge LNG infrastructure development plans. The planned liquefaction capacities, if materialized on time, will prove sufficient for the country's future LNG exports considerations.

Our report “Russian LNG Market Analysis”, has been authored to study and evaluate Russian LNG market potentials and its future prospects. The report provides information/statistics on LNG production, exports, pricing, infrastructure developments etc. The report investigates key trends of the industry and outlines future trends after inclusive study of the various factors that play a critical role in the development of the market. Based on different market indicators, the report evaluates future outlook of the industry and provides valuable information regarding Russian LNG market. The report also covers brief business description and recent market developments of major players operating in the industry, which will help clients in understanding market competition and competitor’s moves.

For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM316.htm

Check DISCOUNTED REPORTS on: http://www.rncos.com/promotion.htm

About RNCOS


RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.

China pushing Rosneft to cut crude prices

http://www.bne.eu/dispatch_text15072


VTB Capital


May 5, 2011

News: According to Vedomosti, China is continuing to try and negotiate a lower crude price with Rosneft (for Russian supplies through ESPO). The discount being negotiated is equal to the transportation cost from Skovorodino to Kozmino (although there is not, as yet, any reliable estimate as to how much that is). At the same time, the new terms could imply doubling the volume to be supplied, from 15 to 30mn tonnes per annum.

Our View: The pressure on Rosneft could persist as oil prices remain high. However, we believe that the discount of USD 13/bbl discount mentioned in the Russian press makes little sense. The estimate of the transportation cost from Skovorodino to Kozmino is probably in the range of USD 2-4/bbl (which is where we think the discussion could be).

However, in our view Rosneft might opt to stick to the initial terms of the agreement, and the Kozmino-based price could well prevail. We also believe, that if a new agreement were reached, Rosneft would most likely receive additional tax breaks on Vankor, as per the earlier agreement with the Ministry of Finance. Finally, increased volumes contracted with CNPC would signal the stronger than expected potential of the East Siberian greenfields, which would also be positive for Rosneft as a long-term growth story.



Sale of Lotos unlikely, daily says

http://www.wbj.pl/article-54372-sale-of-lotos-unlikely-daily-says.html


5th May 2011

Russian firms are reportedly interested, but this wouldn't go down well with the Polish electorate

If unofficial information concerning offers submitted for Polish state-owned refiner Lotos is accurate, the transaction is unlikely to occur, Rzeczpospolita reports.

Warsaw is keeping mum about the whole affair, refusing to answer questions about the number or identities of the interested would-be buyers.

Unofficial sources told the newspaper that four Russian oil concerns are interested in Lotos. Two companies from western Europe are also reportedly interested, but these firms are only indirectly related to the refining industry.

Experts told the newspaper that if no Western oil companies offer bids and Poland is left to choose from Russian companies alone then the sale is unlikely. This year, they say, is after all an election year and Russian ownership of a strategic Polish firm would not be politically popular, regardless of the price Poland could get for the refiner.

Lotos is Poland's second-largest oil refiner, after Orlen.

Novatek Sole Approved Bidder for Yamal


http://www.themoscowtimes.com/business/article/novatek-sole-approved-bidder-for-yamal/436281.html
05 May 2011

The Moscow Times

Gas company Novatek, whose board of directors includes Gennady Timchenko, a longtime acquaintance of Prime Minister Vladimir Putin, was the only company to successfully submit an application to bid in tenders on four oil and gas properties in the Yamal-Nenets autonomous district.

"The tender commission found that only Novatek's application met the requirements," Anatoly Ledovskikh, head of the Federal Subsoil Resource Use Agency, said Tuesday, Interfax reported.

The Yamal fields are intended for developing production of liquefied natural gas, or LNG.

The tenders are being held for the Salmanovskoye, Geofizicheskoye, Severo-Obsk and Vostochno-Tambeiskoye fields. Bids were accepted until April 15.

Itera and the Yakutsk Fuel and Energy Company were reported to be bidding for the Geofizicheskoye section, but according to Ledovskikh, only Novatek fulfilled the requirements to participate in the tender.

Ledovskikh noted that if only one bid were made a tender would be deemed invalid, but a license could still go to a single bidder if its technical and economic proposals for development of the field satisfied the tender commission.

The tender is scheduled for June 23, with all bids to be submitted to the agency no later than May 20.

The starting price for the first and largest of the sections is 4.83 billion rubles ($180 million). The four sites are located in the region of the Bay of Obsk in the Kara Sea and are of federal significance.

Vedomosti reported that industry analysts expected Novatek to be the single participant and note the similarity between this tender — in terms of there being only one approved bidder — and the Trebs and Titov oil field tender of last December, in which Bashneft was eventually the only participant and winner.

Oil Firms Seek Relief


http://www.themoscowtimes.com/business/article/oil-firms-seek-relief/436306.html
05 May 2011

Bashneft and Tatneft want to curb losses from proposed changes to Russia's export taxes on oil by asking for compensation of as much as 9 billion rubles ($329 million) a year, the Finance Ministry said.

"There is a problem with compensating for losses," Deputy Finance Minister Sergei Shatalov said. The ministry still aims to introduce the so-called "60-66" measure to lower crude export duties to 60 percent and increase taxes on oil product exports to 66 percent in July, he said.

The 60-66 proposal will create winners and losers among oil companies even though it's neutral for the budget, Shatalov said. The government doesn't want to compensate Bashneft and Tatneft from the budget, Shatalov said. Alternative ideas for compensation include reduced mineral extraction tax or even exemptions for heavy oil, he said.



(Bloomberg)

Nord Stream Passes Ships and Bombs


http://www.themoscowtimes.com/business/article/nord-stream-passes-ships-and-bombs/436297.html
05 May 2011

Bloomberg

LONDON — Nord Stream will begin receiving natural gas for the world's longest subsea pipeline from Russia to Germany in early September and remains on track to start operating by the fourth quarter, the company said Wednesday.

The next 24 hours will be the last phase of construction after a year and one month of pipe laying in the Baltic Sea, Ruurd Hoekstra, deputy director of construction at Nord Stream, said in a briefing Wednesday in London.

Gazprom and its partners — BASF SE's Wintershall unit, E.On Ruhrgas, Nederlandse Gasunie and GDF Suez — plan to ship gas directly to Europe, bypassing transit countries such as Ukraine. The 1,224-kilometer link, which will surpass the Langeled pipeline from Norway to Britain as the world's longest subsea gas pipeline, will transport 27 billion cubic meters of Russian fuel a year from Vyborg to Lubmin.

Nord Stream will take about four weeks to reach full capacity, and there are no fixed plans yet for a future maintenance schedule, Hoekstra said. Nord Stream won't need to halt flows for inspections or repairs, he said.

During the laying of the 7.4 billion euro ($11 billion) link, with each piece of pipe weighing 24 tons, Nord Stream discovered shipwrecks and World War II bombs. One sunken vessel was relocated away from the pipeline's route.

A hoard of 17th-century copper plates used in the gun-making industry was also found. The ship carrying them had sunk on a trip from Sweden to Germany, Hoekstra said.


Rosneft Offers Russian Sokol Crude Oil Cargo for July Loading


http://www.bloomberg.com/news/2011-05-05/rosneft-offers-russian-sokol-crude-oil-cargo-for-july-loading.html
By Christian Schmollinger - May 5, 2011 4:27 AM GMT+0200

Rosneft Oil Co. (ROSN) offered to sell 100,000 metric tons, or about 730,000 barrels, of Sokol crude from the Sakhalin-1 project in Russia for loading in July, said three traders who participate in the market.

Details of the offer are as follows:

---------------------------------------------------------------

Crude: Sokol from Russia’s Sakhalin Island

Quantity: 100,000 metric tons, or 730,000 barrels

Loading: July 11-20

Port: DeKastri, Sakhalin-1

Bids close: May 6

----------------------------------------------------------------

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net.

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

TNK-BP sells head office

http://www.bne.eu/dispatch_text15072

Troika Dialog
May 4, 2011

Local news agencies Vedomosti and Kommersant report that the TNK-BP group has agreed to sell its office building in central Moscow. The buyer is Promsvyaznedvizhimost and the building, on Stary Arbat, will most likely be rented out to Russian Agricultural Bank. The deal is valued in the news reports at $240-270 mln. The building was put up for sale in 2007-08 after TNK-BP's management decided to move to larger premises further from the city center. TNK-BP International, the Eurobond issuer, generates around $5-6 bln in annual free cash flow. The sale of this asset is a relatively minor addition to the company's cash flow.

In 2011-12, the group will likely also receive proceeds from the bankruptcy sale of Kovykta field developer RUSIA Petroleum's assets. TNK-BP subsidiaries, the largest creditors, lent R11.8 bln to RUSIA Petroleum, the assets of which were sold in March 2011 to Gazprom for R25.8 bln.

Alexey Bulgakov




Gazprom




Gazprom’s Serbian Insurer to Get License in June, Beta Reports


http://www.bloomberg.com/news/2011-05-05/gazprom-s-serbian-insurer-to-get-license-in-june-beta-reports.html
By Misha Savic - May 5, 2011 10:16 AM GMT+0200

Sogas Srbija, an insurance company created by Russia’s OAO Gazprom and Serbian gas monopoly Srbijagas, will probably get a license in June, the Beta news service reported, citing the chief executive officer of the Serbian company.

Serbia’s central bank will issue the license after the Commission for Protection of Competition granted approval, the report quoted Dusan Bajatovic as saying. Bajatovic is also deputy leader of the Socialist Party of Serbia, a coalition partner.

Gazprom owns 51 percent of the insurer, with Srbijagas owning 49 percent.



To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net
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