What the other papers say this morning October 3, 2012 FINANCIAL TIMES End to Russian petrodollar surplus Russia’s petrodollar surplus is poised to vanish as early as 2015 as import revenues overtake those from oil exports, according to its central bank. The forecast is the first official acknowledgment that the economic model which has characterised Vladimir Putin’s leadership – a country buttressed by oil money [...]
Shell opens Russia lubricants plant October 3, 2012 Shell yesterday opened a new lubricants blending plant in the Tver region north-west of Moscow, the first to be built by an international oil company in Russia. The new plant will supply a range of finished consumer, transport and industrial lubricants, blending up to 200m litres a year and creating 150 Russian jobs when at [...]
Canada closes the door as Russia keeps playing the field October 22, 2012 CANADIAN politicians were in damage limitation mode yesterday, taking to the country’s airwaves to tell anyone who’d listen that The True North is open for business. Their protestations come in the wake of industry minister Christian Paradis’ last minute decision on Friday to block Malaysian state oil company Petronas’ bid for Progress Energy, a natural [...]
Canada closes the door as Russia keeps playing the field October 22, 2012 CANADIAN politicians were in damage limitation mode yesterday, taking to the country’s airwaves to tell anyone who’d listen that The True North is open for business. Their protestations come in the wake of industry minister Christian Paradis’ last minute decision on Friday to block Malaysian state oil company Petronas’ bid for Progress Energy, a natural [...]
BP set to reveal deal with Rosneft as it exits Russian venture October 22, 2012 BP hopes to unveil a multi-billion pound escape route from its troubled Russian joint venture as early as today, in the form of a long-awaited shares and cash tie-up with state-owned energy giant Rosneft. The agreement, which was last night yet to be finalised after weeks of boardroom talks, will get BP out of TNK-BP, [...]
BP set to reveal deal with Rosneft as it exits Russian venture October 22, 2012 BP hopes to unveil a multi-billion pound escape route from its troubled Russian joint venture as early as today, in the form of a long-awaited shares and cash tie-up with state-owned energy giant Rosneft. The agreement, which was last night yet to be finalised after weeks of boardroom talks, will get BP out of TNK-BP, [...]
Spending billions on buybacks is a cautious move November 18, 2012 THE concept of “having closure”, weirdly popular in American culture, is not something BP is all that familiar with. But the oil major quite likes the idea. Its record $4.5bn (£2.84bn) penalty and guilty plea to felony charges went some way last week to clearing the way back from the bottom of the Gulf of [...]
RusPetro trebles revenues April 19, 2012 RusPetro, an independent Russian oil company that raised $240m (£149m) when it floated in London in January, more than trebled revenue and cut core losses in 2011 as it expanded its reserves base and boosted output. Its loss before interest, taxation, depreciation and amortisation narrowed to $5.5m from $6.3m the previous year, on revenue up [...]
Oligarch leader of BP’s Russian venture quits May 28, 2012 THE BILLIONAIRE head of BP’s partner in Russia resigned yesterday, putting the oil giant’s relationship with TNK-BP under further strain. Mikhail Fridman, the chief executive of TNK-BP and a key investor, will stand down at the end of June for personal reasons, the firm said. But sources close to Alfa-Access-Renova (AAR), the group of oligarchs [...]
FTSE 100 recovers after sharp falls yesterday November 8, 2012 The leading share index was up in trading this morning, after falling sharply yesterday. Miners led the bounceback, helped by a recovery in copper prices. Russian-focused oil firm Ruspetro added 7.4 per cent in early deals, as it reported a well in Siberia was on track to meet its full-year targets. Healthcare provider BTG was [...]