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Archive for December 22nd, 2006

BP venture in Kremlin sight after Shell

Russian authorities look likely to turn their attention to BP Plc's joint venture in the country after decisive victory over Royal Dutch Shell.
Robert Dudley, head of the BP venture will be feeling lonely from Friday at the top of the last large oil firm in Russia with 50 percent still in foreign hands.
Industry analysts said [...]

Friday, December 22nd, 2006

S&P’s Gazprom rating unchanged after Sakhalin II stake purchase

Standard & Poor's said the rating of Gazprom remains unchanged at BBB following the Russian energy giant's $7.45 billion purchase Thursday of 50% plus one share in the Sakhalin II oil and gas project operator.
S&P said that although the sum paid for the stake is large, the risks associated with the company's ambitious asset acquisition [...]

Friday, December 22nd, 2006

Russia: Energy Analyst Looks At Sakhalin-2 Takeover

Anglo-Dutch giant Shell and two Japanese companies have announced they will cede their majority stake in the Sakhalin-2 energy project to Russia's state-controlled natural gas monopoly, Gazprom, for $7.45 billion. Sakhalin-2 is the largest combined oil and natural-gas development in the world. Its passage into state hands has been seen as another successful Kremlin effort [...]

Friday, December 22nd, 2006

Western firms must beware of Kremlin

If there is one thing the Kremlin is really adept at, it is punishing an upstart.
In the view of President Vladimir Putin, it does not matter who that upstart is: recalcitrant ex-Soviet states that wanted to make friends with the West, uppity oligarchs who have tried to make their political mark, or Russia's enfeebled human-rights [...]

Friday, December 22nd, 2006

Sakhalin sale is small windfall for Japanese partners

The $7.45 billion deal that Gazprom, the Russian natural gas monopoly, has made to buy half of the Sakhalin-2 gas project will yield a small windfall in the short term for the project's Japanese partners, Mitsui and Mitsubishi, analysts said Friday.
But the deal, they said, depressed what had been bright earnings prospects for the two [...]

Friday, December 22nd, 2006

Royal Dutch Shell ratings unaffected by Sakhalin deal

Standard & Poor's Ratings Services said its outlook on Royal Dutch Shell PLC Shell, ('AA/Stable/A-1+') is unchanged, following a signed agreement between the company, two Japanese co-shareholders and OAO Gazprom to give Gazprom majority control of Sakhalin Energy Investment Company Ltd (SEIC).
S&P said the agreement will reduce Shell's stake in the giant Sakhalin-2 gas project [...]

Friday, December 22nd, 2006

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