RUSSIA BECOMES produce more oil
Oil production in Russia in I quarter of 2005 increased compared to the same period in 2004 by 3.6% to 114 million tonnes Thus in March 2005, the level of oil production, compared to the same period in 2004 increased by 4.3%, compared with February 2005 - by 10.5%.
OIL PRICES RISE IN EUROPE
Oil prices rose at the opening of trading on the European market on Monday following the increase in gasoline prices caused by concerns of investors about the disruption of supplies from refineries to the United States. By noon, the June futures for Brent June Brent rose 29 cents to $ 55.26 a barrel. June futures on U.S. light crude rose 29 cents to $ 55.68 a barrel. U.S. gasoline with a gain on Friday at 3.20 cents on Monday continued to grow, rising 0.5 cents to $ 1.6573 a gallon.
Despite the fact that U.S. gasoline inventories are now five per cent higher than last year, while oil reserves are at the highest level in three years, analysts have been concerned about declining fuel stocks in the U.S. last week. A number of refineries in the United States are experiencing difficulties, needing repair equipment that is also a concern of investors.
Gazprom `` `again took Rosneft`
Gazprom returned to his Rosneft - state-owned company, which bought the former subsidiary of Yukos#39; Yuganskneftegaz, and then got sick merge with gas monopoly. Since mid-February in the conflict there was no progress, but it seems to come the next round of fighting. Previously Rosneft is not even mentioned in the investment program of Gazprom . However, on Tuesday, Kommersant reported, citing sources in the Ministry of Economic Development, the Ministry submitted to the government amendments to the privatization plan for 2005. was listed in addition, that the actions of Rosneft should be contributed to the charter capital of JSC Rosneftegas (GNR) to be exchanged for shares of Gazprom. This, apparently, is an attempt to start the process of merging MERT Gazprom and Rosneft, remaining motionless for more than two months.
Chief question - the fate of the assets of Yuganskneftegaz - still has not been resolved, and that it will evolve around major events, predicts newspaper. Recall December 12, 2004 by government decree Rosneft came to the list of privatized companies in 2004. However, do not announce The official reasons for Federal Property Management Agency has failed to fulfill the commission of the Government on making the shares of Rosneft in the authorized capital of NPC, a subsidiary of Federal State Unitary Enterprise Tekhnopromexport.
It was assumed that the NPC after the payment of the shares of Rosneft additional issue of 270 billion rubles will exchange them for shares of Gazprom on the balance of its subsidiaries. Newspaper sources close to the ministry, explained submission of the draft government decree opening the possibility of a merger of Gazprom and Rosneft, if approved by Prime Minister Mikhail Fradkov, technical necessity. According to them, the item relating to the Rosneft, it is more convenient to take with the other amendments to the privatization plan. however, the source of Interfax the ministry said that perhaps a draft order on the privatization of Rosneft will be separately submitted to the government in the near future.
In the text of the amendments to the privatization plan Rosneft is expected to be derived from the direct ownership by the Federal Property Management Agency contribution to the authorized capital of GNR 100% of its shares. In practice, this means that the Ministry of Economic Development has made an attempt to stop the truce around the confluence of Gazprom and Rosneft and began implementation of a plan of the December deal . Recall that the plan was made public in late December, the head of the Industry and Energy Viktor Khristenko and supported by the chairman of the Board of Directors of Gazprom, Dmitry Medvedev. It is assumed that 100% of the securities of Rosneft will be exchanged for 10.7% of the shares of Gazprom and the assets YUNG of Rosneft will be displayed in a separate state structure. Against this scheme has performed a number of officials close to the Chairman of the Board of Directors of Rosneft, the deputy head of the presidential administration Igor Sechin.
Including the head of the Federal Property Management Agency Valery Nazarov. alternative involves the exchange of the shares of Gazprom of assets of Rosneft and its non-controlling stake. And it does not require exclusion YUNG or full transition state oil company under the control of Gazprom. Neither in Gazprom, or the Rosneft, nor in the Economics Ministry yesterday officially commented on the situation. Kommersant states that the Ministry of Economic Development, insisting on its merger scheme, which was announced in December, got into time trouble. If the merger would be delayed until mid-July, the state has not kept pace would get 51% of the shares of Gazprom to the shareholders#39; meeting on June 24. further delays in the issue of privatization scheme into the hands of the independence of Rosneft.
Transferring transaction in the fall would have caused at least need to reassess the Rosneft, which took place in October 2004. However, according to Rosneft company and now need to be assessed differently , taking into account the Yuganskneftegaz. Mechanism of divestments YUNG Rosneft is obviously not yet developed (as it should do in the first place itself, Rosneft, not too interested in it), and this is still the key obstacle to launch a merger MERT scheme by December.
Battle for Rosneft is going to be very tough, but the government and the presidential administration are doing everything to the internal conflict in the power did not go out. example, in one of the companies, Kommersant reported that absolutely all the decisions on the merger scheme by mutual agreement, will voice Viktor Khristenko. remaining interested parties allegedly allowed the oral order of Vladimir Putin to make any statements on the subject.
Russian oil companies to initiate a conflict with Ukraine INTERSTATE
The decision of the Government of Ukraine to limit the price of gasoline may result in a serious scandal. Oil companies have already complained to the Russian Prime Minister Mikhail Fradkov on Ukrainian Yulia Tymoshenko. Experts, however, believe that the oil companies to the wrong place, and should refer to the supervisor Tymoshenko - Ukraine#39;s President Viktor Yushchenko, who is meeting with Russian oligarchs directly promised them support. considers that the Russian oil industry, appealing to the government of the Republic, to the wrong address. The Cabinet, which needs to keep inflation and to fill the budget, by definition, will not talk to them. Should apply to President Viktor Yushchenko, who guaranteed the Russian business positive work environment.
And do it should not Directorate Ukrainian daughters and the Russian owners, and Better yet Western managers, such as Sir John Brown (President of the British-American BP), - said the deputy chairman of the Committee on Industrial Policy of the Verkhovna Rada of Ukraine Volodymyr Demekhin. In the Ministry of Economy of Ukraine Kommersant on condition of anonymity, confirmed the assumption Demehina, saying that to resolve the situation with the prices of petroleum products Ukrainian government wants to negotiate only with the heads of Russian companies holding Ukrainian refineries. Talks so far nothing is known, announced only claim. On Tuesday, the Russian oil companies operating in Ukraine, announced their decision not to obey the orders of Ukrainian Ministry of Economy, established the limit selling prices of petroleum products.
Expressing doubts about the legitimacy of the document, Ukrainian representatives of TNK-BP, Lukoil and of the Alliance reported that they will sell the fuel, taking a retail only at market prices, and appealed to Prime Minister Yulia Tymoshenko, requesting a meeting. At the same time the Russian leadership of these companies turned to Prime Minister Mikhail Fradkov with a request to protect the interests of Russian companies in Ukraine and put this issue on the agenda of talks with the Ukrainian prime minister. At the highest levels of government discussed the possibility of re-privatization of refineries owned by Russian companies, including oil refineries Lisichanskiy (LINOS) and planned stop for repairs Lisichanskiy and Kherson refinery declared almost the main reason for the increase in prices, - quoted an oil industry News Time . Analyst at the Kiev Institute of Economic Research and Policy Consulting Ivan Poltavets told Vedomosti that the situation is not transparent on both sides. It is not clear what criteria authorities proceed by setting price cap, and the companies do not tend to demonstrate its economy, so it#39;s hard to judge how justified their prices. Oil companies have commissioned a legal analysis of the order of the Ministry of Economy, limiting petrol prices.
They also stated that all the penalties to be imposed on their gas stations and oil refineries are ready to challenge in the courts. However, instead of a dialogue with the oil industry, the government of Ukraine has increased pressure on them. Yesterday it was reported that the decision of 18 April 2005 the government restricted the export of motor gasoline and diesel fuel for the period of spring and autumn agricultural operations (monthly average in the republic exported 700,000 tons of oil products account for a large part of the refinery with Russian participation).
The Antimonopoly Committee of Ukraine has launched an investigation into the case on the grounds of anticompetitive concerted actions Lisichansk refinery, TNK-BP Ukraine TD TNK-Ukraine company Lukoil-Ukraine, Lukoil-Odessa Refinery and Litasko (trader Lukoil ). In the case of evidence of violations of the law on protection of economic competition in these businesses can be fined up to 10% of their revenue in 2004, - said the committee. Russian oil companies have two-thirds of the oil market in Ukraine. Lukoil owns the Odessa refinery, TNK-BP - Lisichansk, Ukrtatnafta (daughter, Tatneft) - Kremenchug, the group Alliance with Kazakhoil - Kherson.
Lukoil and TNCs have an extensive network of filling stations in Ukraine.
A record of the Russian Federation to raise duties on oil exports
The duty on oil exports from the Russian Federation to the June 1, 2005 may rise to a new record of 130-133 dollars per ton. This forecast was voiced on Tuesday, April 19, deputy chief of the customs duties of the Ministry of Finance of Russia Alexander Sakovich. Since April 1, the Russian government raised export duty on crude oil to a record high of 102.6 dollars per ton. During the previous two months - from February 1, 2005 - acted fee of 83 per tonne, before that - with the December 1, 2004 - at the level of 101 dollars per ton.
The duty on oil exports from Russia is recalculated every two months by the formula on the basis of a two-month monitoring of prices for Russian oil on the world markets. Duty, installed on June 1, will be determined on the basis of monitoring of prices of Russian oil for March-April 2005. According to Alexander Sakovich, the average price of Russian oil through the monitoring results from 1 March to 18 April was 47.51 dollars per barrel, and if the fee is fixed by now, then today it would have been exactly 136 dollars per ton. However, in view of what happened the fall in oil prices, it is about ten days has remained stable at around 45 dollars a barrel.
If steadfastly continued throughout the decade the price of $ 45 per barrel keeps (end of April), the rate of duty will be about $ 133 per ton, - said Sakovitch. On the other hand, he said that the duty on 1 June was below $ 130 per tonne, it is necessary that the average price for the remaining trading days of April fell to 41.5 dollars per barrel, which is doubtful. In case of the export duties on oil at 130-133 dollars per ton, the new rate of duty on light oil products will be about $ 100 per ton, on dark petroleum products (fuel oil, petroleum coke, bitumen, lubricating oils, waxes) - about $ 54 per ton, Sakovich said, noting that the new duties on petroleum products will take effect one month after the publication of the relevant government regulations, most likely - in the third week of June. Ukraine does not share the steps Russia Earlier Prime Minister Yulia Tymoshenko of Ukraine painful for improving Russia on April 1, the export duty on crude oil by 23.6% to 102.6 dollars per ton.
We certainly can not share such steps Russia. New government in Ukraine is committed to partnering clear and balanced steps. Such a move (Russia), in my opinion, is painful for Ukraine, - said the Prime Minister.
Tymoshenko said that the Cabinet intends to meet with the leaders of Ukrainian oil refineries in order to discuss what steps should be taken to stabilize the market prices of oil products in Ukraine. Gritsenko predicts revenge told the Russian newspaper Kommersant a source who attended the closed-door meeting with Defense Minister Anatoly Gritsenko and leading experts in Washington in the CIS, Gritsenko said that Russia certainly raise energy prices for Ukraine, which will be the reaction of Kremlin talks Viktor Yushchenko in the United States.
Experts expect growth of oil
Experts expect the tenth week of the growth of commercial crude oil inventories in the United States after the U.S. Department of Energy today publish its weekly report on the state of the country#39;s oil and energy derivatives. Recall that the growth of commercial crude oil inventories in the United States began in February and continued for nine consecutive weeks. During this time, crude oil inventories in the country increased by 26.2 million barrels. and reached as of April 8, a record high since the summer of 2002. - 320.7 million barrels., Which is 8.7% above last year#39;s inventory. Today Platts experts predict that as of April 15, U.S. crude inventories increased by another 1.25 million barrels.
Simultaneously, Platts experts predict that as of April 15, U.S. gasoline inventories fell last week by 100 thousand barrels per day., Heavy distillate stocks increased by 400 thousand barrels per day., And the capacity of oil refinery enterprises increased by 0.75%, according to RBC. Report of the U.S. Department of Energy will be released today at 15:30, 30 minutes after the start of the trading session on the NYMEX.
Russian oil will be traded without regard to the standard grade
NYMEX is going to trade futures on Russian crude oil Urals, Vedomosti. Bidding will take place in Budapest, which has already signed a memorandum of intent. Now Urals is not traded on exchanges. It is sold at a discount to the price of standard grade Brent. The price of Brent determines the price by 65 percent of oil production, although its share in the total production of only 2 percent.
Urals is about 12 percent of the world#39;s oil exports, and so the introduction of the exchange indicator, according to the NYMEX President James Nyusama, really need to region. First exchange trading in Budapest could begin in early 2006. Budapest Stock Exchange for trading are going to attract more participants - primarily from Russia. Futures trading will be carried out without reference to the physical crude oil.
Alfa Group offered by federal officials in Moscow to establish trade futures on oil exports. The government also supports this proposal. April 20 the Ministry of Finance, Ministry of Economic Development, Ministry of Energy and other agencies have offered the Prime Minister Mikhail Fradkov, a Russian exchange market of oil and oil products, which, according to experts, can co-exist with the market Urals in Budapest. The disadvantage of Russian oil is its low liquidity, since it depends on the port of delivery schedule. This may prevent it from becoming a model and get rid of the dependence of the cost of Brent.
If the Urals will still make reference variety, its price may be increased by $ 0.5.
WORLD OIL PRICES: It appears that the trend will be changed again
As a result of yesterday#39;s trading on the New York Mercantile Exchange (NYMEX) and the International Petroleum Exchange (IPE) futures oil prices again rose slightly. Note that the gradual increase in oil prices after the recent sharp rise has continued for the second consecutive trading session. Thus, in London on June futures quotes IPE Brent crude oil rose rose another 24 cents (up to $ 54.01 per barrel). Futures contracts for delivery in June grade oil on the NYMEX Light Sweet scored a price slightly less - only 17 cents (up to $ 54.20 per barrel).
As a result of yesterday#39;s trading on the NYMEX rose and quotes the May futures for the major petroleum products. Thus, according to gasoline they rose by 3.87 cents (up to $ 1.62 per gallon), according to heating oil - by 2.53 per cent (to $ 1.534 per gallon), - the Research Department A? GAB? Znes? Nform. Analysts believe that the extended yesterday rise in oil prices was due to technical and geopolitical factors.
As the first point to the continuing rise in gasoline prices in the U.S. because of fears of disruption of oil refineries, as well as due to the increase in prices for summer additive to gasoline. In addition, some experts also point to the decline of commercial stocks of crude oil and gasoline in the U.S. last week (although they are still higher than last year). Among the political risk analysts point to the recent terrorist attack in the capital of Saudi Arabia, the largest supplier of oil to the world market.
Today on the NYMEX electronic trading system of NYMEX ACCESS nearest futures for Brent Light Sweet continue to grow and, as of 15:50 (Kyiv time) is listed at $ 54.58 a barrel. The same dynamics is observed at spot prices for Russian oil grade Urals Med (with delivery from Black Sea ports to the port of Augusta, o.Sitsiliya under CIF), which today is in the range of $ 48.62 - $ 48.64 per barrel.
In RESERVE ALASKA WILL PRODUCE OIL
U.S. House of Representatives approved a long-term energy program that will preserve Alaska for oil and protect the manufacturers of additives for gasoline from litigation. Both of these issues may face resistance in the Senate. Under this program, energy companies will receive more than $ 12 million of tax benefits and subsidies. Opponents of the bill argue that it is unlikely to contribute to lower energy consumption.
Proposal to enhance fuel economy for cars was rejected. Administration passed the bill, despite reservations about the size of the White House encouragement oil and gas industry, especially the 2 billion dollars allocated for oil and gas in the Gulf of Mexico. After the approval of the law by President George W. Bush said that this is an important step toward ensuring energy future and reduce dependence on foreign sources of energy.
After two days of debate and adaptations of the law was passed, by voting 249-183, of which 41 - Democrats who supported the Republican majority.
`Gazprom`: LEVEL Turkmenistan#39;s gas reserves prevents countries to increase extraction
The head of Gazprom Alexei Miller called #39;phantom#39; idea of an international consortium for the transport of gas from new fields of Turkmenistan to Europe via Kazakhstan, Russia and Ukraine, and questioned the ability Ashgabat double production, the newspaper Kommersant. With the idea to invite Turkmenistan in such a consortium recently spoke Ukrainian President Viktor Yushchenko, who is hoping to conclude a 25-year contract providing for an increase in the supply of Turkmen gas. But Miller after talks with Yushchenko made it clear he does not believe in such a possibility. #39;For Professionals situation with stocks (Turkmen) gas obvious#39; - said Miller.
The publication refers to unofficial information Gazprom, according to which the statement of Turkmenistan#39;s readiness to increase gas production in 2009 for a few years to 120 billion cubic meters or more (now - about 55 billion) are not supported by the level of inventories.
TURKEY CONCERNED oil and gas transit
Turkey is extremely concerned about the growing transit of oil tankers through the Bosporus and Dardanelles, said Minister of Energy and Natural Resources Hilmi Guler. In the last three years the number of tankers transiting the Straits has increased by 50%. Straits became dangerous transport corridor for transit of oil and gas that threatens the ecology of the region and to the millions of people living in the coastal zone, Guler said.
In this regard, Turkey is an active supporter of the implementation of the projects of alternative transit of oil and gas. Turkey believes that the issue of environmental safety zone Straits should be addressed through the active construction of pipelines to transport oil and gas from the territory of the CIS countries in Europe.
LNG - ENERGY SOURCE OF THE FUTURE
Manufacturers of chemicals, oil and gas predict that soon tankers with liquefied natural gas will cross the ocean in the direction of the American ports. Given the high price of natural gas in the United States and the fear of recession supplies from gas producers remained the only hope that the recent importation of liquefied natural gas (LNG) in the future will lead to the stabilization of prices and supplies and higher profits. If their expectations are fulfilled, LNG imports will increase from 3% to 10% by 2010, and possibly up to 20% by 2025, ports, however, are against the influx of oil tankers the size of three football fields, transporting 150 000 m3, more LNG.
Even the measures taken by the U.S. Coast Guard - escort tankers, temporary stop-motion another sea transport, etc. - Did not have the desired effect on the potential danger of LNG, said residents of Boston. Sandia National Laboratory study found that the explosion of LNG leak from the vessel can result in serious injury or loss on the third of a mile away from the source of the leak, and second-degree burns in humans at a distance of a mile.
Ukraine wants to build a gas pipeline bypassing RUSSIA
Ukraine may initiate the construction of a pipeline to transport natural gas from Turkmenistan to Europe, bypassing Russia via the Caspian Sea through Azerbaijan, Georgia and the Black Sea. On Tuesday the chairman of the board of National Joint Stock Company Naftogaz of Ukraine Alexei Ivchenko. According to the publication From-UA, Ivchenko said that during the visit of Ukrainian President Viktor Yushchenko in Turkmenistan, it was about the creation of a transnational consortium including the construction of a new gas pipeline from Turkmenistan to Europe. The chapter Neftogaza said that he offered to Gazprom to continue to cooperate and jointly build a pipeline Alexandrov Gai (Kazakhstan) - Novopskov (Russia) with a length of 600 km, which will increase transit opportunities in Russia. The Russians are considering our proposal, calculate the economic, political, resource, expediency.
However, their decision is not of fundamental importance for us .... If they refuse to build through its territory, we will have good reason to use an alternative route, - said Ivchenko. Earlier, the President of Ukraine Victor Yushchenko stated the need to rehabilitate and expand the Central Asia - Center.
In the new alliance, according to the Ukrainian leader, could enter Russia, Ukraine, Turkmenistan, Uzbekistan and Kazakhstan.