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Main page > Comments > Top events of the month > Top events of November 2012
Top events of November 2012
The National Energy Security Fund introduces top-ten events in the oil and gas industry in November 2012 and is ready to comment on them in detail. -
Gov’t decides to take Rosneftegaz dividends, new scheme of RusHydro capitalization Many observers perceive this event as defeat of Igor Sechin, but this is not correct. According to the essence of the modern Russian politics, if one influential clan losses in some sphere, it should win in some other area. This is one of the important principles of Putin’s decision-making system. No wonder soon afterwards information appeared that Rosneftegaz was buying a controlling stake in Inter RAO UES, i.e. having lost the struggle to the government in the issue of dividends and additional capitalization of RusHydro, Sechin secured victory in another important area – control over Inter RAO. This win quite well compensates previous misfortunes. Give that deals on TNK-BP are agreed by the government and the monopoly on shelf development is preserved, the balance is maintained. -
Rosneft publishes investment memorandum, looking for money to close TNK-BP deal Political issues are settled, now it is time to think how to close the deal – there is active search for money. There are many important nuances: where to take money from – from the Americans or the Chinese? This is a significant dilemma. Many mass media sources were shocked by the memorandum arguing that Rosneft might refuse buying the other half in TNK-BP. Mr. Igor Sechin certainly will not refuse it, but the rules of memorandum compilation dictate this form. -
Investment decision on South Stream’s sea section This is an important moment, because Russia, despite its constant talk about Asia, mostly thinks about Europe, and it is ready to invest in rather risky but strategically important gas pipelines. South Stream is an important project but, obviously, it has some risks. The European Commission has not provided it with the status of exception from the Third Energy Package; so, questions remain. But considering possible restoration of the demand for Russian gas, this strategic facility may work. -
Sharpening of relations with Ukraine Consequences of laying South Stream are obvious: Ukraine will not be a transit country any longer. The launch of its construction is a shock for Kiev. Ukraine is trying to extricate itself from this situation devising some artful schemes. The quintessence of this clownery was signing of an accord on building an LNG receiving terminal with a Spanish company; and then it turned out that the document for the Spanish side had been signed by a person who is not employed there. Besides, it is not clear who he is. This very brightly demonstrates Kiev’s real efforts on diversification that, certainly, are purely PR fiction. -
BASF-Gazprom asset swap deal This is an important deal that confirms intention of foreign companies to enter Russian projects. It is interesting that BASF is getting rid of marketing assets in Europe but is happily buying production assets in Russia. This can be only welcomed. This testifies to the lack of fear of Russia among foreigners, which is important. -
NOVATEK buys stake in Nortgaz It is absolutely obvious that the deal was sanctioned on the highest political level, otherwise Gazprom would not have let half of its stake go. This is why there is high probability that Nortgaz will be completely handed over to NOVATEK. And this would be interesting because we every day hear complains about terrible monopoly on the Russian gas market and how it impedes development of our economy, and how poor and unhappy private producers are. But if we look into the issue more closely, we will see that the whole might of the state lobbying resource facilitates promotion of interests of NOVATEK that receives incredible taxation and infrastructural preferences and acquires a great number of previously autonomous firms. -
Gas accord with Warsaw This event shows that Russia is capable of being flexible with buyers. One certainly cannot claim that no discounts are made. Warsaw will be able to save approximately 16% - this is quite a serious discount. Thus, we can actually agree with the most problem states such as Poland. And even Bulgaria obtained a 20% price cut but mostly in exchange for laying South Stream, while Poland did not make any additional promises. Gazprom is obviously trying to retain the market demonstrating certain flexibility in these issues. -
Idea to apply zero rate of gas production tax on new deposits in Eastern Siberia and Far East for 25 years If we really want the Far East to develop, we do not need to waste our breath on statements but have to allocate taxation preferences to companies ready to operate in the east. It is no secret that Gazprom has an ambitious gas program involving the Chayandinskoe and Kovykta deposits. This certainly requires a special fiscal regime and dedicated agreements. -
IEA report The International Energy Agency is famous for its forecasts never coming true but always stirring a storm of emotions and even panics. This time the main idea is that the USA will soon begin producing oil giving up its imports and, as a result, Russia will confront Arab oil producers. Intensified investment activities, not their weakening, should be a response to such reports. -
LUKOIL invited to join West Qurna-1 LUKOIL is actively investing abroad. Its standing in Iraq is very strong; our company is welcomed in this country. But on the other side, this is not positive for Russia, as investments are leaving our country. To a great extent, LUKOIL has to do this. It was LUKOIL that in November proposed to invest almost three billion in offshore deposits, provided it is given an opportunity to participate in such projects. But so far the state position is firm and there is no liberalization of access to the shelf.
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