Energy Blast – Aug 6, 2008
Source: http://www.robertamsterdam.com/2008/08/energy_blast_aug_6_2008.htmPosted on Wednesday, August 6th, 2008 | In Emerging Markets, Market Commentary, Russia
Russia’s Federal Anti-Monopoly Agency is threatening legal measures against executives who fail to co-operate after several Russian oil companies refused to provide data on fuel prices. State-owned Transneft has improved its share price by raising fees for oil deliveries, saying it needs to pay interest on a loan to fund a link with Asia. Atomenergoprom, the nuclear energy company, will acquire a 51% controlling interest in Hungary’s Ganz Energetika. The global oil price has dropped below $120, causing Russia’s oil stocks to continue their drop. Analysts say they’ve not witnessed such a drop since the 2004 Yukos crash. The falling price of oil “is a symptom of worsening economic troubles in America and beyond,†says The Economist. Gazprom has apparently resolved its outstanding gas dispute with Belarus. Imperial Energy: “shareholders should cash out while they canâ€. Platinum producer Lonmin has attacked a $10 billion bid from mining company Xstrata as “opportunistic and unwelcome.”
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Robert Amsterdam is a lawyer and an advocate for rule of law. His blog was created to express views which may stimulate debate and discussion on topics of international interest. Robert believes that we live in a world of unchallenged impunity, and he views his blog as merely a small attempt to shine a light on issues he views as important in countries with which he is engaged. He make no apologies or pretense of objectivity - he is merely stating his opinions. |
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