Russia is planning to contribute $6.5 million to the IAEA Nuclear Security Fund in 2010-2015, the fund which supports, among others things, the use of nuclear security measures to counter nuclear terrorism.  Satellite photos apparently suggest that Iran has increased production at a uranium mine, emphasizing the necessity of broader UN inspections.  Russia is showing no hesitation regarding the Bushehr nuclear plant in Iran, according to Iranian Ambassador to Moscow Seyed Mahmoud Reza Sajjadi.  Siberia-oriented oil group Exillon Energy is hoping to become the first major Russian company to list on the London Stock Exchange in the 18 months since the financial crisis paralyzed the stock market - envisaging an IPO of $500 million.  Russian state oil company Zarubezhneft has come to a deal with Cuba Petroleos to explore the island's northern coast - a sign of ...

In a meeting with Italian prime minister Silvio Berlusconi, Vladimir Putin made a surprise announcement that the South Stream pipeline, a joint project between Gazprom and Italy's Eni, could be finished before its official start-up date of 2013.  Plans for South Stream's expanded volume were discussed by Russia's Energy Ministry in Bulgaria this week, as was the controversial plan to use the existing Bulgarian gas transit network to aid this expansion. Transneft says it will complete its China pipeline by the end of the year. Russia's Energy Minister is leaving the question of Rosneft's privatization open, with the possibility of selling a 75% stake not to be considered until 2011. Canada-listed mining group SouthGobi Energy Resources has secured a $300 million loan from CIC (China Investment Corp). More on Russia's surging oil industry.  ...

Earlier today, cigarette manufacturer and marketer Philip Morris International Inc. (PM) reported better-than-expected third-quarter results, benefiting from price increases in some markets. Earnings per share came in at 93 cents, 3 cents above the Zacks Consensus Estimate. On a year-over-year basis, Philip Morris’ earnings per share was flat (excluding a tax benefit of 8 cents in 2008), while net revenues declined 4.6% to $16.6 billion, attributable to unfavorable currency translations and weak results in the European Union (EU), Eastern Europe and Middle East & Africa (EEMA) markets. Revenue, Volumes & Margins On an organic basis (excluding currency and acquisitions), revenues increased 4.1% driven by favorable pricing. Cigarette volume was down almost 3% year-over-year to 219.3 billion units, mainly because of declines in EU, EEMA and Asia. The first two regions were adversely affected by the economic crisis (especially in Spain and Ukraine) and unfavorable comparisons ...

TODAY: Iran uranium plan waiting to be concluded; Russia backs Serbia on Kosovo; Lavrov exit denied; Ingushetian cabinet out.  Ex-US Yukos unit to launch mammoth lawsuit; picketed journalist gets unlikely defender; UN says Russia should improve immigration policies; grave problem for MoscowThe Washington Post reports that Foreign Minister Sergei Lavrov has announced that an agreement between Tehran and six world powers to allow Russia to help enrich uranium for an Iranian reactor awaits finalizing.  ITAR-TASS says that the Foreign Ministry has denied rumors that Lavrov may resign.  The Foreign Minister has rebuffed questions about who truly runs Russia, Putin or Medvedev, at a press conference, where he answered, 'you should not pit the Kremlin against ...

Bloomberg reports that oil has been trading around $66 a barrel, as spare capacity has staved off fears of supply disruption due to political disputes between Iran and the US.  Apparently German firm RWE has not renounced its plans to participate in the building of the Belene nuclear power plant in Bulgaria.  If Belene announces a tender, Russia will attempt to purchase a stake in the plant, which is being built by a Russian company, says Ria-Novosti.  Prime Minster Putin has ordered First Deputy Prime Minister Sergei Ivanov to draw up a plan for the government, for businesses and for government agencies to introduce cutting edge energy-saving technologies.  Gazprom CEO Alexei Miller has reportedly said that countries that are not as of yet involved in the South Stream project, such as Turkey and Romania, are starting to ...

Reuters reports that next week Vladimir Putin will hold a meeting with global oil giants on how to exploit gas reserves on the Arctic Yamal peninsula.  Natural Resources Minister Yuri Trutnev has told Reuters that Russia will consider easing laws regulating foreign participation in offshore energy projects, which had been restricted during the 2002-July 2008 boom in oil prices.  Rosneft has apparently said that it will not be able to maintain the high level of oil exports that has seen Russia overtake Saudi Arabia as the world's biggest oil producer, as the domestic market will become more alluring to oil producers.  The President of OPEC has reportedly argued that the cartel must improve cooperation with Russia in order to keep prices stable.  Bulgaria has agreed to continue preparations for the Russian-backed Belene nuclear plant, South Stream and ...

Natural Resources Deputy Minister Sergei Donskoi has said that Russia would welcome foreign companies looking to explore the country's oil and gas reserves as domestic firms lack the 'strength and money' to carry out these operations themselves.  State-run electricity companies will invest $19.5 billion next year, or 13.5% less than planned after the government approved their 2010 budget, according to the Moscow Times.  EDF may take a 10% stake in Gazprom's South Stream pipeline.  Bulgaria's Economy and Energy Minister Traicho Traikov has said Sofia will demand economic incentives from Moscow to guarantee its commitment to its major Russian-backed energy projects.  ARMZ Uranium Holding is reportedly negotiating with Areva to jointly develop deposits in Namibia and other African countries, where one-fifth of the world's uranium is to be found.  The UK is currently on a non-Russian energy push with ...

The Indian President Pratibha Patil has arrived in Moscow to discuss nuclear energy among other issues.  In August, Russia increased oil production by 1.3% in comparison with 2008, as Lukoil and Rosneft both increased production in new fields and exports rose by 5.9%.  According to Reuters, this is a record monthly high, and has seen Russia grab a large market share from a frustrated OPEC.  Gazprom has grand plans for the LNG market, according to Bloomberg.  BP estimates that the Arctic may hold around 200 billion barrels of oil equivalent resources. Denmark's military intelligence agency has warned that Russia's interests in the Arctic could become a concern for other northern nations.  BP has apparently made a 'giant' oil find in the Gulf of Mexico, which could contain more than 1 billion barrels of recoverable reserves.  ...

Russia may raise electricity prices more than the 5% planned following the Sayano-Shushenskaya power station disaster, says Reuters.  Ukrainian Prime Minister Yulia Tymoshenko has stated that the country's gas problems with Russia have been almost entirely resolved.  According to the Moscow Times, Putin will accept Ukraine only purchasing as much gas as the country can afford.  Gazprom has confirmed that talks are underway with Japan regarding a gas link to the Far East.  To get up to speed on nuclear projects in central, eastern and southeastern Europe, look here.  The crisis has affected a number of projects in that region.  Vladimir Putin has apparently told Bulgarian counterpart Boyko Borissov that Bulgaria needs to make a decision on the Burgas-Alexandroupolis pipeline.  Rosneft reported profits of $1.61 billion for the second-quarter of 2009, falling beneath the ...

Given all the news this week of Russia and Italy's South Stream deal with Turkey in exchange for a nuclear power plant, I thought I would repost an article written by Robert Amsterdam last fall in Energy Risk on Turkey's political pipelines.

FROM OCT. 2008, ENERGY RISK:

Turkey's political pipelines

Turkey's strategic position at the crossroads of East and West has put it at the centre of a geopolitical tug of war, with energy supply a key driver. Robert Amsterdam examines the energy policies being brought to bear in the region

Turkey's role in global affairs is defined by its geostrategic importance as the bridge between Europe and the Near East. Following Russia's invasion and occupation of Georgia in August, which caused considerable energy supply jitters, Turkey was once again thrust into the spotlight as the European

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