Sberbank has lent Gazprom $3 billion to buy back a stake in its oil division from Italian company Eni.  Energy Minister Sergei Shmatko says that a deal will soon be reached between Moscow and Sofia over the much-disputed South Stream pipeline, in anticipation of Prime Minister Sergei Stanishev's visit to Moscow.   An energy conference has recommended that European governments inject the Nabucco pipeline with cash and contracts if Europe is to reduce dependence on Russian gas.  Turkmen President, Gurbanguly Berdymukhammedov, has called for resistance to 'the preordained geography of pipeline routes'.  A senior U.S. diplomat has said that the pipeline blast in Turkmenistan highlighted the need for diversification of export routes.  The US Envoy for Eurasian Energy has said that Iran could profit more from its energy reserves if it were to improve diplomatic ...

Gazprom Neft has outbid TNK-BP to buy a 16% stake in Sibir Energy, in a possible gesture towards acquiring complete control of the company.  Measures to prevent 'creeping takeover' were approved by Hungarian group MOL's shareholders, whilst its biggest shareholder, Surgutneftegaz, was blocked from voting.  At an energy conference, Turkmen President, Gurbanguly Berdymukhammedov, has expressed a desire to increase cooperation with foreign gas importers.  The Financial Times reports that the EU is likely to be the first economic group to successfully reduce electricity consumption, cutting dependence on Russia.  Samaraneftegaz, a subsidiary of Rosneft, will receive $148 million from Russneft over the illegal purchase of an asset in defunct oil major Yukos.  Russia's Integrated Energy System will invest $660 million on modernizing, constructing and possibly even relocating power plants this year.  Allegations that French nuclear major EDF ...

What happens when the largest exporter of natural gas in Central Asia (and the fourth largest reserves on the planet) declares its open disagreement with the Russia-led natural gas OPEC?  At the very least, it makes for an energy conference of heated diplomacy when heads of state meet in Ashgabat this week, as the Europeans fight for the Nabucco supply route direct to Europe (the word "bypass" is misleading), while the Russians fight for Gazprom's continued total monopoly over the country's exports.We're always impressed with the sophisticated negotiating techniques of the Turkmen leadership, but we've seen them play this game a couple too many times to get very excited about the possibilities for Europe to compete in a normal market in Central Asia alongside the Russians.  ...