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.  ...

Gazprom is apparently making plans to construct and run power plants in Turkey in partnership with the country's own Aksa.  Kazakhstan will postpone a feasibility study for a gas pipeline along the Caspian coast to Russia until 2010 while the line's capacity is figured out.  Ukraine has reassured investors that Naftogaz will not default on the payments of its $1.6 billion loan.  Gazprom has completed the acquisition of a 51% stake in SeverEnergia from Italy's Eni and Enel.  Debt-addled EDF is close to agreeing a major asset swap with E.ON, although it may also consider selling a 20% stake in nuclear operator British Energy.  Oil output in Russia may reach 530-535 million tons by 2030, a figure which is apparently not a projection, but a target.  Oil and Gas Eurasia reports that South Ossetia's new gas ...

Russia may have sidestepped greenhouse gas emission cuts at the G8 summit, but Finance Minister Alexei Kudrin has pledged a Russian 'energy revolution' when the State Duma consider a bill to increase energy efficiency by 40% by 2020.  A transit deal for the Nabucco pipeline is to be signed next week but according to analysts, 'the major obstacles to Nabucco still stand and supply is number one'.  Reuters has a Q and A on what to expect from the Nabucco deal.  The European Commission has tempered demands for powers to coordinate gas flows across the union in the event of a gas cut off.  The European Commission will declare a 'Community Emergency' if the EU loses more than 10% of its gas supply.  Venezuela's Oil Minister has said that the country is making progress towards developing ...

The financial crisis is forcing energy companies to reduce their projected spending plans, with Gazprom Neft suggesting a drop of 10-20%, but state nuclear corporation Rosatom has just been granted a six-year, $83 billion finance program by Prime Minister Vladimir Putin, and Gazprom is planning a long-term program of oil production outside of Russia. Gazprom and Italy’s Eni are set to finalize an agreement on joint entry into the Libyan oil and gas market. Gazprom says its Sakhalin natural gas pipeline could be ready as early as 2011. Closer cooperation between OPEC and Russia ‘could see a bigger political risk premium priced into oil’.