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Jun 15, 2012

Exxon to back Rosneft drive for unconventional oil

TUAPSE, Russia, June 15 (Reuters) – Rosneft
advanced an alliance with U.S. major ExxonMobil on
Friday that will help finance a push by Russia’s top oil
producer to exploit tight oil – reserves that cannot be
extracted by conventional drilling – in Siberia.

With ExxonMobil’s chief executive on hand, the state oil
company’s head Igor Sechin presented a Rosneft strategy paper to
President Vladimir Putin that envisaged 300,000 barrels per day
of potential production from unconventional reserves in Siberia.

Jun 6, 2012

Russian risks bear down on oligarch Fridman

MOSCOW, June 6 (Reuters) – Mikhail Fridman once seemed
omnipotent as one of the elite group of Russian businessmen who
amassed vast fortunes and huge political influence under
President Boris Yeltsin in the 1990s.

More than a decade after Vladimir Putin succeeded Yeltsin
and started reining in the oligarchs, Fridman is on the
defensive as a new generation of businessmen snatch up assets
and the Kremlin reasserts control over the economy.

Jun 5, 2012

Russia’s Rosneft hires TNK-BP insider as BP pursues sale

MOSCOW, June 5 (Reuters) – Russian state firm Rosneft
has hired a former TNK-BP executive to run its
refining and marketing businesses, sources close to the
companies said on Tuesday, bolstering a management team as BP
pursues the sale of a stake in the country’s No.3 oil producer.

Russia’s largest oil firm Rosneft, which sources say is
interested in buying the British company’s 50 percent stake, has
hired Didier Casimiro, who headed TNK-BP’s Ukrainian
business and worked previously for BP, the sources said.

May 29, 2012

Former exec to return to TNK-BP as adviser-sources

MOSCOW, May 29 (Reuters) – Maxim Barsky, who resigned last
year as deputy chief executive of Anglo-Russian oil firm TNK-BP
after failing to win BP’s support to become
CEO, will return as an adviser, two sources close to TNK-BP said
on Tuesday.

A third source close to Russia’s No.3 oil firm said the role
might ultimately pave the way for Barsky to take the top job at
TNK-BP, where a boardroom feud led to the resignation of
shareholder Mikhail Fridman as CEO on Monday.

May 24, 2012

Sechin’s Rosneft set to shop after Arctic spree

MOSCOW (Reuters) – In the hands of powerful former deputy prime minister Igor Sechin, Russia’s state-controlled oil giant Rosneft (ROSN.MM: Quote, Profile, Research) is likely to make a grab for low-hanging fruit in Russia to feed its reserves and market value.

Sechin could eye targets such as Surgutneftegas (SNGS.MM: Quote, Profile, Research), Russia’s No.4 oil producer which is friendly with the Kremlin, or Zarubezhneft, which spearheads state energy investments in Vietnam and Cuba, sources and analysts said.

May 22, 2012

Putin energy ‘tsar’ named CEO of Russia’s Rosneft

MOSCOW, May 22 (Reuters) – Igor Sechin, one of Russian
President Vladimir Putin’s closest confidants, was named CEO of
Rosneft on Tuesday, putting the previous government’s
energy ‘tsar’ in direct charge of the country’s biggest oil
company.

The decision to hire Sechin resolves a final doubt over the
shape of Putin’s new administration, after the unveiling of a
new cabinet and naming of several former ministers to top posts
on the Kremlin presidential staff this week.

May 21, 2012

Russia data shows it top oil producer ahead of Saudi

MOSCOW/DUBAI, May 21 (Reuters) – Russia has been pumping
hundreds of thousands of barrels of oil a day more than Saudi
Arabia and is confident it can increase output year on year,
Energy Ministry data showed, contradicting a report the kingdom
has become the world’s biggest producer.

Data from a Russian energy ministry presentation obtained by
Reuters follow a report published over the weekend by the Joint
Organisations Data Initiative (JODI) – a group set up by oil
producers and consumers – showing a sharp drop in Russian
output.

May 14, 2012

RUSAL first-quarter net drops 84 percent as aluminium prices fall

MOSCOW/HONG KONG (Reuters) – Russia’s UC RUSAL Plc (0486.HK: Quote, Profile, Research, Stock Buzz), the world’s biggest aluminium producer, posted an 84 percent drop in first-quarter net profit as prices fell, potentially fuelling a shareholder row over the company’s refusal to sell its stake in Norilsk Nickel (GMKN.MM: Quote, Profile, Research, Stock Buzz).

RUSAL’s management, led by its controlling shareholder Oleg Deripaska, has resisted pressure to dispose of its 25 percent share in the world’s largest nickel and palladium company to pay down debts at a time when aluminium markets are weak.

May 14, 2012

RUSAL Q1 net drops 84 pct as aluminium prices fall

MOSCOW/HONG KONG, May 14 (Reuters) – Russia’s UC RUSAL Plc
, the world’s biggest aluminium producer, posted an 84
percent drop in first-quarter net profit as prices fell,
potentially fuelling a shareholder row over the company’s
refusal to sell its stake in Norilsk Nickel.

RUSAL’s management, led by its controlling shareholder Oleg
Deripaska, has resisted pressure to dispose of its 25 percent
share in the world’s largest nickel and palladium company to pay
down debts at a time when aluminium markets are weak.

May 10, 2012

Putin ally Sechin ensured Russian oil sector role

MOSCOW, May 10 (Reuters) – Russian Deputy Prime Minister
Igor Sechin will join the board of the state oil and gas holding
company, a sign he is likely to keep a leading role in the
world’s largest energy industry even if he quits the cabinet.

Sechin’s role in the new presidency of Vladimir Putin is a
widely debated topic among Russian oil executives and foreign
investors. Few doubt the close Putin ally will retain his grip
on Russia’s vital industry, which is seen by many as a guarantee
that an 11th-hour push to win foreign capital and reform oil tax
will continue.