New Russian threat over energy?
While Russia's President Putin was busy trying to reduce European worries over his country's reliability as an energy supplier, the Russian minister for natural resources has threatened to take more state control of three important foreign energy investment projects.
The Russian National Resources Ministry announced on 25 May that he would like to review the production sharing agreements with Western energy companies over theSakhalin-1 and -2 projects.These investment projects for oil and gas extraction in Eastern Russia are led by Exxon Mobil,Shell and Total.
The threat to review the investment agreements for these projects would send a new warning that the Russian government is using its huge energy resources to regain its strategic global power position. It confirms the growing tendency of energy nationalisations at a time where demand-supply problems are already leading to high oil prices on the world market.
The announcement by the Natural Resources minister came on the same day as the EU-Russia summit where Russian President Putin was trying to convince European leaders that his country remains a reliable energy partner. On the other hand, the Russian leader also demanded more reciprocal steps from Europe when Russian companies are trying to access foreign markets.
Since the EU-Russia conflict over gas supplies to the Ukraine and Eastern European countries at the beginning of 2006, the EU is increasingly worried about its dependency on its Eastern neighbour for gas.
-Euractiv
The Russian National Resources Ministry announced on 25 May that he would like to review the production sharing agreements with Western energy companies over theSakhalin-1 and -2 projects.These investment projects for oil and gas extraction in Eastern Russia are led by Exxon Mobil,Shell and Total.
The threat to review the investment agreements for these projects would send a new warning that the Russian government is using its huge energy resources to regain its strategic global power position. It confirms the growing tendency of energy nationalisations at a time where demand-supply problems are already leading to high oil prices on the world market.
The announcement by the Natural Resources minister came on the same day as the EU-Russia summit where Russian President Putin was trying to convince European leaders that his country remains a reliable energy partner. On the other hand, the Russian leader also demanded more reciprocal steps from Europe when Russian companies are trying to access foreign markets.
Since the EU-Russia conflict over gas supplies to the Ukraine and Eastern European countries at the beginning of 2006, the EU is increasingly worried about its dependency on its Eastern neighbour for gas.
-Euractiv
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