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OilMARKET 04 / 2006
TOPIC OF THE ISSUE
The Arctic StoryThe Arctic Story
The liquid risks of competition
The Russian oil&gas industry is about to enter a new development stage; the country's gas giant Gazprom has repeatedly stated it had finished the selection of candidates for the consortium of majors and Norway's companies that will develop the first Russian Arctic project, Shtockman field offshore Barents Sea. The decision was scheduled for announcement in March 2006; the delay with the announcement revealed the concealed conflict of interests.
PERSON OF THE ISSUE
A sedative pillA sedative pill
ALEKSANDR MEDVEDEV, vice chairman of Gazprom's executive board, general director of Gazexport
Talking on Russia's economic forum in London, general director of Gazexport cooled down many a hot-shot. Just before the Forum, UK mass media engaged in black PR campaign to discredit possible acquisition by Russia's gas giant of Centrica, a UK-based distributor of natural gas.
PHOTO OF THE ISSUE
Lethal spinLethal spin
Why do the prices persistently go up? It's simple we live in energy-demanding world, and the price for energy sources swells up daily. Welcome to the world with crude oil at $70/bl! But be prepared to pay double of that, soon.
TRANSPORTATION
Special features of oil businessSpecial features of oil business
The criminal downstream
The media often describes the risks inherent to upstream and downstream business. At the same time, just as often the media outlets forget another range of risks criminal offences, which are always around the corner with new surprises at hand.
REFINING
Completed conversionCompleted conversion
Yaroslavl refinery (Yanos) completes deep oil conversion complex construction
Yanos refinery needed only four years and $700mn to gain the leading position in the domestic refining segment. The company completed the task in March 2006 with the launch of catalytic reforming unit, which finished the project on deep oil conversion complex. Advantageous location of the refinery and good corporative practices form a good base for the development of the company.
EXPORTS
Spoiling the spirit of partnershipSpoiling the spirit of partnership
Blatant irresponsibility of bureaucrats from Russia's ministry of industry and energy (Minpromenergo) backfires on both vested interests of domestic oil industry and Russia's image as a partner in the Unified Economic Zone (EEP in Russian).
DOMESTIC MARKET
Hold your breath!Hold your breath!
Russian oil giant Lukoil became a frontrunner in paving the way to better clients service. The company offers consumers in Moscow region its new gasoline brands Ekto-92 and Ekto-95.
DOMESTIC MARKET
Communicating directlyCommunicating directly
Russia's oil companies and the government try to improve understanding
The government is concerned about solving the issues of domestic downstream. This was the keynote of April's meeting of governmental panel on energy segment chaired by Russia's prime minister Mikhail Fradkov. The sheer number of problems was the reason for calling up the meeting, said the premier. Lukoil's president Vagit Alekperov suggested a couple of fresh ideas on top of the already suggested relief measures. At the same time, the sides failed to address some important aspects of future cooperation of business and authorities.
LPG
Riding the bear marketRiding the bear market
The meltdown of LPG market resulted in auction scandal
Just before Orthodox Easter on 21 April, gas companies accused Ukraines monopolist Ukrnafta of illegal halt of the shipments bought earlier at the auctions. This was unparalleled situation on Ukraine's oil&gas industry. However, Ukrnafta fights back saying that it simply reacts to the traders' conspiracy, which has resulted in forcing the Ukraines LPG market prices down in late March, subsequently forcing the company to sell the fuel at below-market prices.
TECHNOLOGY
Full range of servicingFull range of servicing
The growth of a servicing company
The rising number of difficult fields requires using the latest know-how and equipment for achieving the best results. Here, servicing companies are indispensable: these could render wide range of services right down to servicing an electric submersible pump (ESP) system.
TECHNOLOGY
Crude treatment during tank farms upgrading projectsCrude treatment during tank farms upgrading projects
The spiralling prices for hydrocarbons force small companies engaged in bulk and retail sales to explore the options on setting up own facilities for processing oil and gas condensate.
04 / 2018