President Dmitry Medvedev awarded Ukraine $40 billion in natural-gas subsidies in return for a new lease on the Russian Black Sea Fleet’s naval base as the Kremlin strengthens ties with its neighbor after five years of tension.
OAO Gazprom, the world’s largest producer of natural gas, said its tax burden may rise by 200 billion rubles ($6.7 billion) in the next three years even as Prime Minister Vladimir Putin pushes for increased output.
Russian Prime Minister Vladimir Putin proposed uniting state-run OAO Gazprom and Ukraine’s state energy company, NAK Naftogaz Ukrainy, while seeking closer political and economic ties with the neighboring country.
The world’s largest oil companies from Royal Dutch Shell Plc to Exxon Mobil Corp. are likely to reassess deals to drill in Ukraine where political crisis is threatening a promising source of new profits as well as the country’s drive for energy independence.
Russia will switch on Iran’s first nuclear power plant tomorrow as the government seeks to bolster its global influence by acting as a power broker between the U.S. and its European allies and the Persian Gulf nation.
OAO Gazprom , the world’s biggest natural-gas producer, said profit fell less than expected in the second quarter, as rising Russian prices helped offset a foreign exchange loss and slower European gas sales.