Energy Blast - October 16, 2009

The Moscow Times reports that TNK-BP intends to invest $1.3 billion in upgrading refineries in Russia and Ukraine over the next five years.  Transneft has announced that second-quarter net income advanced 71% from the same period last year.  Total has reportedly received approval from a Russian regulator to purchase a 49% stake in the operator of a gas condensate field in northwest Russia.  China Petrochemical Corporation may help Rosneft fund a Russian refinery in the Far East.  Rosneft is apparently looking for licenses to more than 30 oil and gas deposits in the Arctic offshore area.  Kaisun Energy Group has announced it will buy out a Russian oilfield company, Nobel Holdings Investments, invested in by China Investment Corp.  Kaisun's share prices rose to a record high following the announcement.  Developing oil in Iraq will be a lengthy process, says a ConocoPhillips executive. Turkish Prime Minister Tayyip Erdogan and Iraqi premier Nuri al-Maliki have signed a range of deals including one on energy cooperation.  Spain's Repsol has apparently confirmed that a natural gas site off the Venezuelan coast represents the largest discovery in the country's history.