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On 4 March, the European Court of Human Rights (ECHR) in Strasbourg opened the case brought by former shareholders of the now-defunct company Yukos against the Russian state. The shareholders are seeking recognition that the Russian authorities brought Yukos to bankruptcy illegally and for political reasons, and are claiming US$98 billion in damages. The ECHR ruling will mainly be of symbolic significance (based on the Court's verdicts to date, no compensation is expected to be ordered). However, the case is adversely affecting Russia's international image. more »
On 4 March, the Kazakh prosecutor’s office announced that the Karachaganak Petroleum Operating consortium (KPO), the producer operating in Karachaganak, one of Kazakhstan's largest oil and gas fields, had outstanding gas dues of US$136 million for 2004. At the same time, the prosecution authorities launched an audit of the company's activities in 2005-2008. These measures are part of efforts to pressure the consortium into selling or transferring a stake to the state-owned KazMunaiGaz concern. more »
On 4 March the Bulgarian Energy Holding (BEH) and the Italian-Greek consortium IGI Poseidon signed an agreement that is to establish companies for the construction and management of the Bulgarian-Greek gas connector which enables supplies of gas from the Caspian Sea from the ITGI pipeline (Turkey-Greece-Italy). Sofia, regardless of the support that it gives to the Nabucco and South Stream gas pipelines, in parallel is intensifying actions to get involved in other projects that help to diversify the sources and routes of gas supplies. more »
At the end of February, the EU Commissioner for Energy Guenther Oettinger promised that a draft directive regulating the safety of the storage of radioactive waste from reactors would be prepared in 2010. The directive is expected to set the safety rules for waste production and storage, for example by imposing on EU member states the requirement to create storage facilities for long-lived radioactive waste. Oettinger’s aim is to convince public opinion that the usage of nuclear energy does not pose any threat, which goes in line with the interests of the German government as the latter wishes to extend the period of operation of the reactors. more »
An intergovernmental agreement on the construction of the South Stream gas pipeline in Croatian territory was signed on 2 March during the visit of Croatian Prime Minister Jadranka Kosor to Moscow. This agreement will bring a major change to Croatian energy policy which has so far been based on ensuring energy security with its own means and through co-operation with Hungary’s largest energy corporation MOL. more »
