Russian President Vladimir Putin has said he is against the creation of state energy “monster” that would straddle the entire economy, sucking away banking and other resources, the Kremlin has reported on Thursday.
When asked about a possible merger between state controlled Gazprom (the world’s biggest gas company by reserves, and Rosneft, Russia’s largest oil […]

The Iraqi and Russian foreign ministers have pledged cooperation on post-war reconstruction, including the lucrative oil sector, after a meeting in Moscow.
Russian private energy giant Lukoil has been lobbying to sign a contract for the West Qurna oil field. Lukoil had a deal with Saddam Hussein that was canceled by Iraq in 2002. Lukoil contends […]

Lukoil and other Russian companies will compete ‘on equal terms’ for Iraqi government contracts to develop the nation’s vast oil fields, Iraqi oil minister Hussain al-Shahristani has said.
“There will be no privileges for any country or any company”, Shahristani said. “Lukoil will be competing with other firms on equal terms in accordance with the new […]

Russia has sparked an Arctic oil-rush by planting its flag on the ocean floor under the North Pole in a politically charged symbolic gesture to claim the rights to the sea bed which could be rich in oil and gas.
In a dramatic technical feat testing international law, the Russians dispatched two mini-submarines 2.5 miles to […]

Russia’s Gazprom gas monopoly has threatened to halve supplies to Belarus tomorrow in a payment dispute that could disrupt deliveries to western Europe.
Moscow said yesterday it would cut by 45% supplies flowing to its neighbour through export pipelines - which also carry gas to Germany, Poland and Ukraine - if Minsk did not pay debts […]