U.S. oil major Chevron is investing around $1 billion in Gazprom Neft, the oil unit of Russian gas giant Gazprom, something that has been welcomed by the US authorities.
“Chevron’s billion-dollar scale investment in Gazprom Neft over the last few months is a positive development,” U.S. Deputy Energy Secretary Clay Sell has been quoted as saying.

An intergovernmental agreement on the construction of the $1 billion Burgas-Alexandroupolis oil pipeline in the Balkans will be signed this month.
The 280-kilometer pipeline will pump Russian oil to Europe, the U.S. and the Asia-Pacific region via the Bulgarian Black Sea port of Burgas and Greece’s Alexandroupolis, on the Aegean, enhancing the countries’ roles as […]

More trouble for the oil majors. Russia has stepped up the pressure on a key asset held by TNK-BP, BP’s Russia venture, as Lord Browne, BP embattled chief executive, arrived in Moscow for talks on the transfer of BP’s key asset to the Russian state.
Oleg Mitvol, the official who led the state campaign against Shell’s […]

The bankrupt Russian oil company Yukos, whose former owner Mikhail Khordorkovsky languishes in a Siberian prison, is to be sold off next month in the first in a series of “bargain basement” auctions.
Russian bankruptcy officials have confirmed that the first batch of Yukos assets will be sold at the end of March, with further sales […]

More trouble for BP. Its Russian joint venture has been given three months to increase production at one of the world’s largest gas fields “by a technically impossible amount” or face losing the field altogether.