Russia’s 10th biggest oil producer, Russneft, has denied bidding to buy the Kremlin’s 50.08% stake in rival firm Bashneft, a news report said. The two companies reportedly mulled a merger in 2010, but a deal never came to pass. The Russian government is selling its stake, thought to be worth $3billion, as part of a privatisation drive intended to raise funds to keep the country’s budget deficit under control.
The value of currency transfers from migrants workers in Russia to neighbouring countries dropped by a quarter last year as western sanctions and the crude price rout hit the country’s economy, a new report said. The Caucasus, Central Asia and Eastern Europe supply the majority of migrant labour to Russia, and many workers from these regions transfer part of their wages to their families back home. To varying degrees, these funds are important for the economies of the states where the money ends up.
Vladimir Putin’s economy has been shrinking for 18 months but he still doesn’t have a plan to get it going again.
At an oil price of $40 or below, Russian President Vladimir Putin introduced a flat income tax, built a sovereign wealth fund and delivered speeches to the Bundestag in German.
A preliminary hearing into the death of the ex-boss of French oil major Total is expected to resume today after being postponed.
Rosneft has said it may consider taking part in the privatisation of its smaller rival Bashneft.
Russia and Saudi Arabia are going head-to-head in a bid to lock-down the Chinese import market.
Vladimir Putin’s government is considering shifting the burden of oil taxes from the point of export to the point of extraction, a move that would eliminate the benefit of duty-free supplies enjoyed by neighboring Belarus and Kazakhstan, according to two officials familiar with the matter.
Russia is finding the flip side of a flexible currency less and less appealing.
The European Union has extended sanctions against Russia for six more months to keep pressure on Moscow to respect the peace agreement in Ukraine.
JKX Oil & Gas, the Ukraine and Russian focused operator, said the weakness of the rouble affected revenue in the first five months of 2016, although production levels had increases on the same period from last year.
The return of Iranian oil to the international market is hurting Russia’s main crude grade, forcing it to trade at the biggest discount in two years.
Rosneft and BP have today signed final binding agreements to create a new joint venture, Yermak Neftegaz, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.
Russian President Vladimir Putin said the country has not "definitively" cancelled either the South Stream or Turkstream gas export projects.
Russian war planes have delivered air strikes on Islamic State oil production facilities as they continue with their bid to hit the terrorists group economic base.
Russneft said it plans to sell its shares on the Moscow stock exchange in the fourth quarter of the year.
Footage revealed by the Russian Ministry of Defence has shown airstrikes carried out by Russian fighter jets against illegal oil facilities.
Lukoil, Russia’s second-largest oil producer, saw profit slump by 59% in the first quarter as oil prices declined to a 12-year low.
Russian bombers have hit illegal oil facilities operated by Islamic State in Syria, the Russian defense ministry confirmed.
Vladimir Putin will discuss energy cooperation as he continues his two-day visit to Greece, his first trip to a European Union country this year.
The United States produced more than twice the petroleum and natural gas hydrocarbons as Saudi Arabia produced in 2015.
Russia has said the country’s energy companies have received requests from war-torn Syria to help rebuild its oil and gas industry.
Plexus Holdings, the Aberdeen-based engineering services company, has raised $5million through a share subscription agreement with Russian oil and gas equipment manufacturer Gusar.
PetroNeft Resources has reached an agreement with activist investor Natlata Partners to appoint its chosen non-executive directors to the board, including controlling shareholder Maxim Korobov.
Two years ago, BP Plc said international sanctions against Russia could hurt its business there.