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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (780734)4/20/2014 2:54:51 PM
From: bentway  Read Replies (1) of 1578803
 
With western oil companies tripping over themselves to assure Putin, it’s no wonder he’s so confident

By Steve LeVine

qz.com

"Europe is warning Russian president Vladimir Putin of reputational harm if he shuts off the natural gas flow to the West, but judging by the behavior of western oil chiefs, he is secure if he dismisses the admonishment as so much noise.

Energy—and not the deployment of incognito, ragtag or straight-out government troops—is the central actor in the drama playing out between Russia, Ukraine and the West.

If the West wants to ensure that Putin’s land grab stops at Crimea, it will impose sanctions that impair or halt the activity of foreign oil and gas companies in Russia and ignore his threats to suspend Ukraine’s gas supply. But as long as it is business as usual in Russian energy, look for the Putin crisis to continue.

Russia relies on oil and gas exports to support 52% of the state budget. It is no overstatement to say that oil and gas are the lifeblood both of the Russian economy and Putin’s rule. The current revenue, and the promise that it will continue in relative perpetuity, frees him up to remain how he prefers—unpredictable.

So it is that, with production on a natural decline, Putin has brought in western behemoths ExxonMobil, Shell, Statoil and others to break open the Arctic and the enormous Bazhenov shale field. It is their job to ensure the long-term continuance of Russia’s daily flow (pdf) of some 21.8 million barrels of oil and gas equivalent."...
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