Gazprom in dollars 6bn Siberian oil drive

Aug 9, 2004 - Scotsman, The

GAZPROM, the Russian energy giant, is seeking a UK partner for an ambitious multi-million pound plan to supply Siberian gas to western Europe via a pipeline across the Baltic Sea. Gazprom is understood to have approached Shell, BP and Centrica, with US investment bank Goldman Sachs said to be advising on the deal. The pipeline is expected to cost up to dollars 6 billion (GBP 3.3bn) and would involve the construction of a 1,875-mile link from northern Russia to Germany, with offshoots to the UK, Finland and Sweden. With construction unlikely to be completed before 2010, a spokesman for Shell said the company viewed the pipeline as a "potentially favourable option" for expanding transportation capacity.

 

 

Asda close to sealing GBP 40m Safeway deal

 

MORRISONS is finalising terms on a GBP 40 million package of stores for sale to rival Asda, in line with compensation authority orders. Asda will buy at least four large former Safeway shops in the West Midlands and noth-west of England with a fifth still under negotiation. The Competition Commission said it would allow Asda to buy just six former Safeways from Morrisons when it blocked the Wal- Mart chain from bidding for the full business. Wal-Mart owned Asda is understood to have agreed to buy stores in Burton-on-Trent, Coventry, Shrewsbury and St Helen's. However, the deal still leaves Ken Morrison with 19 stores he has to sell by the autumn if he is to comply with commission's rules.

 

 

Lastminute shares fears after Jacobs sell-off

 

MILLIONS of shares in the star dotcom stock Lastminute.com have been dumped by former vice-chairman Clive Jacobs - although as yet the exact number is unclear. Lastminute disclosed the sale on Friday after the market closed, and analysts are predicting it could trigger a slide in the share price this week. The sale came a day after Lastminute revealed increased losses in its third-quarter results. Jacobs owned an estimated 12.3 million shares, equivalent to 3.5 per cent of the company, and although Lastminute declined to put a figure on the sale, it admitted it took his stake below 3 per cent.

If he sold all his shares at last week's closing price of 98.5p, we would have pocketed GBP 11 million.

 

ScottishPower confident of hitting dollars 1bn target

 

SCOTTISHPOWER chief executive Ian Russell is expected to assure investors later this week that he is confident of meeting his dollars 1 billion (GBP 543 million) profit-target for the year, despite disappointing early trading figures from the US. Russell is expected to make the announcement on Thursday, along with a first- quarter update, which analysts expect to show flat profits as a result of significantly lower returns from major US subsidiary PacifiCorp. Excluding provisions for goodwill and other charges, some believe the pre-tax figure could even show a slight fall against the GBP 204m previously declared.

Most stockbrokers, however, still believe the power giant will boost full-year profits from GBP 920m to GBP 960m.

 

 


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