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Energy Watch, December 29

MOSCOW, December 29 (RIA Novosti)

Below is a summary of the main energy-related events in Russia, the CIS and neighboring countries on December 29, 2005

* Russia's minister of industry and energy said Russia and Ukraine had not yet agreed on terms for gas deliveries and transit

* Russian President Vladimir Putin said Russia had offered Ukraine a $3.6 billion loan to cover expenses on the move to market prices for natural gas

* Ukraine's leading energy company, Naftogaz Ukrainy, will implement all the terms of its contracts for the transit of Russian natural gas to Europe, company CEO Alexei Ivchenko said

* President Putin criticized how the Russia-Ukraine dispute over gas prices had turned into a bilateral crisis

* Russian Prime Minister Mikhail Fradkov signed a government resolution lifting the "ring fence" from around Russian energy giant Gazprom's shares, thereby enabling foreigners to buy stock, the government press service said

* Gazprom said it would buy 30 billion cubic meters of natural gas at $65 per 1,000 cu m from Turkmenistan in 2006

* Russian state-owned oil company Rosneft said:

- Its net profit will reach 146.6 billion rubles (about $5.1 billion) in 2005

- It will produce 74.6 million metric tons of oil and gas condensate and 13.1 billion cubic meters of gas in 2005

- It is planning to consolidate its 12 major subsidiaries in the first half of 2006, and to IPO in the second half of next year

- Its debt to financial institutions will not exceed $10.8 billion, excluding the disputed liabilities of Yuganskneftegaz, the former core production unit of embattled oil company Yukos

- It plans to double its oil deliveries to China

* The Ministry of Economic Development and Trade proposed lower tax rates for oil and oil products of higher quality

* Azerbaijan's energy company Azerenergy said the country could refuse to continue buying electricity from Russia if no price compromise was reached

* The Georgian prime minister said Georgia had not yet decided to sell its trunk pipeline to Gazprom

* The Russian Finance Ministry said The Stabilization Fund, which Russia had set up to accumulate surplus revenues from high world oil prices, totaled over $47 billion as of December 27

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