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FSUOGM                                         CONTENTS                                            FSUOGM



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                                                 FSU Oil & Gas Monitor





                         COMMENTARY
 KEEP                    Russia bets on gas in new strategy                                    4




                         Russian coffers take hit from profit-based oil tax system
                                                                                               6

                                                                                               7
                         NRG: Looking beyond the crisis
  YOUR                   PIPELINES & TRANSPORT                                               12






                         Turkish gas importers amass $2bn debt to Gazprom
 EYES                    Gazprom to settle $1.5bn arbitration award to PGNiG by July 1       13




                         PERFORMANCE


                                                                                             13
                         Gazprom swings to net loss in Q1
 ON                      Russian Urals oil back to break-even $42 mark                       14





                         POLICY

  THE                    Kazakhstan misses OPEC+ mark                                        15




                         PROJECTS & COMPANIES


                                                                                             15
                         Gazprom kicks off drilling at next Yamal project
 BALL                    INK wins new oil block in Krasnoyarsk                               16




                         Russian pipemakers could be supported by Gazprom’s order
                                                                                             16


                         NEWS IN BRIEF                                                        17


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