Hey, Irwin...
Did you notice that Russia was the only emerging market that was up in your index on Friday? Shouldn't have been hard to spot that bit of green in the sea of red...
Well, I did some digging and found a couple articles that might help explain why...
The BBC reported late Thursday that Russia's new president, Dmitry Medvedev, is headed to Kazakhstan. It's his first stop on his first trip as the new president. And what's first on the agenda? Oil.
K-stan exports most of its oil through Russian pipelines. That means a great deal of revenue for Medvedev and friends. We'll see if K-stan signs a long-term deal with Russia or not, but you certainly can't ignore Russia's influence in the region.
Kazakhstan isn't the only place Russia's looking to boost revenue - and influence.
The Russian News and Information Agency, Novosti, announced, "Russian oil and gas companies are interested in developing the Mediterranean region."
In fact, one Russian company has already bought a 50% stake in the El-Arish offshore concession agreement in Egypt.
Russia wants to consolidate its power over energy resources in Asia, and extend its influence in Western markets, too. I think these announcements are just the beginning, and you'll start to hear more about investing in the Russian oil and gas industry.
Sara Nunnally
