Shell banks on Russian energy revolution

In July Russia's President, Vladimir Putin, will welcome the leaders of the world's seven richest nations to Moscow. At the top of Russia's G8 agenda will be energy security. To many, this has the makings of a joke waiting for a punchline. After all it was the Russian leader who just last month ordered the state energy giant Gazprom to turn off the gas supply to neighbouring Ukraine, forcing an icy shiver down the spine of the Western world.

Here was petropower writ large. The Russian bear showed its teeth at a time when world oil supplies have rarely been less secure. Royal Dutch Shell's top man in Russia, Chris Finlayson, 49, momentarily saw the funny side too. In London this week, he allowed himself a brief spluttering guffaw when asked whether he believes President Putin's primary concern was global energy security.

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