Business in Brief

Mirax's Moskva-City Stake

Billionaire Oleg Deripaska will sell more than half of the managing company for the Moskva-City business center project to Mirax Group, Vedomosti said Tuesday, citing an unidentified person close to Deripaska's company.

Mirax, a Moscow-based developer owned by Sergei Polonsky, has already bought 19 percent of the project, Vedomosti said.

Deripaska plans to buy more cement assets as his Basic Element holding company creates a construction division, spokesman Sergei Rybak said, the newspaper reported. (Bloomberg)

Port Buys Baltic Stevedore

Novorossiysk Commercial Sea Port, the country's largest port by cargo volume, bought complete control of Baltic Stevedore and said Tuesday that it planned to buy more assets in the northwest of the country to offer its clients more options.

Novorossiysk, in the south of the country, bought the 50 percent of container operator Baltic Stevedore that it did not already own for $10.8 million. (Bloomberg)

Imperial's Snezhnoye Field

Imperial Energy, a London-based oil producer with assets in Siberia, said Tuesday that it began shipping oil from its Snezhnoye field into the country's pipeline system, after opening a second link to the national network.

Imperial also received permission to build a third link to Transneft's pipelines in the fall, the oil producer said in a statement. (Bloomberg)

New VimpelCom Services

AMSTERDAM -- VimpelCom is banking on new services such as video-on-demand after its $4.3 billion purchase of Golden Telecom creates Russia's first integrated phone operator, CEO Alexander Izosimov said Monday.

"Video on the handset and video through the Internet, video-on-demand, will certainly be part of the exercise," Izosimov said. (Bloomberg)

Pensions Hurt by Inflation

Russian pension fund returns were less than half the rate of inflation last year, Vedomosti reported Tuesday.

Money managers' performances averaged 4.4 percent in 2007, compared with inflation of 11.9 percent, the newspaper reported, citing information from 56 pension fund companies. (Bloomberg)

Campbell to Make Broths

Campbell Soup will begin making broths in Russia to take advantage of demand in the world's second-biggest market for soup, the company said Tuesday.

Campbell will make broths with Joosten Products-JP, a Russian meat supplier, at a facility outside Moscow, Campbell's Russian unit said today in an e-mailed statement. (Bloomberg)

UES Values Moscow Assets

Unified Energy System valued the two Moscow power-grid companies it plans to merge, spokeswoman Margarita Nagoga said, Interfax reported

Moscow Regional Electricity Network was valued at 55.5 billion rubles ($2.25 billion), or 1.96 rubles a share, the news agency said. Moscow City Electricity Network was valued at 40.2 billion rubles, or 1.42 rubles a share, Interfax said. (Bloomberg)

For the Record

Russia exported a post-Soviet record $7 billion of arms in 2007, led by fighter jets, state arms trader Rosoboronexport said Tuesday. (Bloomberg)

Sweden said Tuesday that it needed additional information on the environmental consequences from the planned Nord Stream gas pipeline in the Baltic Sea. (Bloomberg)

Sheremetyevo Airport raised a $222 million loan to finance expansion of its second terminal, Hamburg-based HSH Nordbank said Tuesday. (Bloomberg)

Alrosa estimates its Russian diamond reserves are worth $109 billion, Interfax reported Tuesday. (Bloomberg)

Rostelecom said Tuesday that it had received a 1.8 billion ruble ($72.9 million) bill for back taxes for 2004 to 2006 and would dispute the claim in court. (Bloomberg)

Russia plans to join the World Trade Organization by next year, the country's deputy chief negotiator said Tuesday, Interfax reported. (Bloomberg)