Business in Brief
- By Unknown
- Dec. 10 2007 00:00
Pipeline Security to Increase
Gazprom and Gasunie, the Dutch state-owned pipeline operator, agreed to cooperate on boosting the security of fuel transportation and storage in Europe, Gazprom said Friday.
Gazprom and Gasunie, partners in the planned Nord Stream project to build a link carrying gas under the Baltic Sea to Europe, also plan to work to improve the efficiency of pipeline networks, Gazprom said. Gazprom has an option for a 9 percent stake in the Gasunie-led Balgzand Bacton Line from the Netherlands to Britain. (Bloomberg)
Kashagan Stake May Rise
ALMATY, Kazakhstan -- Kazakh President Nursultan Nazarbayev said Friday that his country might increase its stake in the Kashagan oil project or seek compensation as the government tries to resolve a dispute over the biggest oil discovery in three decades.
"We have different ways to solve the Kashagan dispute," he said. "Either the partners will pay for Kazakhstan's losses or Kazakhstan will increase its stake in Kashagan." (Bloomberg)
Gas to Armenia Suspended
LONDON -- Russia suspended its natural gas supply to Armenia from Saturday until Tuesday for planned repair on the North Caucasus to South Caucasus trunk gas pipeline, Interfax reported Saturday, citing Gazprom's Armenian venture, ArmRosGazprom.
Reserves from the Armenian Abovian underground gas storage facility will be used to supply the Central Asian country throughout the repair period, Interfax said. (Bloomberg)
LUKoil Opens New Unit
LUKoil opened a new unit at its Volgograd refinery to boost output of higher-quality fuel, the company said in a statement Saturday.
The new unit will process as much as 385,000 tons of crude oil per year into high-quality gasoline, the statement said. The facility will enable LUKoil to start producing Euro-3 standard gasoline at the refinery from 2008.
The refinery on the Volga River produced 544,000 tons of high-octane gasoline last year, which accounted for 63 percent of the refinery's total gasoline output, LUKoil said. (Bloomberg)
First Busan Terminal Here
HONG KONG-- Busan Port Authority, the operator of South Korea's busiest dockyard, said it would build and operate a 100 billion won ($109 million) container terminal in Russia, to tap global trade demand with Asia, Busan Port said Friday.
Busan Port and three other South Korean companies will set up a venture with Far Eastern Transport Group of Russia to operate the terminal in Nakhodka, near Vladivostok, Busan Port said. (Bloomberg)
Possible Alcohol Sales Limits
The government has prepared proposals to restrict sales of alcoholic beverages to specialized stores or separate sections in supermarkets to help fight illegal selling, Vedomosti said Friday.
The proposals may be presented to President Vladimir Putin if they are approved by the Finance, Economic Development and Trade and Agriculture ministries and by the Federal Tax Service, the newspaper said, citing an unidentified Finance Ministry official. (Bloomberg)
VTB Profit May Be $800M
VTB is expected to report net profit of $800 million for the first nine months of 2007, compared with $816 million for the same period last year, according to a Reuters poll.
Net profit in the first half of 2007 was $504 million, slightly higher than analysts' forecasts, but fell 12.5 percent year on year. The poll of six analysts expects VTB's assets to reach $75 billion. (Reuters)