Business in Brief
- By Unknown
- Nov. 26 2007 00:00
Evraz Secures $3.2Bln Loan
Evraz Group, the country's largest steel maker by domestic volume, has secured a $3.2 billion structured multi-tranche credit facility from a group of 10 banks led by ABN-AMRO, the company said Friday.
Evraz said in a statement that the loan had an interest rate of LIBOR plus 1.8 percent and comprises a $2.7 million, five-year tranche and a $500 million, three-year tranche. (Reuters)
Gazprom OGK-6 Offer
Gazprom has offered to pay over market price to acquire half the equity offered through an additional share issue in power company OGK-6, a source close to the transaction said Friday.
The shares, which Gazprom has offered to buy at 3.7 rubles (15 cents) per share, would be enough to give the gas company control of OGK-6, one of several companies being spun off from former power monopoly Unified Energy System. (Reuters)
Enel May Buy Into OGK-5
ROME -- Gazprom may sell its 5 percent stake in power generator OGK-5 to Enel, Italian newspaper Finanza e Mercati reported Friday, citing people familiar with the situation in Moscow.
Gazprom would sell Enel the stake it got from the Russian government in September and register a gain of 194 million euros ($288 million), Finanza e Mercati said.
Enel, Italy's biggest utility, on Nov. 15 offered as much as 98.4 billion rubles ($4 billion) to buy the stock it doesn't already own in OGK-5. (Bloomberg)
Rosneft in Chinese Refining
SHANGHAI -- China National Petroleum Corporation and Rosneft will jointly build an oil refinery in the northern Chinese city of Tianjin, Xinhua News Agency said Friday, without saying where it got the information.
The plant will be able to process 10 million metric tons of crude every year, the state-run news agency said. The refinery, pending approval from the Chinese state government, may be in the Binhai Industrial Zone, it said. (Bloomberg)
Gazprom Eyes German Firm
Gazprom and Electricite de France have their sights on RWE, Germany's second-largest utility, the Financial Times Deutschland reported Friday, without saying where it got the information.
With a market capitalization of 52 billion euros ($78 billion), RWE is affordable, the newspaper wrote, citing Matthias Heck, an analyst at Sal. Oppenheim Jr. (Bloomberg)
Ritek Shares Manipulated
The Federal Financial Markets Service said preferred shares of oil producer Ritek were manipulated.
The regulator said Palmaris Holding Limited had manipulated Ritek stock, according to a release from the Russian markets watchdog. No further details were disclosed.
Ritek is an oil company mostly controlled by LUKoil. (Bloomberg)
West Siberian License Safe
West Siberian Resources, the Stockholm-traded Russian oil producer, is not under threat of losing the license to its biggest field, the Natural Resources Ministry said Friday.
West Siberian's Nortoil unit pledged to start initial production at the Kolvinskoye field in Russia's far north by the end of the year in compliance with its license, after an October inspection found the unit may be behind schedule, the ministry said. (Bloomberg)
Brazilian Beef Ban Over
SAO PAOLO, Brazil -- Russia, the biggest importer of Brazilian beef, ended its partial embargo on meat from the South American country, Brazil's agriculture ministry said Friday in a statement.
Russia had banned purchases of beef from some Brazilian states because of foot-and-mouth disease. (Bloomberg)
Kashagan Deal Nearing
ROME -- Kazakhstan expects to reach an agreement with Eni and partners developing the Kashagan oil field by Nov. 30 that will give the state a larger share of the deposit's profit, Deputy Finance Minister Daulet Ergozhin said Saturday.
"They have to present a real proposal that brings mutual benefits to both parties," Ergozhin said. "On Nov. 30 we expect to see the exact numbers." (Bloomberg)
PSA Car Plant Awaited
TRNAVA, Slovakia -- French carmaker PSA Peugeot Citroen will decide at the end of this year where it will start production in Russia and whether it will invest alone or with a partner, the company's chief executive Christian Streiff said Friday.
Streiff said the company was deciding between two possible sites for the greenfield factory, which should make 150,000 cars in an initial phase due to start in 2010. In a second phase, PSA Peugeot Citroen would make 300,000 cars annually starting in 2012 or 2013, he said. (Reuters)
Coal Field Stake for Sale
Vostochnaya Stroitelnaya Kontraktnaya Korporatsia began a tender for the sale of its stake in the Elga coal field, Kommersant reported Friday.
The company, also known as VSKK, is offering 28.8 percent in Elga at the starting price of $210 million to $230 million, Kommersant reported, citing unidentified bankers familiar with the plan. Dresdner Kleinwort Wasserstein is managing the sale, the newspaper said. (Bloomberg)