Business in Brief
- By Unknown
- Apr. 29 2008 00:00
Greece-Russia Pipeline Deal
Greece and Russia will sign a deal to cooperate on building a major gas pipeline, South Stream, when President Vladimir Putin meets Greek Prime Minister Costas Karamanlis this week, a Kremlin source said Monday.
The source said Karamanlis would meet Putin and his successor Dmitry Medvedev when he visits on April 29 and 30. (Reuters)
Chemezov's Udokan Team
Norilsk Nickel, Metalloinvest, and Russian Technologies have agreed in principle to bid for Udokan, the country's largest untapped copper field, Kommersant reported Monday.
The group wants to develop the deposit on equal terms, the newspaper reported, citing a letter to President Vladimir Putin from Sergei Chemezov, chief executive of state corporation Russian Technologies. (Bloomberg)
Austrians' $4.8Bln for Sochi
Austrian companies agreed to invest 3.1 billion euros ($4.8 billion) in the Black Sea region of Krasnodar as it develops infrastructure and prepares for the 2014 Winter Olympics.
ILF Consulting Engineers and Falkensteiner Group are among investors planning to spend a total of 450 million euros on the construction of hotels, apartments and shopping centers, the Krasnodar government said Monday. (Bloomberg)
Fortum's Buyout Offer
Fortum, Finland's largest utility, said Monday that it offered to buy out minority shareholders of generator TGK-10 at 111.8 rubles ($4.73) per share to gain full ownership of the company.
Fortum's mandatory offer to buy the 23.5 percent of TGK-10 it does not already own will last for 80 days after its Russian unit files the proposal with TGK-10's shareholders, the Finnish utility said. (Bloomberg)
ARMZ May Triple Output
State-owned miner Uranium Holding ARMZ may spend $8.6 billion to triple output with help from billionaire Oleg Deripaska, Canada's Cameco Corp. and Japan's Mitsui & Co, chief executive Vadim Zhivov said Monday.
ARMZ will use the money to produce 10,300 tons of uranium annually by 2015, equal to 25 percent of the global total in 2007, Zhivov said. (Bloomberg)
Gazprom Stadium Spending
ST. PETERSBURG -- Gazprom may pay for most of the new stadium being built for football club Zenit St. Petersburg after the venue's cost doubled to as much as 14 billion rubles ($593 million), said Alexander Dyukov, Gazprom Neft CEO and Zenit's president, Vedomosti reported.
The city government had planned to pay for the stadium from increased tax receipts after Gazprom units Sibur and Gazprom Neft registered as taxpayers in there, the newspaper said. Gazprom is Zenit's main sponsor. (Bloomberg)
For the Record
LUKoil CEO Vagit Alekperov said oil prices, which neared $120 a barrel Monday, may continue rising but at a slower pace than in the past six months. (Bloomberg)
Gazprom should expect to pay "about $200" per 1,000 cubic meters for Central Asian gas, Industry and Energy Minister Viktor Khristenko said, Vedomosti reported Monday. (Bloomberg)
Rosneft said Monday that it planned to raise its 2007 dividend by 20 percent to 1.6 rubles per share. (Bloomberg)