Business in Brief

New Sistema, MTS CEOs

Sistema's board of directors on Thursday named Leonid Melamed as the company's president and CEO.

Melamed is the former head of Mobile TeleSystems, the country's No. 1 mobile phone operator and a subsidiary of Sistema. The board also appointed Mikhail Shamolin, a vice president at MTS Russia, to replace Melamed. (MT)

Russia's Largest Tanker

Sovkomflot, the country's biggest shipper, and Gazprom plan to build the nation's largest tanker to store oil produced in the Arctic region.

The vessel, to be built after 2010, "will be even bigger" than Rosneft's 2.5-million-barrel Belokamenka, the largest oil tanker to arrive in Russia, said Yury Komarov, head of Gazprom exploration unit Sevmorneftegaz. (Bloomberg)

Odessa-Brody Pipe Reversal

Ukraine plans to reverse the Odessa-Brody pipeline to send oil to the Druzhba pipeline in Central Europe, instead of the Black Sea, starting July 1, a government official said Thursday.

The pipeline will carry oil from Azerbaijan once the flow is reversed, said Sergiy Korsunsky, chief of economic cooperation in the Ukrainian Foreign Ministry. (Bloomberg)

New Caspian Oil Find

LUKoil, the country's largest independent crude producer, and Gazprom found a "major" oil field after drilling the first exploration well at the Tsentralnaya site in the Caspian Sea.

"The well gushed a fountain of low-sulfur oil during field tests," the companies said Thursday. (Bloomberg)

Greenhouse Rights Boosted

OSLO -- Russia has won rights to emit or sell licenses for extra greenhouse gases equivalent to France's total annual output, after revisions to Soviet-era data underpinning a UN climate pact, official documents show.

A 2007 review raised Russia's emissions ceiling under the United Nations' Kyoto Protocol for combating climate change by 107 million tons per year to 3.32 billion tons, or 535 million tons extra from 2008 to 2012. (Reuters)

Countries Sign Arctic Pledge

COPENHAGEN -- The United States, Russia, Canada, Norway and Denmark, the countries bordering the Arctic Ocean, pledged to honor international law and work to reduce tension as they all seek ownership of natural resources in North Pole waters.

The five countries will work for an "orderly settlement" of their claims, their governments said. (Bloomberg)

For the Record

Mechel, the coal miner and steelmaker controlled by Russian billionaire Igor Zyuzin, said Thursday that full-year profit rose 51 percent on higher output and prices. (Bloomberg)

Gazprom halted talks on acquiring coal producer SUEK, Vedomosti reported Thursday. (Bloomberg)

Da Vinci Capital Management raised about $110 million for one of its funds in a listing in London. (Bloomberg)

Airbus said Thursday that Russian carrier KD Avia pledged to buy 25 short-haul airliners worth $1.76 billion at list price. (Bloomberg)

Russia has "problems" attracting new investors after legislation tightened controls on strategic industries, said Peter Hambro, executive chairman of Peter Hambro Mining. (Bloomberg)