Business in Brief

New Inflation Target in July



OSAKA, Japan -- Russia may revise its 10.5 percent inflation rate target for 2008 next month as consumer demand outpaces economic growth, Finance Minister Alexei Kudrin said Saturday.

"In July, we will have a new outlook," Kudrin said in Japan after meeting with his G8 counterparts. "For now we're sticking to the current goal," which may be maintained, he said. (Bloomberg)




Tatneft Taps Korean Builder



SEOUL, South Korea -- GS Engineering & Construction, South Korea's third-largest builder, said Friday that it won a $400 million contract to build an oil refinery in central Russia.

GS Engineering received the order from Taneco, a unit of Tatneft, as part of a $900 million refining project being built by a group of companies, the Seoul-based company said. The refinery, being built in the republic of Tatarstan, will have a capacity of 150,000 barrels per day when it is completed by April 2011, the company said. (Bloomberg)




Deripaska's Udokan Bid



Billionaire Oleg Deripaska has bid for the right to develop the country's largest untapped copper field in a contest that will also include Norilsk Nickel and Russian Railways.

Strikeforce Mining and Resources, the mining arm of Deripaska's Basic Element company, said Wednesday that it submitted a bid to participate in next month's tender for the Udokan deposit, which contains over 13 million tons of copper. (Reuters)




Cameco's Uranium Costs



TORONTO -- Cameco said Wednesday that it and its two partners agreed to pay more for some of the uranium they obtain from dismantled Russian nuclear weapons, starting in 2011.

Existing volumes available to the Canadian company under the arrangement will not change, and the new pricing structure does not affect the 2008-2010 period, said Cameco, the world's largest uranium producer. (Reuters)




Gas Prices Seen Rising More



LEIPZIG, Germany -- Gazprom expects gas prices to keep rising, dragged higher by oil, chief executive Alexei Miller said Wednesday.

The price for 1,000 cubic meters of gas is already $410, one-third more than Gazprom's prediction last year of $310, he said. "The tendency for a rising gas price is set to hold on." (Reuters)




For the Record



Slovenia will probably sign an accord this summer with Gazprom to allow the proposed South Stream pipeline to cross its territory, Economy Minister Andrej Vizjak said. (Bloomberg)

Billionaire Alexei Mordashov on Wednesday denied agreeing with fellow TUI shareholder John Fredriksen that money raised from selling the tour operator's Hapag-Lloyd shipping unit should be paid as a dividend. (Bloomberg)

SPI Group appointed Lehman Brothers Holdings to find a buyer for its stake in the Stolichnaya vodka brand, The Sunday Telegraph reported. (Bloomberg)

Gazprom wants to oust RosUkrEnergo from the Polish market, where it supplies 20 percent of the country's gas, Polish Economy Minister Waldemar Pawlak said, Delo newspaper reported Thursday. (Bloomberg)

Gazprom may commission Austria's A-Tec Industries to modernize seven of its Russian power plants, Format magazine reported Thursday. (Bloomberg)