Business in Brief

TNK-BP Meeting Boycott



Representatives of the Russian billionaires who own half of TNK-BP will attend a July 26 annual shareholders meeting, reversing an earlier decision to boycott the gathering, they said in a statement Wednesday.

Four directors who sit on TNK-BP Holding's board will not, however, seek reappointment, they said, adding to the firm's management struggle with 50 percent shareholder BP. (MT)




Shuffle May Cost Mitvol



Vladimir Kirillov, head of the country's environmental watchdog, has submitted a document to the Natural Resources Ministry proposing to trim the agency by 29 positions, including one of his four deputies, agency sources told Interfax on Wednesday.

Oleg Mitvol, a deputy head at the agency who has had a stormy relationship with Kirillov, said he had not yet been told what his duties would be, the news agency said. Kirillov earlier had Mitvol's nameplate removed from his office, Interfax reported. (MT)




Federal Grid Chief to Resign



Andrei Rappoport, CEO of the Federal Grid Company, said Wednesday that he would resign at the end of the month.

"I promised that I would work in Federal Grid until the end of the energy reforms, and now think it correct to end my career in the company as it is reorganized," he said. (Bloomberg)




Tatneft '07 Profit Up 45%



Oil producer Tatneft said Wednesday that profit surged 45 percent last year.

Net income advanced to 43.3 billion rubles ($1.84 billion) from 29.8 billion rubles, the company said. Revenue rose 12 percent to 356.3 billion rubles. (Bloomberg)




Acron's 2007 Profit Doubles



Fertilizer maker Acron said Wednesday that profit more than doubled last year after fertilizer prices rose to records.

Net income climbed to 5.67 billion rubles ($240 million) from 2.46 billion rubles in 2006. (Bloomberg)




Vekselberg's Software Buy



Billionaire Viktor Vekselberg's Renova Capital investment fund said Wednesday that it agreed to acquire control of Prompt, a maker of translation and dictionary software.

Renova plans to finance Prompt's development from next month, the fund said. It did not reveal the transaction's terms. (Bloomberg)




GAZ '07 Profit Rises 29%



GAZ, the vehicle maker owned by billionaire Oleg Deripaska, said Wednesday that profit climbed 29 percent last year on higher domestic demand for trucks.

Net income rose to 6.54 billion rubles ($277 million) from 5.08 billion rubles in 2006, GAZ said. Sales rose 27 percent to 152.8 billion rubles. (Bloomberg)




For the Record



Google said Wednesday that online ad sales would jump fivefold in Russia to reach $1 billion in 2010. (Bloomberg)

E.On offered to trade some of its Gazprom shares for a stake in the Yuzhno-Russkoye gas project, Kommersant said Wednesday. (Bloomberg)

Russia will delay the introduction of differentiated duties on gasoline that set higher rates for low-quality fuel from 2009 to 2011, Kommersant reported Wednesday. (Bloomberg)