Business in Brief

Arrest Extension Overturned

Moscow City Court on Wednesday overturned an extension of the arrests of Sergei Nekrasov and Semyon Mogilevich, also known as Sergei Shnaider, in connection with a tax investigation of Arbat Prestige, Interfax reported.

Alexander Sadukov, a lawyer for Nekrasov, said the court ordered a reinvestigation but chose to leave his client and Mogilevich in custody until July 16, the news agency reported. The earlier court ruling had extended their arrests until September 23. (MT)

Transneft '07 Profit Up 18%

Transneft, the country's crude oil pipeline monopoly, said Wednesday that profit rose 18 percent in 2007.

Net income advanced to 64.7 billion rubles ($2.76 billion) from 54.9 billion rubles in the previous year under international financial reporting standards, the company said. (Bloomberg)

Nuclear Reactor Deal Signed

Russian Machines said Wednesday that it planned to invest as much as $500 million in a joint venture with Rosatom to build a so-called fourth generation nuclear reactor, Interfax reported.

The project's overall cost may reach $1 billion, said Vladimir Petrochenko, a Russian Machines official, the news service reported. The venture will be owned on a parity basis. (Bloomberg)

Silvinit to Limit Russia Price

The Federal Anti-Monopoly Service signed an agreement Wednesday with Russia's biggest potash producer, Silvinit, to limit domestic prices for the nutrient.

Silvinit said it agreed to sell 5 percent of its annual output via a domestic commodity exchange. It will also sell the nutrient to local farmers for 30 percent less than the "standard" price on condition the product is not resold. (Bloomberg)

Gazprom-Libya Venture

Gazprom agreed Wednesday to set up a joint venture with Libya to modernize oil refineries and build new plants.

Gazprom CEO Alexei Miller met with Libyan leader Colonel Muammar Qaddafi and Shokri Ghanem, the chairman of state-run National Oil Corp., Gazprom said. The company also offered to buy all of Libya's oil and natural gas destined for export. (Bloomberg)

For the Record

Billionaire Alexei Mordashov bought a 70 million euro ($110 million) stake in tourism firm TUI, sending the stock up 5.4 percent. (Bloomberg)

Rosoboronexport signed a deal at an arms fair in Nizhny Tagil on Wednesday to import thermal-imaging equipment from French firm Thales Internacionale for "several million euros," Interfax reported. (MT)

Metalloinvest said Wednesday that it won orders from Magnitogorsk Iron & Steel, Tulachermet, and Ukraine's Mariupolsk Metals Plant. (Bloomberg)

Razgulyai Group said Wednesday that it would raise up to $233 million in a sale of new shares. (Bloomberg)

The European Parliament on Wednesday rejected the forced breakup of gas firms or the removal of their network-management role. (Bloomberg)

A Kazakh-Chinese venture started building the Kazakh stretch of a gas pipeline to provide 30 billion cubic meters per year for China. (Bloomberg)

Italian utilities Enia, Ascopiave and Linea Group are discussing the possibility of creating a gas sales venture in Italy with Gazprom. (Reuters)