Business in Brief

Sergei Sai Dies at 55



The former head of the Natural Resource Ministry's environmental watchdog died of a heart attack over the weekend, Interfax said Monday. He was 55.

Sergei Sai resigned as head of the agency in January, saying he was unable to control his staff, which included controversial deputy Oleg Mitvol. He was replaced by Vladimir Kirillov, who has been embroiled in a leadership dispute with Mitvol since. Sai was a career geologist who headed the agency for 1 1/2 years. (MT)




TNK-BP Work Permits



The Federal Migration Service has prepared a total of 48 work permits for foreign staff at BP's Russian venture, TNK-BP.

TNK-BP declined to extend the contract of one employee who was not issued a work permit, service spokesman Konstantin Poltaranin said Monday. The service said July 2 that it planned to issue 49 work permits. (Bloomberg)




VTB Sells Alrosa Stake



VTB Group, the country's second-largest bank, said Monday that it sold its 10.63 percent stake in Alrosa, Russia's state-owned diamond mining monopoly.

The transaction is part of an agreement with the Federal Property Management Agency, VTB said. The Alrosa shares passed to the federal agency in a swap transaction for other federal property, the resale of which raised 8.7 billion rubles ($380 million), an official for the bank said. (Bloomberg)




Jet-Fuel Measures Planned



ST. PETERSBURG -- The government will set limits on fees jet-fuel filling stations can charge at airports in an effort to cap rising prices for aviation fuel, Interfax reported Monday.

The Federal Service for Financial Markets also proposed that producers sell jet fuel on commodities exchanges, Deputy Prime Minister Sergei Ivanov said, the news service reported. Test trading of jet fuel will begin this month at the St. Petersburg commodities exchange, Ivanov said. (Bloomberg)




PSA Deals Miss Targets



The country's three oil and gas developments working under production-sharing agreements failed to meet 2007 crude output targets, the Audit Chamber said Monday.

The three projects are ExxonMobil-led Sakhalin-1, Gazprom-run Sakhalin-2 and the Total-operated Kharyaga project. (Bloomberg)




Sheremetyevo's Board



ST. PETERSBURG -- Sheremetyevo Airport, the country's second largest, will add three independent board directors as Russia seeks to overhaul corporate governance at state-owned companies.

Ruben Vardanyan, chairman of Troika Dialog, Anna Belova, deputy general director of Siberian Coal and Energy Company and Vladimir Dmitriyev, chairman of Vneshekonombank, will join Sheremetyevo's board, the airport said. (Bloomberg)




New Nuclear Turbine Plan



Power Machines, the country's biggest supplier of equipment for the electricity industry, said Monday that it planned to develop and produce a new turbine for nuclear power reactors, challenging France's Alstom.

The engineering company wants to complete the draft design for a so-called half-speed turbine with a 1,200-megawatt capacity in 2009 and begin production at the end of 2013, Power Machines said. (Bloomberg)