Business in Brief
- By Unknown
- Sep. 02 2008 00:00
Parole Ruling Appealed
Mikhail Khodorkovsky, the imprisoned former head of Yukos, submitted papers Monday to appeal a court ruling denying him parole, RIA-Novosti reported.
A Siberian court rejected Khodorkovsky's request for parole Aug. 22. The former executive is serving an eight-year sentence for fraud and tax evasion. (Bloomberg)
Uralkali H1 Profit Triples
Potash producer Uralkali, owned by billionaire Dmitry Rybolovlev, said Monday that first-half profit more than tripled on higher prices and sales to Brazil and southeast Asia.
Profit soared to 13.8 billion rubles ($560 million), the company said in a statement. Sales more than doubled to 28.6 billion rubles. (Bloomberg)
Mechel Cuts Domestic Price
Mechel has lowered prices on coking coal by 15 percent for several domestic companies, in line with orders from the Federal Anti-Monopoly Service, Interfax reported Monday.
Magnitogorsk Iron & Steel Works spokeswoman Yelena Azovtseva said the company had signed delivery deals with Mechel at the lowered price with a fixed delivery volume through the end of the year, the news agency reported. An industry source said a similar deal had been signed with Novolipetsk Steel, Interfax reported. (MT)
VimpelCom 3G Service
VimpelCom, the country's second-largest mobile-phone company, said Monday that it started third-generation wireless services that offer subscribers high-speed Internet access.
VimpelCom has rolled out 3G services in St. Petersburg, Nizhny Novgorod, Samara and Chelyabinsk, and plans to extend coverage to about 40 cities this year, spokeswoman Svetlana Anurova said. (Bloomberg)
TNK-BP Eyes Turkmenistan
TNK-BP, BP's Russian joint venture, may bid in Turkmenistan against Europe's second-largest crude producer and an alliance of LUKoil and ConocoPhillips as the country opens up to foreign oil companies.
"We are looking at all offshore and onshore blocks" in Turkmenistan, TNK-BP spokeswoman Marina Dracheva said. The venture might bid "independently from BP," she said. (Bloomberg)
BasEl-Japan Energy Deal
The energy unit of Oleg Deripaska's Basic Element holding company signed an accord to develop Russian energy projects with Japan Oil, Gas and Metals National Corporation as the Asian country seeks new imports.
Basic Element said energy unit EN+ and the state-owned Japanese company would form a venture to produce oil and gas. EN+ will take 51 percent of the new company. (Bloomberg)
For the Record
Inter RAO said Monday that it planned to move in on Jordan's power market by taking part in a tender for a wind-power installation. (Reuters)
Gazprom will shut the Yamal-Europe pipeline, running from Russia to Germany via Poland, Ukraine and Belarus, on Tuesday for maintenance lasting 30 hours, Gazprom and Poland said Monday. (Reuters)
The government is not currently preparing the privatization of Svyazinvest, Communications and Press Minister Igor Shchyogolev said Monday, Interfax reported. (Bloomberg)