Business in Brief
- By Unknown
- Sep. 09 2008 00:00
OGK-6's Coal Complaint
OGK-6, an electricity generator controlled by Gazprom, said Monday that it had filed a complaint against thermal coal producers in the Rostov region for abusing their monopoly position.
"The Federal Tariffs Service gave us the right to raise electricity prices 11 percent this year, which implied the coal price increasing 2.4 percent," a source in the company said. "Instead, the prices jumped 28 to 30 percent."
The complaint concerns the Novocherkassk power station, which is supplied with coal by Russky Ugol and Yuzhnaya Toplivnaya Kompania for 1,300 rubles ($51.13) per ton. The companies were not available for comment late Monday. (MT)
Gazprom Export Revenues
Gazprom has again revised upward its gas export revenue forecast for this year and sees sales exceeding $65 billion as European prices will hit an all-time high in the fourth quarter.
Deputy CEO Alexander Medvedev said he also hoped that a deal with BP and TNK-BP on an asset swap could be done before the end of this year.
"I announced in front of the shareholders meeting in June that we will [set] a new record and this record will be even higher than I announced," Medvedev said. (Reuters)
Canada Warned on LNG
Gazprom on Monday warned Canada that Russia could find an alternative market for its liquefied natural gas if Canada tries to hinder a deal over the Rabaska LNG project.
Canadian Prime Minister Stephen Harper said last month that commercial gas deals with Russia could be put at risk because of Russia's military action in Georgia. (Reuters)
Russia Hit on Energy Policy
ROME -- Russia aims to extend its control over energy deliveries to the West and it is important that European countries push forward on efforts to diversify routes for energy supplies, a senior U.S. official said Monday.
As Vice President Dick Cheney visited Italy to seek support for Georgia, the official said: "Russia has worked hard to try to corner the market, so to speak, and is working to foreclose options to transit for those energy products across Russia." (Reuters)
Raspadskaya Antitrust Fine
The Federal Anti-Monopoly Service said Monday that it would fine Raspadskaya, the country's second-largest producer of coking coal, for "abusing its dominant position in the market."
The penalty cannot exceed 2 percent of annual revenue, the watchdog said. Raspadskaya cooperated with the investigation and agreed to lower prices, which "will be taken into account," the regulator said. (Bloomberg)
Adidas-Football Union Deal
FRANKFURT -- Adidas has signed a deal to supply the Russian Football Union until 2018, the world's second-largest sports-goods maker said Monday, snagging the contract from rival Nike.
Adidas will supply all of the national teams, including the Olympic football team, from this month. (Reuters)
Turkey Out $500M in Spat
ANKARA, Turkey -- A trade dispute with Russia has cost Turkish companies $500 million, Foreign Trade Minister Kursad Tuzmen said, Milliyet newspaper reported.
Lengthy customs procedures imposed by Russian authorities are delaying the arrival of Turkish-made goods, Tuzmen said. (Bloomberg)