Business in Brief
- By Unknown
- Sep. 24 2008 00:00
Raspadskaya Profits Soar
Raspadskaya said Tuesday that net profit in the first half of the year rose 186 percent to $262 million from the same period a year ago on high coal prices.
Sergei Donskoi, a metals and mining analyst at Troika Dialog brokerage, said the Federal Anti-Monopoly Service's decision earlier this month to fine Raspadskaya about $4 million for price fixing in the domestic coking coal market, along with an agreement to lower prices for Russian clients, would not have a serious impact on its full-year results.
"They have reduced prices by less than 5 percent," Donskoi said. "That was apparently enough to satisfy the anti-monopoly authorities." (Reuters)
Jet Plant for Ulyanovsk
Eclipse Aviation, a U.S. maker of ultralight planes, said Tuesday that it received approval from the Development Bank to build a plant in Ulyanovsk with a projected capacity of 800 jets per year.
The lender, also known as Vneshekonombank, said it expected to finance the project "in full, with a total value of $205 million," Eclipse said in a statement on its web site. The bank and the Ulyanovsk regional government will be among the venture's shareholders, the statement said. (MT)
OGK-3 Seeks Coal Miners
OGK-3 said Tuesday that it planned to acquire coal-mining companies and develop untapped deposits of the fuel to cut electricity production costs.
The board of the generator adopted a fuel strategy that revolves around building up its own coal assets, OGK-3 said, without elaborating. (Bloomberg)
State Not Yet Buying Shares
The government is not already buying shares with budget money earmarked to the falling stock market, a senior government source said Tuesday after shares in state companies outperformed the market.
Shares in state-controlled companies saw a surge of demand late on Tuesday, sparking speculation that the government was buying shares under a market bailout plan, traders said. (Reuters)
RZD Rail Link to Helsinki
ST. PETERSBURG -- Russian Railways said Tuesday that it received 27.9 billion rubles ($1.1 billion) of state money to build a high-speed rail link to Helsinki.
The link will start in St. Petersburg, and will be paid for by the state's investment fund, Russian Railways said. The company got an additional 17.6 billion rubles for line reconstruction near the border with China. (Bloomberg)
Yushchenko Urges Gas Deal
KIEV -- Ukrainian President Viktor Yushchenko has urged the country's government to sign a contract for gas shipments from Gazprom for domestic use in 2009, a move that would ensure stability of flows to Europe.
"These talks should be finished as soon as possible," Yushchenko said. "We should not wait until December, because December is when the political component dominates." (Bloomberg)
New Oil and Gas Fields
The Natural Resources and Environment Ministry on Tuesday approved an exploration licensing round for 13 oil and gas fields in western Siberia.
The deposits, located in the Yamal-Nenets autonomous district, include the western Tychelsky license area with estimated resources of 12 million tons of oil and 40 billion cubic meters of gas, the ministry said. Applications for exploration rights will be accepted through Nov. 24. (Bloomberg)