Business in Brief
- By Unknown
- Oct. 24 2008 00:00
Probusinessbank Pulls Loan
Probusinessbank said Thursday that it pulled a $25 million, 364-day loan facility because of hard market conditions.
Commerzbank, Dresdner Kleinwort and VTB Bank started trying to sell the loan to other investors in September, according to the lender, which is the 66th-largest Russian bank by asset size, according to Interfax. (Bloomberg, MT)
Integra Seeks $300M Loan
Integra said Thursday that it applied for $300 million in loans through the European Bank for Reconstruction and Development to refinance debt and purchase equipment.
The EBRD may provide $75 million, while the rest would come from a group of banks, Integra said. The EBRD will review the project Dec. 9. (Bloomberg)
Tatneft H1 Profit Up 27%
Tatneft climbed in Moscow trading Thursday after first-half profit rose 27 percent.
Net income in the six months through June increased to 21 billion rubles ($780 million) from 16.5 billion rubles a year earlier, the company said. (Bloomberg)
Norilsk Cost-Cutting Group
Norilsk Nickel aims to cut costs as the financial crisis erodes demand for nickel.
"We have created a working group, which will meet Oct. 27 to discuss the proposals from our units on cutting costs," spokeswoman Erzhena Mintasova said Thursday. (Bloomberg)
Russian-Venezuelan Oil Firm
Gazprom will run an oil company being set up by Venezuela and several Russian counterparts, an executive said.
Petroleos de Venezuela was originally to control the venture. Both Venezuelan President Hugo Chavez and Energy Minister Sergei Shmatko said Venezuela would be in charge after national leaders signed the plans Sept. 26.
The new venture will also include Rosneft, TNK-BP, LUKoil and Surgutneftegaz. (Bloomberg)
No Rush to Influence Prices
Russia should play a bigger role in influencing global oil prices, but it will take some time before the country can become a swing producer, Energy Minister Sergei Shmatko said Thursday.
Shmatko said the country is working on technology to create an oil reserve to quickly change production levels, without saying how big the reserve could be. (Reuters)
New Director at Onexim
Mikhail Prokhorov's Onexim Group appointed Alexander Popov on Thursday as executive director to oversee its financial assets.
Popov, a former Rosbank CEO, will also become chairman of Prokhorov's MFK Bank and board director of Renaissance Capital, Rosbank Asset Management and insurer Soglasiye, Onexim said. (Bloomberg)
For the Record
Bank of Moscow said Thursday that first-half profit climbed 52 percent on increased lending. (Bloomberg)
TNK-BP said it had cut the price of jet fuel by 4.5 percent since the beginning of the month. (Bloomberg)
UralChem said profit soared more than 17-fold in the first half after it bought two plants. (Bloomberg)
Samokhval delayed an interest payment that was due Wednesday, co-owner Dmitry Kuvshinov said, Interfax reported (Bloomberg)