Business in Brief

Russia Buys CPC Stake

The Federal Property Agency bought Oman's 7 percent stake in the Caspian Pipeline Consortium, state television station said Wednesday.

The pipeline carries crude from Kazakhstan's Tengiz oil field to Novorossiisk for export.

Last week, at a meeting with Kazakh President Nursultan Nazarbayev, Putin replied to a suggestion from the Kazakh leader that their two nations jointly buy the 7 percent stake by saying, "I'm not entirely sure, but it seems to me we have already bought it. I need to check." (Bloomberg, MT)

Metalloinvest to Cut Week

Metalloinvest will reduce its working week and lay off some employees, CEO Maxim Gubiyev said at a meeting with Belgorod Governor Yevgeny Savchenko, the web site reported. The information was not confirmed by the company.

Metalloinvest, the country's biggest iron ore producer, will not suspend any of its investment projects and will abide by all of its obligations to its employees, Guboyev said. (MT)

Sheremetyevo's Airport Stake

The government will transfer its controlling stake in Vladivostok International Airport to Sheremetyevo Airport, Interfax reported Wednesday.

The 52.16 percent stake will be transferred in exchange for an additional share issue of Sheremetyevo, which is 100 percent owned by the government.

Sheremetyevo management has come out in support of the creation of a holding company of the country's airports based on Sheremetyevo. (MT)

Inter RAO to Use Rubles

Inter RAO will switch its account settlements to rubles in accordance with instructions from Energy Minister Sergei Shmatko, Interfax reported Wednesday.

The change will start with countries of the Commonwealth of Independent States and will follow with other partners, said the firm's spokesman, Boris Zverev.

Only 35 percent of its settlements are currently in rubles, Zverev said. (MT)

Gazprom in Gas Hub Deal

VIENNA -- Austrian oil and gas group OMV and Gazprom will develop a Central European gas hub and exchange in a deal expected in 2009.

OMV and Gazprom will each own 30 percent of the joint venture, set up together with the Vienna Stock Exchange and Austrian gas group Centrex Europe Energy & Gas, which will each own 20 percent. (Reuters)

Dixy Completes Buyback

Dixy Group said it completed a mandatory share buyback of 354 million rubles ($13 million).

The company bought 969,886 shares from shareholders as of July 14 at a price of 367.16 rubles apiece, Moscow-based Dixy said Wednesday. The buyback was required by law after shareholders approved issuance of new shares, according to the statement. (Bloomberg)

Baku-Supsa to Open Soon

BP plans to start the Baku-Supsa pipeline, which transports crude from Azerbaijan to Georgia's Black Sea coast, in the "very, very near future."

The pipeline may start Wednesday or Thursday, BP spokeswoman Tamam Bayatly said. Its partners began pumping Tengiz crude oil last week through the also BP-led Baku-Tbilisi-Ceyhan pipeline, which is being supplied by tankers from a Chevron project in Kazakhstan. (Bloomberg)