Business in Brief
- By Unknown
- Nov. 26 2008 00:00
State May Cut With OPEC
Russia may coordinate oil production cuts with OPEC as the world's second-largest crude exporter reels from falling energy prices, Energy Minister Sergei Shmatko said in New Delhi on Tuesday.
"Issues of coordination are actually much wider than just cutting production," Shmatko said. "There will be an exchange of information on market developments and the finalization of investment programs." (Bloomberg)
Serbian Energy Deal in Place
Authorities pledged to adhere to all key elements of an energy agreement with Serbia that envisions the sale of state-owned Naftna Industrila Srbije to Gazprom and the development of a part of the South Stream gas pipeline, Serbian Interior Minister Ivica Dacic said, Vecernje Novosti reported.
Dacic said the government in Belgrade was insisting on firm pledges for development of the pipeline before it signs the deal. (Bloomberg)
Revival for Vozrozhdenie
Bank Vozrozhdeniye said profit more than doubled in the first nine months, Interfax reported.
Net income reached 2.5 billion rubles ($91 million) in the period, under international accounting standards, the bank said. (Bloomberg)
Oil Exports May Rise
The government sees crude oil exports rising 6.5 percent to 261 million tons in 2010 compared with this year.
Exports will advance from a forecast of 245 million tons in 2008, according to a document posted on the government's web site Tuesday. (Bloomberg)
Gazprom Eyes Brazil Fields
Gazprom may join Petroleo Brasileiro in developing fields in Brazil to expand its reach to Latin America.
The company could team up with Petrobras if the Brazilian company wins tenders for new oil and gas fields, Gazprom Deputy CEO Alexander Medvedev said Tuesday. (Bloomberg)
Spain Staying Out of Deal
Prime Minister Jose Luis Rodriguez Zapatero said Spain would not intervene in the possible purchase of Repsol shares by LUKoil after El Economista reported Tuesday that Spain has halted the deal.
"It is a business matter," Zapatero said in Madrid. (Bloomberg)
Turkmenistan Gets Bids
Turkmenistan said 60 companies are interested in bidding for offshore oil and gas blocks. The Central Asian nation is in the process of licensing the offshore areas, Turkmen Deputy Oil Minister Bairamgeldy Nedirov said in New Delhi on Tuesday. (Bloomberg)
For the Record
Polyus Gold has 22 companies in its sights as it seeks to acquire cash-strapped miners, the company's chairman Mikhail Prokhorov said. (Reuters)
Morgan Stanley downgraded mining firms Mechel and Belon because coking coal production may decline by at least 30 percent in the fourth quarter compared with the third as steelmakers cut output. (Bloomberg)
Norilsk Nickel signed a 278.8 million euro loan ($362.6 million) to fund the construction of four icebreaker ships to transport nickel from production units in the Arctic. (Bloomberg)