Business in Brief

Usmanov New Fencing Boss

Billionaire Alisher Usmanov has been elected the new president of fencing's governing body.

Usmanov, who has a stake in English football club Arsenal, unseated incumbent Rene Roch to become president of the International Fencing Federation at its annual congress in Paris over the weekend.

The Switzerland-based FIE said Monday that a vote of national federations went 66-61 against Roch, a Frenchman who had been in office for 16 years. (AP)

Medvedev on Farm Loans

President Dmitry Medvedev said the state must "quite actively" subsidize loans to farmers amid the credit crunch, Interfax reported.

First Deputy Prime Minister Viktor Zubkov told Medvedev on Monday that the government may spend 200 billion rubles ($7.1 billion) to subsidize interest rates on farm loans at two-thirds of the Central Bank's refinancing rate, which rose to 13 percent on Dec. 1. (Bloomberg)

Russneft Licenses Revoked

Russia will revoke three production licenses belonging to Russian oil producer Russneft, a source in the Federal Subsoil Resource Use Agency said, Interfax reported.

The licenses, which belong to the company's Benodet Investments subsidiary, will be withdrawn as of Dec. 10 because of "significant violations in the terms of the licensing agreements," Interfax reported. (Bloomberg)

Ministry's Oil Outlook

Oil production will probably reach 530 million tons a year (10.6 million barrels a day) by 2030, Vitaly Bushuyev, head of the Energy Ministry's Institute of Energy Strategy, said Monday.

That would be an increase of about 8 percent over the current level of 9.82 million barrels a day. (Bloomberg)

Gazprom's Sales to Europe

Gazprom expects to ship 160 billion cubic meters of gas to Europe this year.

Sales to Europe will probably reach $64 billion on an average price for the year of about $400 for 1,000 cubic meters of gas, Dmitry Semyonov, deputy head of the company's international business department, said Monday. (Bloomberg)

TNK-BP Sees Exports Fall

TNK-BP expects crude oil exports to fall 6 percent to 30.3 million tons in 2008 as it refines more oil.

Exports of refined oil products will probably rise 13 percent this year compared with 2007, Jonathan Kollek, the company's vice president for sales, trading and logistics, said Monday. (Bloomberg)

RusHydro's Profit Up 41%

RusHydro said its first-half profit rose 41 percent on higher prices and output.

Net income advanced to 6.91 billion rubles ($250 million), or 3.64 kopeks per share, from 4.89 billion rubles, or 3.41 kopeks per share, a year earlier, it said Monday. (Bloomberg)

Putin Staffer to Join VEB

Prime Minister Vladimir Putin's deputy chief of staff Mikhail Kopeikin will join Vneshekonombank to help oversee the bailout funds being dispensed through the bank from Jan. 1, Kommersant said, citing unidentified government officials. (Bloomberg)