Business in Brief

Glavmosstroi Stays in Favor

Basic Element CEO Oleg Deripaska will remain head of the debt-ridden Glavmosstroi construction company, Interfax reported Monday.

Mayor Yury Luzhkov assured Deripaska at a meeting Friday that no one would try to bankrupt Glavmosstroi, which is facing over 2 billion rubles ($57.8 million) of creditors' claims, a source told Interfax.

Glavmosstroi will also remain in competition for city contracts, the source said. (MT)

GAZ to Restructure Debt

Carmaker GAZ is seeking to restructure part of its debt, the company said Monday after failing last week to meet obligations under a put option of its ruble bond.

It did not specify how much of the 5 billion ruble ($144.7 million) debut bond it hopes to restructure and has not disclosed the value of bonds presented for buyback on Thursday. (Reuters)

Boeing's Titanium Purchases

Boeing will maintain planned purchases of titanium in the coming years, said Sergei Kravchenko, the head of the firm's Russia operations, where it sources the raw material.

Boeing agreed at the end of 2007 to buy $1 billion of titanium components from 2011 through 2015 from VSMPO-Avisma as it seeks to make lighter aircraft. Boeing plans to spend $18 billion on raw materials in Russia in the coming decades and $27 billion in 30 years, Kravchenko said. (Bloomberg)

A Theme Park in Cyprus?

Russian investors are considering the creation of a theme park in Cyprus, a traditional gateway for Russian investment overseas, Cypriot Finance Minister Charilaos Stavrakis said Monday.

Several Russian entrepreneurs are keen to develop a very large theme park in the town of Pyla, and Cyprus has given them information and initial estimates on the cost of such a project. (Bloomberg)

Udokan Payments Stretched

Metalloinvest and Russian Technologies are stretching the payment for the Udokan copper field permit over the next six months, Interfax said.

The companies agreed to pay the 15 billion rubles ($440 million) they bid at the September auction in installments, the news agency said, citing Anatoly Ledovskikh, head of the Federal Subsoil Use Agency. (Bloomberg)

Airline Passengers Decrease

Russian airline passenger numbers plunged the most on record last month as the country's first economic contraction in a decade cut demand for travel.

Carriers flew 2.5 million passengers in January, 19 percent less than the 3.1 million flown in the same month last year, according to federal transportation agency data. (Bloomberg)

For the Record

Russia has $20 billion of arms-export orders, Rosoboronexport said, Interfax reported Monday.

India and China remain the largest buyers of Russian arms. (Bloomberg)

Russia is working toward creating a state reserve to buy crude from producers when prices are low, potentially removing up to 16 million tons of oil from export markets, Deputy Prime Minister Igor Sechin said Monday. (Reuters)