Articles by Torrey Clark

Lebedev Slams Putin's Anti-Crisis Strategy

  • 30 January 09
  • Bloomberg
Alexander Lebedev, the Russian millionaire who bought London's Evening Standard newspaper last week, said on Thursday that Prime Minister Vladimir Putin's strategy for economic recovery is based on cronyism and is fueling corruption.

Budget Figures Hint At Looming Deficit

  • 21 January 09
  • Bloomberg
Russia's budget surplus narrowed in December after an end-of-year spending increase, evidence that the government is heading for its first deficit in a decade this year.

6 Big Firms May Buy Back $17Bln of Stock

  • 16 September 08
  • Bloomberg
Energy and metals giants say they can or will buy back shares with cash to help falling markets.

Tetlis Suit Could Cost BP $400M

  • 23 May 08
  • Bloomberg
BP may have to repay its Russian venture, TNK-BP, more than $400 million after a minority shareholder sued in Siberia to annul an employment contract between the two oil producers.

Hermitage Says Raid Led to Identity Theft

  • 07 April 08
  • Bloomberg
Hermitage Capital Management, the $3 billion hedge fund run by William Browder, says it is a victim of corporate identity theft, according to legal filings sent to prosecutors in Russia and the Channel Islands. Hermitage says the attack began with an inquiry by Moscow tax officials into a Cyprus-based account it managed. Last June, Interior Ministry investigators raided the Moscow offices of Hermitage and its lawyers at Firestone & Duncan, according to court filings by a unit of HSBC Holdings, the trustee and administrator of the fund. They took Hermitage's corporate seal, tax registration and charter, according to the filings.

Transneft's Donations Outweigh Dividends

  • 24 March 08
  • Bloomberg
Transneft, the state-controlled crude oil pipeline monopoly, gave 14 times more money to charity in the third quarter of last year than it paid in dividends to its private shareholders for all of 2006.

Rosneft Considers Fuel Plant in South Africa

  • 19 March 07
  • Bloomberg
State-run oil company Rosneft is considering whether to build a plant to manufacture liquid fuel from natural gas after holding talks with South African producers, Sasol and PetroSA.

Fields Eyed by Exxon to Be Sold Off

  • 07 March 07
  • Bloomberg
The state will auction off Far East oil prospects that ExxonMobil sought to include in its $17 billion Sakhalin-1 project.

Sakhalin-2 Partners to Pay $3.6Bln

  • 29 December 06
  • Bloomberg
Shell and its Japanese partners will take on $3.6 billion in costs themselves to develop the Sakhalin-2 oil and gas project, lowering the amount state-run Gazprom will spend to join the project and hastening the state's share in the profit.

Total Oil Field Under Scrutiny

  • 22 December 06
  • Bloomberg
The subsoil agency says the oil major’s reserves at its Kharyaga field have not been properly assessed.

Fyodorov Starts Private Equity Fund

  • 07 February 06
  • Bloomberg
Boris Fyodorov, a former finance minister, started a private equity fund to invest in nonstate companies after Deutsche Bank bought United Financial Group, the investment bank he co-founded.

Rest of UFG Sold to Deutsche Bank

  • 06 December 05
  • Bloomberg
Deutsche Bank, Germany's biggest bank, has agreed to buy the remaining 60 percent of United Financial Group as Moscow's rising stock market attracts investment from some of Wall Street's largest securities firms.

Gazprom Seals Energy Pact in Japan

  • 22 November 05
  • Bloomberg
Japan, the world's third-biggest oil consumer, and Gazprom on Monday signed an agreement on energy cooperation that would include developing oil and gas fields and liquefied natural gas projects in Russia's east.

LUKoil to Raise Arctic Crude Output

  • 27 October 05
  • Bloomberg
LUKoil, Russia's largest oil company, and ConocoPhillips plan to increase average daily crude oil output in the Arctic Timan-Pechora region by about 5.4 percent this year.

Kazakhs Approve LUKoil's Bid for Nelson

  • 24 October 05
  • Bloomberg
LUKoil, Russia's largest oil company, has received approval from the Kazakh government for a $2 billion bid for Nelson Resources, which pumps oil in Kazakhstan, as the company expands in Central Asia and the Caspian.

Airbus Seeks Russian Investment for A350

  • 10 October 05
  • Bloomberg
Airbus, the world's biggest maker of commercial aircraft, offered Russia's aerospace industry as much as a 3 percent stake in its new A350 airliner.

LUKoil Soothing Iraq With $5M Donation

  • 13 September 05
  • Bloomberg
LUKoil, Russia's biggest oil producer, is sending $5 million worth of aid to Iraq's Oil Ministry this year, as the Iraqi government warned Russia to change its policies or be frozen out of new oil contracts.

Gazprom Seeks Loan to Acquire Sibneft

  • 18 August 05
  • Bloomberg
Gazprom plans to buy control of Sibneft and will borrow $10 billion to fund the acquisition from billionaire Roman Abramovich, bankers involved in the talks said.

Sibneft Votes to Seize Control of Yugraneft

  • 02 August 05
  • Bloomberg
Sibneft, Roman Abramovich's oil producer, said it took over external management of a Sibir Energy unit that's seeking to regain 49 percent of Sibneft's fastest-growing oilfield.

Ruling Could Delay Sakhalin Shipments

  • 01 August 05
  • Bloomberg
The Royal Dutch Shell-led venture on Sakhalin Island may face delays on plans to sell liquefied natural gas to Asia after losing an appeal to reinstate environmental approval, ecologists said.

Tatneft Reveals Itself as Generous Lender

  • 18 July 05
  • Bloomberg
Tatneft, Russia's sixth-largest oil producer, granted 4.2 billion ($145 million) rubles in cheap loans to Tatarstan, saying the local government had ""considerable influence"" over the company.

Arctic Plan May Tap Norwegian Expertise

  • 17 May 05
  • Bloomberg
Trutnev says Russia is 'always open' to working together with Norway.

LUKoil Closing $1Bln Caspian Deal

  • 15 March 05
  • Bloomberg
LUKoil, Russia's biggest oil producer, and Kazakhstan's state-owned oil and gas company will invest $1 billion in a Caspian Sea oil and gas field as the Russian company expands works in the northern Caspian.

UES Board for Keeping State's Voice

  • 28 February 05
  • Bloomberg
The board of Unified Energy Systems, the national power utility, recommended that state representatives sit on the boards of new companies being created as the government breaks up UES to attract investment to the industry.

Court Deals Blow to Exxon Project

  • 07 February 05
  • Bloomberg
An ExxonMobil-led group that plans to invest about $12 billion in Russia's oil and gas fields in the Pacific suffered a setback when a Russian court canceled environmental approval for part of the project.

$1Bln Tax Bill Feeds New Yukos Anxiety

  • 26 January 05
  • Bloomberg
Yukos, which last month lost its largest unit to the government, said tax claims against its Samara-based subsidiary rose to 29 billion rubles ($1 billion) as the state makes demands on its remaining businesses.

East Siberian Oil 'Needs $20Bln'

  • 25 January 05
  • Bloomberg
Oil fields in eastern Siberia and the Far East will need investments of $20 billion in the next 45 years to produce enough oil to fill a pipeline to the Pacific coast, the Natural Resources Ministry said.

LUKoil Posts Record Profit in Q3

  • 12 January 05
  • Bloomberg
LUKoil, the country's biggest oil producer, doubled third-quarter profit by ramping up exports amid higher oil prices.

Senators Back Ban on Beer Drinking

  • 09 December 04
  • Bloomberg
The Federation Council on Wednesday passed a law that bans beer drinking in public, including parks, athletic events and public transportation, in a country where foreign brewers are expanding as sales slow in Western Europe.

S&P Readies to Downgrade Regions

Government efforts to smooth the vast budget imbalances among the regions will likely succeed -- leading to possible ratings downgrades for the wealthiest regions, Standard & Poor's warned in a report Wednesday.