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. Last Updated: 07/27/2016

BUSINESS WEEK IN REVIEW: AssiDoman Pulls Out




Swedish forestry and paper group AssiDoman announced it would withdraw from the Segezhabumprom plant, one of Russia's largest pulp and paper plants, following a dispute with its Russian joint venture partners over financing.


The World Bank and the Russian government announced Monday unprecedented $100 million guarantees for the $2 billion Sea Launch project, which plans to start launching commercial satellites from a floating platform in the Pacific Ocean in October.


Spurred by dramatic success in the Moscow market, British American Tobacco has decided to expand its billboard advertising for Yava Zolotaya cigarettes to six more Russian cities.


Capping President Boris Yeltsin's three-day state visit, Russia and Italian companies signed six lucrative business deals Wednesday, including a $3 billion joint venture for oil extraction and exploration in Russia.


Officials at Gazprom and Promstroibank announced that the Russian natural-gas giant is set to acquire a blocking stake in the bank, and Gazprom head Rem Vyakhirev is poised to be appointed chairman of Promstroibank's advisory board.


Russian long-distance telephone giant Rostelekom announced plans to issue Level-2 American Depositary Receipts by the end of February. Company officials provided no details about the size of the issue or which shareholders would back it.


Alfa-Bank, one of Russia's biggest banks, announced a 60 percent increase in profits for 1997, despite the end-of-year crisis on world markets.


Russia's Norsi Oil and Agip Petroli, a division of Italian petrochemical giant ENI, signed a partnership and cooperation agreement in Rome.