Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

News in Brief

UES May Share Stake

Reuters

OMSK, Western Siberia — A disputed 40 percent stake in Siberian utility Irkutskenergo may be split between its home Siberian region and national power grid Unified Energy Systems, UES chief executive Anatoly Chubais said Friday.

The stake has been the subject of a protracted legal tussle.

A 1992 presidential decree gave state-controlled UES 49 percent of Irkutskenergo, but a court later ruled that most of it, a 40 percent stake, should be controlled by the Irkutsk regional administration.

Chubais said at a news conference that a company could be created to manage the stake, which could be split between federal and regional authorities.




Alfa Fails at Tagmet

The Moscow Times

Alfa Group has suffered a setback at an extraordinary shareholder meeting at Taganrog Pipe Works, or Tagmet, where it tried to oust the plant’s management and reshuffle its board.

Alfa, which used its blocking stake at the meeting, was outplayed by the management team that garnered support of 72 percent of the shareholders.

A blocking stake consists of at least a 25 percent stake plus one share in a company.

Results of the vote will be made public in two weeks, allowing officials of Alfa-Eko to call into question the outcome of the meeting Thursday.

Alfa-Eko, an investment and trading arm of the Alfa Group holding, disputes the legality of an investment tender that gave Tagmet’s managers a stake of more than 15 percent of Tagmet’s shares.




U.S. Pushes Pipeline

AP



BAKU, Azerbaijan — A planned oil pipeline from Azerbaijan to Turkey will go ahead even if other countries in the region refuse to use it, the U.S. envoy to the oil-rich Caspian Sea region said.

John Wolf, the U.S. government’s Caspian energy envoy, said at a conference in Azerbaijan’s capital Baku on Thursday that the promised 12-month, $100 million engineering studies of the Baku-Ceyhan pipeline will begin as planned next year.

The United States campaigned heavily for construction of a pipeline from Baku to the Turkish port of Ceyhan as the main export route for oil from the Caspian Sea. Washington prefers it to alternate routes through Iran or Russia.