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. Last Updated: 07/27/2016

News in Brief

UES Loses $343M


National power grid Unified Energy System registered an improved full-year 1999 net consolidated loss of 9.86 billion rubles ($343 million), the UFG investment house said Thursday.

The loss was down sharply from a loss of 443.02 billion rubles ($24.63 billion) in 1998, according to figures published by brokerage United Finance Group in a research note. Total revenues fell 42 percent to 216.42 billion rubles from 371.41 billion.

UES said it could not immediately confirm the figures, which were in accordance with international accounting standards.

$295M Debt Deal

The Moscow Times

Moscow Mayor Yury Luzhkov has signed a decree confirming the conditions of the city’s $295-million debt swap with Credit Suisse First Boston.

Both sides agreed to the terms of the deal in August, when CSFB exercised its option to call in early the $295 million loan issued in August 1998.

The debt was restructured with an issue of $295 million worth of Eurobonds with a yield of 11 percent in dollar terms. The yield is 0.5 percent less than that on the old debt, and Moscow will save $3 million in the process. The new issue will mature Sept. 28, 2002.

The Moscow Times

The nation’s gold and hard-currency reserves hit a new three-year high during the week ending Nov. 3, increasing by $200 million to $25.9 billion, the Central Bank said Thursday.

The bank gave no reason for the increase in reserves.

Oil Output to Grow

The Moscow Times

LONDON — World oil output by non-OPEC countries is expected to grow by 770,000 barrels per day to 46.65 million bpd next year, with Russia and Kazakhstan leading the increase, the International Energy Agency said Thursday.

The former Soviet Union alone would add an additional 290,000 bpd in 2001, the Paris-based agency said.

"Strong growth is expected from old fields in Russia, driven by robust upstream capital investment, while in Kazakhstan, production from the Tengiz field will grow," the IEA said in its monthly report.