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

. Last Updated: 07/27/2016

Business in Brief

Oil Export Tariff Rises


The export tariff on crude oil will rise to 48 euros a ton from 41 euros at a price of $30 to $32.50 a barrel, a spokesman for Deputy Prime Minister Alexei Kudrin said Saturday.

Gennady Yezhov said the export tariff on fuel oil would increase to 31 euros a ton from 27 euros a ton and fuel oil to 39 euros from 32 euros. Light and medium distillates will be subject to a tariff of 39 euros a ton.

Yezhov said the increase would take effect one month after the changes were published in the official Rossiiskaya Gazeta newspaper.

Oil Product Quotas


Export quotas on all oil products may be scrapped from mid-January when new export tariffs come into effect, Andrei Kushnirenko, secretary for the commission on protective measures in foreign trade, said Saturday.

"The members of the commission based their decision on the position that there will be a government decision on abolishing or not extending the quotas from the moment when the new tariffs come into place," Kushnirenko said.

Ruhrgas Raises Stake

The Associated Press

BERLIN — German gas company Ruhrgas AG said Friday it has raised its stake in natural gas monopoly Gazprom, strengthening its links with the world’s largest gas producer.

Ruhrgas, Gazprom’s only direct foreign shareholder, said it raised its holding from 4 percent to about 5 percent.

"We believe in the long-term positive development of our most important international gas-trading partner," said Ruhrgas deputy chief executive Burckhard Bergmann.

EBRD Pipeline Loan


State pipeline monopoly Transneft expects a $150 million loan from the European Bank for Reconstruction and Development to build a pipeline bypassing Ukraine, Transneft president Semyon Vainshtok said Friday.

"We’ve already reached an agreement in principle. We are counting on the money being issued some time in February 2001," he said.

The money will allow Transneft to complete the project possibly in about half the forecast 19.5 months, he said.

Serbian Gas Debt


BELGRADE, Serbia — Serbia vowed Monday to repay its debt for Russian gas deliveries and warned local gas users to prepare money for future gas supplies as the country cannot further increase its indebtedness.

Serbia’s Energy and Mining Minister Srboljub Antic said at talks in Moscow last week that Belgrade had offered several options for repayment of its outstanding debt to its key gas supplier, Gazprom.

Antic said Belgrade’s debt to Gazprom stood at $272 million for delivered gas and "can no longer be increased."

Oil May Go to Port


State pipeline monopoly Transneft may route a new pipeline from the Far Eastern city of Angarsk to the Pacific coast rather than to China, Transneft president Semyon Vainshtok said Friday.

"China does not want to work out a unified tariff policy for the future pipeline," Vainshtok said.

"We declared that if there will be no unified position, then we’ll take a route alongside the Baikal-Amur Railway to the Pacific port of Sovetskaya Gavan and from this port we’ll ship oil to Southeast Asia and the United States."

IMF Eyes Loan to Kiev

The Associated Press

KIEV — An International Monetary Fund mission to Ukraine will recommend that the fund release a $2.6 billion loan package, a Ukrainian official said Friday.

The IMF board will discuss lending to Ukraine on Tuesday. Ukrainian officials have made optimistic statements in the past, only to have the fund ask for more reforms before releasing the loans.

The IMF suspended its program last fall, saying Ukraine had moved too slowly on reforms.

Lithuania to Join WTO


GENEVA — The former Soviet Baltic state of Lithuania got the green light Friday to join the 140-member World Trade Organization in a move the country’s president hailed as historic.

The WTO’s ruling General Council approved a package entry agreement after six years of sometimes-difficult negotiations at a session attended by Lithuania’s President Valdas Adamkus and Foreign Minister Antanas Valionis.