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. Last Updated: 07/27/2016

Business in Brief

$700M Gazprom Plant

Reuters

YEKATERINBURG, Ural Mountains — Gas giant Gazprom signed an agreement for a new factory to produce large-diameter pipes in the Urals town of Nizhny Tagil, the regional administration said Wednesday.

The federal government and the Nizhny Tagil metals plant will each hold stakes in the new factory of 25 percent plus one share, while Gazprom will have 19.9 percent and Swiss-based steel trader Duferco 30.1 percent minus two shares, it said. The factory, which will cost about $700 million to build and equip, is due to start output in 2003.




Air Company Banned

The Moscow Times

MOSCOW — The Civil Aviation Service, a department of the Transport Ministry, has banned the Rusavia air company from working on the charter flight market, Prime-Tass quoted Deputy Transport Minister Alexander Neradko as saying Wednesday.

The air company’s license had been annulled and materials had been transferred to the law enforcement bodies in connection with an investigation of the company, the agency reported.

Last year Rusavia booked more flights than it could perform, leaving some passengers stranded abroad, and delaying more than 1,000 passengers.