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. Last Updated: 07/27/2016

Business in Brief

Koehler to Talk Oil

MOSCOW (Reuters) -- International Monetary Fund head Horst Koehler is to discuss the impact of recent oil price falls on Russia's macroeconomic situation and other key issues during a visit to Moscow, the fund's envoy in Russia said Tuesday.

However, the idea of new loans from the fund to Russia, once the IMF's biggest borrower, is not on the horizon.

Koehler, on his first visit to Russia since becoming IMF managing director, is to meet President Vladimir Putin, Prime Minister Mikhail Kasyanov and other officials during his Oct. 10-12 visit.

"The aim of the visit is to continue dialogue with the Russian leadership, which the fund's management has been doing regularly ever since Russia joined," said Poul Thomsen, IMF resident representative in Russia.

"He [Koehler] will cover a broad range of issues from the current macro-economic situation, including the impact of the recent decline in oil prices, to prospects for Russian structural reforms and the priorities for reforms," he added.

Itera to Sell Shares

MOSCOW (MT) -- Itera International Group plans to sell 10 percent of its share in German TNG Energy AG next year to attract $120 million in investment, Interfax reported Monday.

Itera is the largest independent producer and trader of natural gas in the Commonwealth of Independent States. Minority shareholders in the gas monopoly Gazprom have tied Itera's growth to the loss of assets at Gazprom.

The sale is set to take place on the Frankfurt stock exchange. Itera already owns 52.5 percent of TNG Energy and plans to use funds from the sale toward increasing TNG's reserves to 1.1 trillion cubic meters.

Itera president Igor Makarov did not rule out the possibility that more shares will be sold off in the coming months.

Tatneft $1.4Bln Sales

MOSCOW (MT) -- Tatneft posted 42.22 billion rubles ($1.43 billion) in revenues of shipped products in the first half of 2001, the oil major said Monday in a press release.

The Tatarstan-based corporation saw pre-tax profits of 10.79 billion rubles in the same time period and predicted year-end pre-tax profits to total 22 billion rubles. Net profit for 2001 is estimated at 15 billion rubles. Net profit for 2000 calculated to U.S. GAAP standards came to 23.73 billion rubles.

The company produced 12.23 million tons of crude in the first half, a year-on-year increase of 5.2 percent.

Arms Orders to Shift

LANGKAWI, Malaysia (Reuters) -- Officials from Russia's top arms exporter, attending a defense industry show in Malaysia on Tuesday, said they foresaw customers changing their shopping lists following the Sept. 11 attacks on the United States.

The officials from state-owned arms exporter Rosoboronexport, attending an air show on Malaysia's Langkawi island, said they expected governments would increasingly emphasize counter-terrorism and internal security.

"The change in criteria will reflect their priorities in importing weapons," said Victor Komardin, deputy chief of Rosoboronexport and leader of the 500-strong Russian private sector delegation.

Malaysian Prime Minister Mahathir Mohamad said future arms shows would probably focus less on conventional military hardware. He said the exhibitions would feature more surveillance technology, and new developments like remote controls for aircrafts.

Russian officials said they were trying to supply advanced fighters to Malaysia and South Korea and were also in talks with Indonesia.

WB: Belarus Stagnating

MINSK, Belarus (Reuters) -- The World Bank said the Belarussian economy was stagnating despite rosy official figures and urged the former Soviet state to push through economic reforms to secure a recovery and attract vital funding.

In an interview late Monday, Sergei Kulik, the World Bank resident representative in Minsk, said the government should free the economy and support private businesses to modernize industries and compete on world markets.

Kuzbassugol Stake Sold

MOSCOW (MT) -- Severstal and the Magnitogorsk Metallurgical Plant increased their share in coal producer Kuzbassugol to a controlling stake after buying a 40 percent stake for $91 million in a privatization auction Monday, Severstal said.