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. Last Updated: 07/27/2016

Business in Brief

Nestle Eyes Water

MOSCOW (Vedomosti) -- Swiss food giant Nestle is about to announce the purchase of Saint Springs, a bottled water brand that accounts for 5 percent of the bottled water market in Moscow and St. Petersburg.

A source close to the deal said last week that Nestle was prepared to pay about $50 million for the trademark. Saint Springs' turnover is estimated at about $20 million per year.

Slavneft Stormed

MOSCOW (Vedomosti) -- Former Slavneft president Mikhail Gutseriyev stormed the oil company's Moscow office building with three busloads of OMON special police forces late Thursday in an ongoing struggle for control of the firm.

Current president Yury Sukhanov and managing director Oleg Sheglov left the building and said they are no longer in control of the state-owned company, Slavneft vice president Andrei Shtorkh said.

Gutseriyev was fired in May. Later that month, however, a court in Ufa ruled that the appointment of Sukhanov as president was unauthorized. The decision was appealed in a Moscow region court.

An investigation into the situation at Slavneft is under way.

New LUKoil Terminal

VYSOTSK, Western Russia (Reuters) -- No. 1 oil major LUKoil started building a new terminal on the Gulf of Finland on Friday, saying it would be able to ship large volumes of refined products.

LUKoil president Vagit Alekperov told reporters the terminal in Vysotsk, near St. Petersburg, would be built by August 2003 and would ship 5 million tons of fuel oil and gas oil per year. It will be fully completed in 2004, he said.

Alekperov added the $235 million terminal would allow LUKoil to supply its 1,300 filling stations in the United States.

Zurabov Candidacy

MOSCOW (MT) -- Millhouse Capital U.K. Ltd. has put forward Aeroflot CFO Alexander Zurabov as a candidate for the airline's board of directors to be elected at an extraordinary shareholders meeting in September, a source within Aeroflot said Friday.

Millhouse, which holds 26 percent of Aeroflot, called for the meeting, saying it was not satisfied with the composition of the present 11-member board.

For the Record

Automobile manufacturer UAZ exported 3,530 vehicles in January to May 2002, an 80 percent increase on the same period in 2001, Interfax reported Friday. (MT)

St. Petersburg's budget surplus amounted to 5.665 billion rubles ($180 million) in January to May, or 22.2 percent of revenues, the city's finance committee said Friday. (Prime-Tass)

The annual general meeting of No. 1 truck manufacturer KamAZ has decided not to pay 2001 dividends, instead allocating net profit -- which totaled 71.4 million rubles ($2.3 million) in 2001 -- to the reserve fund in order to cover the past year's loss, a company spokesman said Friday. (Prime-Tass)

No. 1 brewer Baltika plans to more than double beer exports to 8.5 million decaliters in 2002, the Russian Brewers' Union said Friday. (Prime-Tass)