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. Last Updated: 07/27/2016

Business in Brief

Russia-China Trade Up

IRKUTSK, Eastern Siberia (Prime-Tass) -- Trade turnover with China rose 19 percent year on year to $5.45 billion in the first half of 2002, the deputy chairman of the Chinese State Planning Committee said Tuesday.

Main developments in the future should be in the energy sector, nuclear power, finance, transport, aviation and space, Lu Shi Che said at an economic forum.

RusAl Eyes India

MOSCOW (MT) -- Metals major Russian Aluminum hopes to acquire a 29.15 percent stake in India's No. 1 aluminum manufacturer, National Aluminium Co., Interfax reported a RusAl source as saying Tuesday.

The Indian government wants to sell 60 percent of its 87 percent stake in National Aluminium.

The documents needed to participate in privatization "have already been prepared," the RusAl source said. The deadline for registering in the competition was Monday.

Rosneft Share Swap

MOSCOW (Prime-Tass) --Rosneft shareholders voted at a general meeting for the oil major to swap all its preferred shares into common shares in 2003, Rosneft said Tuesday.

Rosneft's charter capital totals 90.179 million rubles ($2.85 million) and consists of 1.446 million preferred shares and 88.733 million common shares, nominally valued at 1 ruble each.

Cross-Holding Over

MOSCOW (Prime-Tass) -- Metals giant MMC Norilsk Nickel has eliminated cross-shareholding with RAO Norilsk Nickel, Prime-Tass reported an MMC official as saying Tuesday.

To eliminate cross-shareholding, MMC Norilsk Nickel reduced its share capital by 38.762 million shares to 213.906 million shares.

RAO Norilsk Nickel used to be the mother company of MMC Norilsk Nickel. Following the restructuring procedures, however, RAO Norilsk became a subsidiary of MMC.

DTV Tender

MOSCOW (MT) -- Second-tier television station DTV and Swedish media holding Modern Times Group, which owns 75 percent of DTV, said Tuesday that they hope to win a Press Ministry tender for the right to broadcast on their frequency.

The ministry said earlier this year that it would hold a tender for DTV's frequency, citing legal violations by the station's management.

DTV general director Mart Luik said the company will present the ministry with its concept for a nonpolitical entertainment channel.

Kaj Gradevik, head of negotiations at MTG, said that DTV has a good chance of winning, citing other Russian channels that won back their frequencies put up for tender.

"If our expectations turn out to be a mistake, it will show double standards [of the Press Ministry's tender commission] and put in question its objectivity toward a foreign investor," he said.

The Press Ministry has not announced the date for the tender.

Citibank Debt Agent

MOSCOW (MT) -- The Finance Ministry has chosen Citibank as agent for a swap deal on commercial debts of the former Soviet Union, the RosBusinessConsulting news agency reported the ministry as saying Tuesday.

The commercial debt of $1.1 billion will be swapped for eurobonds to be issued in September or October.

For the Record

British can maker Rexam will invest $30 million in its factory in the Moscow region to expand production capacity, the company said Tuesday. (MT)

GM-AvtoVAZ, a joint venture between U.S. General Motors and the No. 1 Russian carmaker, is planning to set up 20 dealerships before the end of 2002, the RosBusinessConsulting news agency reported AvtoVAZ as saying. (MT) n Italy's Merloni Elettrodomestici SpA plans to invest $24 million to $25 million in its Stinol refrigerator factory in the Lipetsk region in 2003, the Kommersant daily reported Tuesday. (MT)

KrasAir plans to lease eight DC-9 craft until 2003, the Dow Jones news agency reported the company's general director as saying Tuesday. (MT)