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. Last Updated: 07/27/2016

12/15/2003

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Delhi: $5Bln Sukhoi Deal on Track

India on Sunday denied a report it had refused to accept a batch of Russian Sukhoi combat jets because of a high rate of engine failure in earlier batches bought as part of one of the country's biggest arms deals.

Gold, Hard Currency Reserves Top $70Bln

Hard currency and gold reserves hit fresh highs last week and look set to rise by at least another $2 billion by the end of the year, thanks to booming oil exports and many people switching their savings into rubles, economists said Thursday.

EU, Russia Rift Derails Energy Transit Pact

Attempts to draw up new international rules on the transit of oil, gas and power have foundered over a disagreement between major players the European Union and Russia, the body overseeing the talks said Thursday.

Japan May Explore for Siberian Oil

Japanese companies may help explore for oil in eastern Siberia to help ensure there are enough proven reserves in the area to justify construction of a pipeline to the Pacific coast, Energy Minister Igor Yusufov said Friday.

Business in Brief

Gas at 10-Year High MOSCOW (Bloomberg) -- Gazprom, the world's largest natural gas producer, is selling the fuel to Western Europe at a 10-year high this year as gas prices gained along with crude oil, Energy Minister Igor Yusufov said Friday. Gazprom, which supplies about a quarter of Europe's gas consumption, is selling the fuel at an average price of $126 per 1,000 cubic meters, up from $70 to $80 in past years, Yusufov said at a press briefing in Moscow. About 80 percent of Gazprom's revenue comes from exports, and gas exports should reach $16 billion this year. The increased sales will help Gazprom develop new fields to maintain its output. Gazprom also plans to explore Arctic fields to supply liquefied natural gas to the United States. RTS Index Changes MOSCOW (Bloomberg) -- RBC Information Systems, which operates a newswire and a business television channel, will join the dollar-based Russian Trading System Index on Jan. 1 as part of the benchmark's quarterly adjustment.

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