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. Last Updated: 07/27/2016

Business in Brief

Industrial Output Up

Russia's factories and mines increased production by an annual 5.2 percent in September, the second- biggest gain in a year.

Manufacturing led with annual growth of 9.1 percent, the State Statistics Service said Monday in a statement.

In the first nine months of the year, industrial production rose an annual 4 percent, led by output in June, which rose an annual 6.9 percent. (Bloomberg)

More Stock Listed in Russia

LONDON -- Russia plans to let foreign-registered companies of Russian origin that sell shares abroad simultaneously list their stock as Russian depositary receipts at home, Vedomosti reported, citing Oleg Vyugin, the head of the Federal Service for Financial Markets.

About 75 percent of trading in Russian companies' shares takes place in markets outside of the country, with companies citing low liquidity as the reason for selling shares abroad, Vedomosti reported. (Bloomberg)

PetroKazakhstan Stake Sale

China National Petroleum Corp. agreed to sell a $1.4 billion stake in PetroKazakhstan to Kazakhstan's state-owned oil producer as the Chinese company seeks support for its bid from the Kazakh government.

CNPC, signed a binding agreement on Friday to sell a 33 percent stake in PetroKazakhstan to KazMunaiGaz, European Press Relations, a press service which distributes information on behalf of the Kazakh government, said Monday in a statement.

CNPC also agreed to set up a joint venture with KazMunaiGaz on a parity basis for Shymkent oil refinery, "one of the three oil processing plants based in Kazakhstan and one of the main assets of PetroKazakhstan," the press service said. (Bloomberg)

Severstal Out of Mill Race

Severstal, Russia's No. 3 steelmaker, has decided against bidding in a $2 billion auction next week for Kryvorizhstal, Ukraine's biggest steel producer.

The Ukrainian mill does not fit with Severstal's economic goals, said Olga Antonova, a company spokeswoman, in a telephone interview Monday.

Mittal and Arcelor, the world's two largest steelmakers, are among at least three companies that will bid after paying $200 million deposits to take part in the sale of 93 percent of Kryvorizhstal, set for Oct. 24 in Kiev, the State Property Fund said Monday on its web site. (Bloomberg)

Polimetall Gold Output Up

Polimetall, which produces more than three-quarters of the country's silver, increased gold production in the first nine months of the year while silver output fell as ore grades declined.

Gold production rose 18 percent to 181,000 ounces while silver output fell 1.3 percent to 13.89 million ounces, Polimetall said in a statement Monday. (Bloomberg)

Cell Phone Stations Bombed

Two bombs destroyed mobile phone base stations belonging to VimpelCom and MegaFon in Ingushetia, cutting service in the area, Interfax said, citing local Interior Ministry officials.

Both bombs detonated at about 4:30 a.m. local time and contained the equivalent of 2 kilograms of TNT, Interfax said. The transmission stations were located about 10 meters apart in the town of Yandare, the news service said.

An investigation is under way and there is no clear motive for the attacks, officials told the newswire. (Bloomberg)

CenterTelecom Posts Profit

Regional telecoms company CenterTelecom reported a 32 million ruble ($1.12 million) first-half net profit on Monday after a full-year 2004 loss of 918 million rubles.

This is the first time the company, which serves central Russia, has reported half-year figures to International Accounting Standards, so figures for the first half of 2004 were not available. (Reuters)

VTB Names Finance Chief

Vneshtorgbank, Russia's second- biggest bank, has hired Mobile TeleSystems' Nikolai Tsekhomsky as chief financial officer before a planned sale of shares to the public, Interfax said.

Tsekhomsky, who has been finance chief of MTS since 2002, will take up his new post next week, the news service cited Vneshtorgbank first vice president Vasily Titov as saying.

Vneshtorgbank wants Tsekhomsky to oversee its initial public offering, Interfax said, citing unidentified bankers familiar with the situation. (Bloomberg)

2005 Grain Harvest Lower

The total area for this year's grain harvest has been revised down to 42.8 million hectares from the previous 43.3 million hectares, the Agriculture Ministry said Monday.

The total area sown with winter and spring grains for the 2005 crop was 44.39 million hectares, up from 43.44 in the previous season. (Reuters)