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. Last Updated: 07/27/2016

Business in Brief

$1.6Bln Into Gold

MOSCOW (Bloomberg) -- Polyus, the gold arm of Norilsk Nickel, plans to spend $1.6 billion by 2010 to almost triple its production as the metal trades at the highest prices in 16 years, Polyus president Yevgeny Ivanov said Tuesday.

Gold output from Polyus' mines in eastern Siberia will climb 0.6 percent this year to 1.094 million ounces from 1.087 million last year, Ivanov said Tuesday in Moscow. The company seeks to boost output to 3 million ounces by 2010, he said.

Polyus' earnings before interest, taxes, depreciation and amortization were $199 million last year, Ivanov said. Gold production rose 6 percent last year, he said.

Lower Norilsk Profit

MOSCOW (Bloomberg) -- Nickel and palladium world leader Norilsk Nickel said Tuesday that its profit would likely fall this year because of a likely decline in metal prices.

Stricter environmental regulations are forcing the company to reduce production of nickel this year, while output of gold, platinum and palladium is planned at last year's level, the miner said in a report on its web site. It did not give specific figures.

"World market prices and, as a result, factual selling prices for all core metals except palladium, will likely follow a negative trend in 2005,'' Norilsk said. "This will lead to a decline of the company's 2005 earnings.''

Transneft Exports Rise

LONDON (Bloomberg) -- Oil pipeline monopoly Transneft said Tuesday that its exports would rise 7.1 percent this year as the country's producers boost output. Shipments will climb to 255 million tons (5.1 billion barrels) from 238 million tons last year, CEO Semyon Vainshtok said.

"We won't, after this, increase'' capacity for exports to Europe for some time, Vainshtok said Tuesday at an oil conference in London. "But this will 100 percent meet our oil industry's growing demand'' for pipeline space.

Exports through Transneft's Baltic pipeline will reach 1.2 million barrels per day by the end of this year, from 1.1 million bpd in the first quarter, Vainshtok said.

Oil Products Up 1.5%

MOSCOW (Bloomberg) -- Oil product pipeline operator Transnefte-produkt increased shipments 1.5 percent last year, as the country's refineries processed more crude oil to meet the domestic demand for gasoline.

Transnefteprodukt pumped 27.3 million tons of fuel in 2004, the company said in a statement Tuesday. The company shipped 17.5 million tons of fuel for export, or 100,000 tons less than last year.

Ventspils Loadings Fall

MOSCOW (Bloomberg) -- Latvia's Ventspils Nafta terminal said Tuesday that loadings in January fell 36 percent from a year before because it did not export any Russian crude. Gasoline shipments rose to a record, it said.

The terminal loaded a total of about 710,000 tons in the month, including 410,000 tons of gasoline and 300,000 tons of gasoil, according to a report filed with the Riga Stock Exchange.

Severstal Stelco Offer

MOSCOW (Bloomberg) -- No. 3 steelmaker, Severstal made a formal takeover bid for Stelco, an insolvent Canadian steelmaker, three months after offering to acquire the bankrupt company's assets.

Details of the offer were not disclosed, Severstal said Tuesday in a statement.

Deutsche Bank has offered to provide 900 million Canadian dollars in financing in help Stelco exit insolvency, Deutsche Bank spokesman Ted Meyer said Tuesday.

Million-Copy Cosmo

MOSCOW (MT) -- The Russian version of Cosmopolitan will print 1 million copies of its March issue, setting a European record for glossy magazines, the magazine's publisher, Independent Media, said Tuesday.

"This is an unprecedented event … in the former Soviet Union," said Cosmopolitan editor Yelena Myasnikova. "Over the past decade, no other women's magazine has been published with such a print run."

Myasnikova said the enlarged print run was an experiment to see if the market for the magazine can be increased. March's Cosmopolitan will also have the largest number of pages -- 500 -- for a standard issue, she said. Independent Media is the parent company of The Moscow Times.

Beer Up 39% in '04

MOSCOW (Bloomberg) -- Brewer Baltic Beverages Holding on Tuesday posted a 39 percent gain in fourth-quarter earnings after it boosted advertising to increase beer sales.

BBH had earnings before interest, tax and amortization of $58 million, BBH partner Carlsberg said. Sales climbed 31 percent to $381 million. BBH said it had raised prices and spent more on advertising in Russia in 2004.