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. Last Updated: 07/27/2016

Business in Brief

Miller on Shtokman Deal



Gazprom in the second half of this year will pick partners for the $10 billion Shtokman gas field in the Arctic, CEO Alexei Miller said.

Miller this week met with U.S. Energy Secretary Samuel Bodman to discuss Gazprom's cooperation with U.S. energy companies and its plans to sell Russian liquefied natural gas to the United States, Gazprom said in a statement Tuesday. (Bloomberg)

Sibir Energy Unit Bankrupt



Sibir Energy has declared one of its business units bankrupt in a dispute with Sibneft over a joint venture of the two companies, Sibneft-Yugra, Vedomosti reported.

Sibir Energy filed to declare bankrupt its unit Yugraneft, which was used to set up Sibneft-Yugra in 2002, Vedomosti reported. Later that year, Sibneft issued additional shares, raising its stake in the joint venture to 99 percent, the newspaper said. (Bloomberg)

Lord Browne to the Rescue



BP chief executive John Browne will fly to Moscow on April 22 to investigate a $936 million back tax claim levied against TNK-BP, Interfax said, citing British Ambassador Anthony Brenton.

BP works in countries all over the world and has never faced a problem it could not solve, Brenton said, the news agency reported. (Bloomberg)

$500M Surgut Investment



No. 4 oil firm Surgutneftegaz plans to invest $500 million in its Kirishi refinery in 2005, after having postponed the upgrade for almost a decade, Interfax reported Wednesday.

The news service cited the firm's annual report as saying that $120 million would go toward increasing capacity at Kirishi, while some $380 million would buy deep refining equipment for the plant's hydrocracker near St. Petersburg.

Surgut's accounts said the firm aimed to bring the hydrocracking unit onstream in the fourth quarter of 2008. (Reuters)

Toyota, Nissan Talks



Industry and Energy Minister Viktor Khristenko will hold talks with Toyota and Nissan during a visit to Japan, the ministry said in a statement Wednesday.

Plans for assembling foreign cars in Russia have been adopted, Khristenko said.

Earlier this month, the government lifted bans on foreign carmakers assembling their own cars in Russia, and industry giants DaimlerChrysler, Toyota and Volks-wagen are currently in talks to build domestic plants.

Khristenko will be in Japan on Thursday and Friday, a ministry spokeswoman said. (MT)

Q1 Gold Output Down



Gold output was 22.35 tons in the first quarter, down 10.6 percent from 25.01 tons in January through March 2004 as production fell at major producer Amur, the industry lobby said Wednesday.

A spokesman for the Russian Gold Industrialists Union could not give the reasons behind the output cut by the company operating in the Khabarovsk region in the Far East.

A union statement said Russia's mine output fell by 11.6 percent in the first three months of 2005 to 16.70 tons from 18.90 in the same period of 2004. (Reuters)

Gold Mining Rights at Risk



The Natural Resources Ministry warned two companies developing gold deposits in central Russia that they may lose the rights to mine the precious metal because of delays in their work on the projects.

The ministry sent a three-month warning to Nadezhda and Gorno-Altaiskaya Ekspeditsiya demanding documents on the deposits' development, the ministry said in a statement Wednesday. (Bloomberg)

Polymetal Output Up



Polymetal, Russia's largest silver-mining company, increased gold production in the first quarter as new capacity came onstream and lowered silver output as ore quality fell.

Gold production jumped to 1.6 tons, up 60 percent from the same period a year earlier, while silver output fell 6 percent to 145.6 tons, St. Petersburg-based Polymetal said in a statement Wednesday. (Bloomberg)

Arms for Debt



South Korea wants Russia to repay the remainder of its $2 billion debt to the Asian nation with advanced weapons and technology, including an anti-aircraft guided-missile system, The Korea Times reported.

South Korean Defense Minister Yoon Kwang-ung will ask Russia to accept the proposal when he meets with his Russian counterpart, Sergei Ivanov, in Moscow, the newspaper said, citing a South Korean Defense Ministry spokesman, Shin Hyun-don. The newspaper did not say when Yoon's trip would be. (Bloomberg)

$100M LG Plant?



SEOUL, South Korea -- LG Electronics, South Korea's second-largest electronics maker, said it planned to spend $100 million until the end of the decade building a plant in Russia.

The plant will be geared to making washing machines and refrigerators, as well as plasma display panel and liquid crystal display televisions, LG said in a regulatory filing on Wednesday. (Bloomberg)

'04 Rostelecom Dividends



Long-distance monopoly carrier Rostelecom said Wednesday that it was recommending 2004 dividends of 2.97 rubles (11 cents) on its preferred shares, down from 3.25 rubles in 2003.

It also said it was proposing a dividend of 1.46 rubles on its ordinary shares, up from 88 kopeks in 2003.

Shareholders will vote on the dividends at Rostelecom's annual general meeting on June 25. (Reuters)

Mazeikiu Nafta Talks



VILNIUS, Lithuania -- Lithuania will hold more talks with Yukos over the government's bid to secure an extra 10 percent stake, as well as over the control of Lithuanian oil refinery Mazeikiu Nafta, an official said Wednesday.

"The topic will be the same as the last talks in London a week ago, and we will be talking about the possibility to get the right to buy a further 10 percent in Mazeikiu Nafta," Economy Ministry spokesman Zydrunas Damauskas said. (Reuters)