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. Last Updated: 07/27/2016

Business in Brief

Atomstroiexport in Bulgaria

SOFIA, Bulgaria -- Bulgaria's dominant state electricity utility NETC said on Monday it had chosen a group led by Atomstroiexport to build a new 2,000-megawatt nuclear power plant at the Danube town of Belene.

Atomstroiexport, in which Gazprom has a 49 percent stake, has teamed up with France's Areva and Germany's Siemens for the deal, which is worth up to an estimated 4 billion euros ($5.09 billion). (Reuters)

Sberbank: Profit Rose 50%

First-half profit at Sberbank rose 50 percent according to international accounting standards, Interfax reported Monday, citing an investment memorandum prepared ahead of a sale of Eurobonds.

Net income rose to 37 billion rubles ($1.38 billion) from 24.6 billion rubles in the first half of last year. (Bloomberg)

4% Budget Increase Sought

The Finance Ministry is seeking government approval to increase 2006 budget spending by 160.3 billion rubles ($6 billion).

The ministry submitted a proposal to the government, Finance Minister Alexei Kudrin informed President Vladimir Putin in Moscow on Monday, Interfax reported. Such an increase would represent about 3.8 percent of the initial spending plan of 4.27 trillion rubles ($159.6 billion) in the 2006 budget. (Bloomberg)

Gazprom Raises 2007 Target

Gazprom raised its 2007 production target by 2 percent to 561 billion cubic meters of gas, Interfax reported Monday.

Gazprom on Oct. 26 approved the new target as part of its budget and investment program for next year. The previous forecast for 2007 output was 550 billion cubic meters.

Gazprom this year plans to pump 551 billion cubic meters. (Bloomberg)

LUKoil Wins Kazakh Stake

LUKoil won the right to buy China National Petroleum out of a Kazakh venture, ending a dispute that began when the Chinese company bought PetroKazakhstan for $4.2 billion.

The Arbitration Institute of the Stockholm Chamber of Commerce on Oct. 27 confirmed LUKoil had the preemptive right to buy 50 percent of Turgai Petroleum, the oil company said Monday. (Bloomberg)

Pharmstandard Plans IPO

AMSTERDAM -- Pharmstandard plans an initial share sale to help the pharmaceutical company fund acquisitions.

The sale will consist of global depositary receipts and ordinary shares and is scheduled to occur by the end of 2006, Pharmstandard said Monday.

The company hired Citigroup and UBS to manage the sale. (Bloomberg)

Norilsk Reports Fake Notes

Norilsk Nickel said Monday that fake promissory notes bearing its name were circulating in Moscow.

The notes are dated September 2005 and list the issuer as Norilsk Nickel at 13 Tverskoi Bulvar. Those details plus the signatures of Norilsk officials and company stamps on the notes are all counterfeit. (Bloomberg)

Chelyabinsk Zinc Owners

The Chelyabinsk Zinc Plant is controlled by the head of Russia's third-largest carmaker and a member of the country's upper house, Interfax reported Monday. Arkley Capital owns 88 percent of Chelyabinsk Zinc through Dutch-registered NF Holdings.

NF Holdings is 50 percent held by Vadim Shvetsov, CEO of Severstal Auto and 45 percent owned by Andrei Komarov, who represents the Chelyabinsk region in the Federation Council. (Bloomberg)

Severstal to Raise $1.88Bln

Billionaire Alexei Mordashov plans to raise as much as $1.88 billion by selling shares in Severstal.

Mordashov plans to offer global depositary receipts in the company at prices from $11 to $13.50 each, Severstal said in a Regulatory News Service statement Monday. Each proxy stock equals one common share. (Bloomberg)

Evraz Coal Unit Plans IPO

Raspadskaya, one of the world's 10 biggest coking-coal producers, said it would try to raise as much as $352 million in an initial public offering.

Raspadskaya, a unit of Evraz Group, is offering 140.76 million shares at prices from $2 to $2.50 each, the company said Monday.

The sale is equal to 18 percent of the company's outstanding shares. (Bloomberg)

Juice Maker Sees Sweet Sales

Lebedyansky, the country's biggest juice maker, said Monday that nine-month profit increased 20 percent as sales of juice and baby food improved.

Net income advanced to $73.1 million from $61 million in the first nine months of 2005. Revenue rose 38 percent to $519.7 million. (Bloomberg)