Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Business in Brief

EU to Keep Tabs on Gas

ORAN, Algeria -- The European Union will keep close tabs on a petroleum agreement between Russia and Algeria, the region's largest suppliers of natural gas, EU Energy Commissioner Andris Piebalgs said.

"We have to keep our eyes open as this relates to energy security,'' he told reporters Sunday in the western Algerian city of Oran, where he met Algerian Oil Minister Chakib Khelil. Piebalgs said he was satisfied with the assurances given to him by Algeria that the accord was not a cartel-like alliance. (Bloomberg)

UralSib Buys Kopeika Stake

UralSib Financial has bought the 50 percent stake in Trading House Kopeika that it did not already own, Interfax reported Monday, citing an unidentified person close to the deal.

The remaining holding was purchased from Alexander Samonov, who owned 30 percent, and Sergei Lomakin and Artyom Khachatryan, who both held 10 percent, the news agency said.

Interfax did not say how much the stake was sold for. Vedomosti estimated Nov. 1 that the holding might be worth as much as $600 million. (Bloomberg)

Asset Diversification Halted

The government has no further plans to diversify its reserve assets to euros from dollars, Reuters reported Monday, citing Sergei Kamburov, deputy director of the Central Bank's market operations department.

The Central Bank has already completely fulfilled its plans to diversify its reserves, Kamburov said, Reuters reported. Kamburov was speaking to reporters in Paris, the news agency said. (Bloomberg)

Ukrainian Oil Investment

KIEV -- Ukraine will invest as much as $1.8 billion through 2016 to pump oil and natural gas in its part of the Black Sea, seeking to lessen its dependence on energy imports.

"This project will allow Ukraine to increase domestic production of oil and gas," Volodymyr Sheludchenko, the head of Naftogaz Ukrainy, said by e-mail Monday. "We will reduce our dependence on imported fuel," he said. (Bloomberg)

Yushchenko on UkrTelecom

KIEV -- The Ukrainian government should sell UkrTelecom, the national telephone company, as soon as possible or risk a dearth in investment to upgrade equipment and infrastructure, President Viktor Yushchenko said in televised comments Monday.

UkrTelekom provides local, long-distance and international telephone services across Ukraine and the government, which owns 92.8 percent, has stalled plans to sell a 42.9 percent stake for almost a decade. (Bloomberg)

Eni's Oil Field Estimates

LONDON -- Kazakhstan's Kashagan oil field, one of the world's five biggest, will produce 25 percent more oil than forecast once it reaches full production, the Financial Times reported Monday, without saying where it got the information.

The Kashagan oil field will produce 1.5 million barrels of oil per day, the FT said. It will sustain that level of production for 10 years, realizing 10 percent more reserves than the 13 billion barrels estimated, the newspaper reported. (Bloomberg)

Zimbabwe Power Deal

JOHANNESBURG, Zimbabwe -- Zimbabwe may sign a $150 million agreement with Russia's Turbo Engineering to build 17 hydropower plants, the Sunday Mail said Monday, citing Obert Nyatanga, general manager of utility Zesa Holdings.

The agreement will be signed next month and construction will begin early next year with Turbo manufacturing and installing the power-generating equipment, the Harare, Zimbabwe-based newspaper reported. (Bloomberg)

Goldman Sachs Recruits

LONDON -- Goldman Sachs Group, the U.S. securities firm that won a Russian dealer license in August, is hiring 60 people for its Moscow office, Financial News reported Monday, citing two unidentified people at recruitment companies.

Goldman faces competition from Lehman Brothers Holdings, which is hiring 20 people in the country, and ABN Amro Rothschild, Financial News said. (Bloomberg)

Oerlikon, Renova Venture

GENEVA -- Oerlikon, a Swiss semiconductor maker, is planning to launch a joint venture in Russia with a company controlled by one of its shareholders, Oerlikon's CEO Thomas Limberger told Swiss newspaper Finanz und Wirtschaft on Saturday.

An agreement with Renova Holding, through which billionaire Viktor Vekselberg owns 10.25 percent of Oerlikon, enables the Oerlikon to benefit from the businessman's "industry know-how in Eastern Europe," Limberger said. (Bloomberg)

Baltic Oil Raises $16.3M

Baltic Oil Terminals, which plans to export Russian gasoline and heating oil, will start drilling at a field in western Siberia after selling $16.3 million worth of new shares.

Baltic plans to finish its first well at a field in the Kurgan region in spring 2007, the London-listed company said Monday in a Regulatory News Service statement. (Bloomberg)

Kazakh Leader's Bank Sale

ALMATY, Kazakhstan -- Halyk Savings Bank, majority-owned by Kazakh President Nursultan Nazarbayev's daughter and her husband, plans to sell as much as 20 percent of its shares to meet increased demand for loans in the former Soviet state.

Halyk, Kazakhstan's third-biggest bank by assets, will sell global depositary receipts and list them in London in the middle of December, Dauren Karabayev, the lender's managing director, said Monday. (Bloomberg)

Chevron to Ship Kazakh Oil

ALMATY, Kazakhstan -- Chevron's Kazakh unit will start shipping some crude to Ukraine via rail next year as output will exceed the capacity of existing pipelines through Russia.

TengizChevroil plans to export crude through an unidentified Black Sea terminal in Ukraine, the Atyrau-based company said Monday. Crude will be shipped to the port via rail, the company's press service said. (Bloomberg)

Reso-Garantia IPO Plans

Reso-Garantia plans to sell shares to the public in May to become the country's first insurer to hold an initial public offering, Vedomosti reported, citing board member Andrei Savelyev.

Reso will offer from 15 percent to 25 percent of its stock and list on the MICEX Stock Exchange and the RTS, Savelyev said, the newspaper reported. (Bloomberg)