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. Last Updated: 07/27/2016

Business in Brief

TNK-BP License Deadline

The Natural Resources Ministry gave TNK-BP six months to eliminate license violations, Interfax reported.

A commission of the ministry's subsoil agency decided Friday to let Rospan International fix violations at its Vostochno-Urengoisky and Novo-Urengoisky fields, the newswire said, citing an unidentified member of the commission. (Bloomberg)

Sibirtelecom's $50M Loan

Sibirtelecom, a subsidiary of fixed-line phone company Svyazinvest, will get a three-year loan of $50 million, Interfax reported Friday, citing an unidentified person in the banking community.

The deal on the loan, organized by Commerzbank, will be closed at the beginning of next year, the news agency reported. (Bloomberg)

Finnair Overflight Savings

STOCKHOLM -- Finnair, Finland's 83-year-old state-controlled airline, said it would save more than $26 million per year starting in 2013 after the European Union and Russia agreed to end payments for flying over Siberia.

The Vantaa, Finland-based airline pays about $39 million each year in overflight fees, and more than half of that sum is for royalty payments on routes between Europe and destinations in China and Japan, the company said in a statement Friday. (Bloomberg)

Lithuanian Traffic Crisis

RIGA, Latvia -- Lithuania declared a traffic emergency at three northern border crossings with Latvia, leaving long lines of trucks waiting to enter Latvia, the Baltic News Service said Friday.

At two of the three crossings, more than 500 trucks were waiting to pass into Latvia on their way to Russia, BNS said. The jams have been building for four days, the BNS said, citing Lithuania's Interior Ministry. (Bloomberg)

Gas Plus Storage Accord

MILAN, Italy -- Gas Plus, a Milan-based natural gas producer and retailer, has signed an agreement with Gazprom for a natural gas storage joint venture, Italian newspaper Il Corriere della Sera reported Saturday.

The two companies will collaborate on creating new facilities in Italy for storing natural gas, and on selling storage capability, the newspaper said, citing documents presented by Gas Plus to the Italian stock market ahead of its initial public offering. (Bloomberg)

Putin on Norway Holdings

OSLO -- President Vladimir Putin ruled out Norwegian oil and gas companies taking stakes in Russian fields while welcoming their technical expertise, Norsk Riks Kringkasting newspaper reported Saturday on its web site.

In talks with Norwegian Prime Minister Jens Stoltenberg in Helsingfors, Finland, Putin said that Norwegian companies had a lot to contribute, NRK reported, citing Stoltenberg. The decision to rule out Statoil and Norsk Hydro from taking part in the development of Russia's Shtokman field had been taken by Gazprom, Putin said, NRK reported. (Bloomberg)

Gazprom Eyes Yukos Stake

Gazprom is ready to pay 99.6 billion rubles ($3.8 billion) to buy the 20 percent stake that bankrupt Yukos has in its oil unit, Interfax said Friday.

Gazprom earmarked the amount in its financial plan for 2007, Interfax reported, citing an unidentified person close to the company's board. (Bloomberg)

Svyazinvest Units Control

The government will keep control of its subsidiaries when it sells Svyazinvest, the national fixed-line telephone company, in line with terms agreed upon when joining the World Trade Organization, the Economic Development and Trade Ministry said on its web site Friday.

"If necessary, Russia can ensure control over fixed-line phone operators, Svyazinvest subsidiaries and other traditional operators, at an initial stage," the ministry said.

The government has said it would sell its remaining 75 percent holding in Svyazinvest almost every year since 1997, when it sold 25 percent to a group of investors for $1.88 billion. (Bloomberg)

Kudrin's Inflation Warning

Finance Minister Alexei Kudrin has warned money supply inflation is accelerating too quickly, Vedomosti said Friday, citing a letter written by Kudrin to Deputy Prime Minister Alexander Zhukov.

Money supply inflation rose 46.2 percent in September, compared with a 42 percent increase one year earlier, the newspaper reported. (Bloomberg)

Hydro OGK Projections

Hydro OGK, the country's No. 1 producer of water-driven power, plans an almost $40 billion expansion in the country's Far East that will generate almost as much electricity as is consumed daily in California.

The unit of Unified Energy Systems seeks to add at least 17.1 gigawatts of river and tide-driven power capacity with three projects in the sparsely populated Far East. (Bloomberg)

Yukos Licenses at Risk

Claims by Yukos' creditors will not stop the government from withdrawing the bankrupt company's production licenses, Yukos' receiver said Friday, citing a letter from the Natural Resources Minister.

"Satisfying the demands of creditors cannot serve as a basis for interrupting the withdrawal of production licenses," Minister Yury Trutnev said in a letter to Yukos receiver Eduard Rebgun. (Bloomberg)