Install

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

. Last Updated: 07/27/2016

Business in Brief

Asian Pipe Plans for 2007



Pipeline monopoly Transneft plans to build almost half of a planned $11.5 billion oil pipeline to Asia next year, the company said on its web site, citing decisions made at a board meeting Friday.

The company will complete a 1,242-kilometer stretch and finance construction of seven oil-pumping stations in 2007. The stretch will be part of a 2,575-kilometer link from east Siberia to the Pacific. (Bloomberg)




China to Buy UES Power



China agreed to buy electricity from power utility Unified Energy Systems to meet surging demand, the company said in a statement Friday.

UES will sell China 3.6 billion to 4 billion kilowatt-hours per year of power generated in Russia's Far East, the company said. Sales will begin after the governments of the two countries approve the agreement. (Bloomberg)




New Turbine for Old



SURGUT, Khanty-Mansiisk Autonomous District -- State power generation firm OGK-4 will take out a foreign bank loan of 1.2 billion rubles ($44.4 million) as part of its efforts to finance a new $10 billion steam turbine at its 1920s Shatura power station near Moscow, the company's deputy director, Sergei Zhizhoma, told reporters Friday.

OGK-4's board will meet this week to set a timeframe for the sale of up to 50 percent minus one share of the company's stock, Zhizhoma said. (MT)




Russia in Indian Pipeline?



MUMBAI, India -- Russia may participate in a gas pipeline planned from Iran to India via Pakistan, Indian Oil Minister Murli Deora said Friday.

Russia's participation will be "important" for the security of the pipeline, Deora told reporters. Pakistan is agreeable to Russia joining the pipeline project, he said. (Bloomberg)




Sinopec to Expand Output



HONG KONG -- China Petrochemical, or Sinopec, plans to expand output from Russia's Udmurtneft project to meet rising demand, company chief Chen Tonghai said Friday.

"With improved technology and management, we will be able to boost output from Udmurtneft next year," Chen said in an interview in Beijing, without giving a forecast of the increase. (Bloomberg)




$13.6Bln China Pipeline



Tomsktransgaz, a unit of Gazprom, estimates the cost of building a pipeline from west Siberia to China at 363.2 billion rubles ($13.6 billion), Vedomosti reported Friday.

The pipeline will cost 40-50 million rubles per kilometer, the newspaper said, citing Tomsktransgaz chief engineer Alexander Kadai. Other costs would almost triple that amount, the paper said, citing an unidentified Gazprom official. (Bloomberg)




Trade Surplus Falls



Trade surplus was $11.3 billion in September, compared with $13.7 billion in August, as the value of exports fell along with a decline in fuel prices, the Central Bank said in a statement posted on its web site Friday.

Exports fell to $25.9 billion from $28.1 billion in August. (Bloomberg)




Big Firms Upping Wages



The country's largest companies are increasing wages faster than planned to keep hold of employees, Vedomosti reported Friday, citing a report by Ernst & Young.

Ruble-based salaries rose 11 percent to 18 percent in the one-year period ending June 30, compared with a planned increase of 12 percent to 13 percent. Dollar-based salaries increased 10 percent to 12 percent, or close to the expected 9.5 percent to 11 percent, the paper reported. (Bloomberg)




Moody's on Ukraine



Ukraine's outlook was raised to positive by Moody's Investor's Service on optimism that the formation of a new government would usher in political stability, Moody's said Friday.

The move indicates the agency is more likely to lift its grade for the country than lower it. (Bloomberg)




Nidan Juice Plans IPO



Nidan Juices, a juice producer, plans an initial public offering next year, Interfax reported Friday, citing company head Andrei Yanovsky.

Nidan may sell shares as early as the spring and by fall at the latest, Yanovsky told Interfax. (Bloomberg)




WBD Plants to Merge



Wimm-Bill-Dann, the country's No. 1 dairy producer and juice maker, plans to merge 14 dairy plants to cut management costs and simplify its structure, company spokesman Anton Saraikin said Friday.

Shareholders of the company's dairy unit will vote on the plan on Dec. 19, Saraikin said. (Bloomberg)




Kazakhtelecom Share Sale



ALMATY, Kazakhstan -- Kazakhstan plans to sell 4.6 percent of the national phone company to the public, holding company Samruk said Friday.

Samruk, a holding company that controls the government's stakes in national companies, will sell 497,597 Kazakhtelecom shares to local investors, Samruk said. (Bloomberg)




MegaFon Sales Projection



MegaFon expects revenue at the mobile phone firm to surge by half this year to $3.5 billion, Interfax reported Friday, citing CEO Sergei Soldatenkov.

The forecast is based on U.S. accounting principles, said Soldatenkov, without giving a profit estimate. (Bloomberg)