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

. Last Updated: 07/27/2016

Business in Brief

Rosneft Shares Rejected

The Federal Service for Financial Markets has refused to register an additional issue of Rosneft shares made on Sept. 26 to convert ordinary shares of Yuganskneftegaz into shares in Rosneft as part of the oil major's plan to consolidate its subsidiairies, Interfax reported Thursday.

The agency did, however, register the issue of shares aimed at converting the preferred shares in Yuganksneftegaz held by Yukos, Interfax said, meaning that the transaction that swapped Yukos' 23.2 percent stake in Yugansk for a 9 percent stake in Rosneft is still valid.

Rosneft said Thursday that the issue to swap Yugansk's ordinary shares had not been registered because Rosneft already owned 100 percent of the ordinary shares before the transaction. (MT)

Ad Sales Rise to $4.2Bln

Advertising sales rose 27 percent in the first nine months of the year, the Association of Communication Agencies said in a survey posted on its web site Thursday.

Ad sales rose to between $4.2 billion and $4.3 billion from between $3.3 billion and $3.4 billion per year earlier, the site said. Internet ads led growth with a 65 percent increase in sales to $65 million, followed by television commercial sales to $2 billion, or 35 percent more than one year earlier, the survey said. (Bloomberg)

Yukos Creditor Bill Grows

A court added a claim by state-run Rosneft to bankrupt Yukos's creditor bill, Interfax reported Thursday, citing the court's ruling.

The judgment for 3.5 billion rubles ($130 million) adds to the 586 billion rubles ($22 billion) in claims that were approved as of Nov. 1, Interfax reported. The number of creditors seeking payment from Yukos now totals 54, Interfax said. (Bloomberg)

Mair Misses Scrap Target

Mair Industrial Group, the country's No. 1 ferrous-scrap dealer, will miss its collection target this year because of lower availability of used metal, said company head Viktor Makushin in an interview Thursday.

The company will collect 2.3 million tons of metal in 2006, the same as last year, but less than the 2.5 million tons originally forecast, Makushin said.

Closely held Mair expects sales and profit to be unchanged or slightly higher at about $680 million and $7.1 million, respectively, this year. (Bloomberg)

BP's Azeri Pipeline Closed

BAKU, Azerbaijan -- BP has indefinitely postponed resuming exports via its Baku-Supsa oil pipeline between the Caspian and Black Seas due to problems discovered during routine maintenance, Tamila Chantladze, a BP spokeswoman in Tbilisi, told reporters Thursday.

The pipeline, which supplies 155,000 barrels per day of Azeri oil to the Georgian port of Supsa, was closed on Oct. 21 for 10 days for maintenance. Launched earlier this year, its capacity is expected to reach 1 million bpd. (Reuters)

Polyus Output Plans

LONDON -- Polyus Gold, Russia's No. 1 gold producer, plans to more than triple annual production by 2015 and has provable reserves of 50.8 million ounces, CEO Yevgeny Ivanov said Thursday at the RBC Capital Markets Gold Mining Conference in London.

Polyus plans to increase output to 3.9 million ounces by 2015, said Ivanov.

Separately, Polyus said in a press release Thursday that it bought 50 percent of the Nezhaninskoye gold deposit in Russia's Far East from its holding company Interros for $300 million. (Bloomberg)

Auto Factory in Tatarstan

The government of Tatarstan and Chinese auto firm Great Wall Motor signed a letter of intent Thursday to build a factory in the free economic zone in the town of Yelabuga, said Khafiz Salikhov, the region's trade minister, speaking at the Russian Expo in Beijing.

The scale of the investment could amount to $70 million, said Svetlana Ganeyeva, head of investment at the Economic Development and Trade Ministry.

Earlier this year, Great Wall Motor announced plans to build a full-cycle car plant in Russia, with an annual capacity of 50,000 units per year. (MT)

Appeal Over Chevron Wages

The head of Kazakhstan's Atyrau Region urged foreign companies such as Chevron's local venture to as much as double their workers' minimum pay, Interfax reported Thursday.

Bergey Riskaliev, head of the Atyrau regional administration, on Wednesday told foreign managers the basic wage should be from $625 to $700.

Kazakh Economy Minister Aslan Musin has blamed a brawl between Kazakh and Turkish workers in Atyrau on Oct. 20 on the discrepancies between the wages of local and immigrant labor. (Bloomberg)

Daewoo in Kazakhstan

ALMATY, Kazakhstan -- Daewoo Bus Global plans to set up a joint venture with Kazakhstan's SemAZ to assemble Daewoo buses in the former Soviet state, said Diaz Abylkasov, a spokesman for Virazh, a Kazakh automobile company that is SemAZ's main owner.

The partners will sign an accord Friday to set up the venture at an $8.8 million plant being built at Semipalatinsk, Kazakhstan, said Abylkasov on Thursday. Daewoo and SemAZ will each own half of the venture, Abylkasov said. (Bloomberg)

Moscow CableCom Sued

Moscow CableCom, a provider of cable-television and high-speed Internet wiring for businesses and homes in the city, was sued by an investor challenging a $10.80 per-share offer from Renova Media Enterprises.

New York-based Moscow CableCom said Wednesday that it had received an unsolicited cash offer Renova, holder of 40 percent of the voting stock. (Bloomberg)

English Keeps Mazeikiu Job

Nelson English, CEO of Mazeikiu Nafta, Lithuania's biggest company and the only oil refinery in the Baltic states, kept his job after four board members seeking his removal resigned Thursday.

The four members of the Mazeikiu board representing Yukos International told shareholders Oct. 28 that they had lost confidence in English, a Texan oil executive who was hired to run Mazeikiu in December 2002. They didn't provide a reason. (Bloomberg)

Hambro Wants $40 Million

Peter Hambro Mining, Russia's No. 3 gold miner, expects to get $40 million from the sale of property acquired with last month's purchase of research company OJSC Irgiredmet, executive chairman and founder Peter Hambro said Thursday.

Irgiredmet, based in Irkutsk, also owns property that "I suspect will be moved in the relatively near future,'' Hambro said. The property will probably get $40 million, he said in an interview. Peter Hambro Mining said last month that it paid $40 million for 80 percent of Irgiredmet. (Bloomberg)