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

. Last Updated: 07/27/2016

Business in Brief

Putin, Gazprom, UES Talk

President Vladimir Putin will meet with the heads of Gazprom and Unified Energy Systems to consider their request to raise prices for natural gas and electricity, Kommersant reported.

Gazprom's Alexei Miller and UES' Anatoly Chubais will meet with Putin in the Kremlin on Friday, the newspaper said Wednesday, citing an unidentified person with knowledge of the meeting.

The companies will propose uniting their capital investment programs for the next three years in exchange for permission to raise prices more than planned and quicker liberalization of the gas and power markets. (Bloomberg)

Oil Fund Swells 8.2%

The stabilization fund swelled for a second month in October to the highest level since July.

The fund rose 8.2 percent since Oct. 1 to 2.05 trillion rubles ($77 billion), the Finance Ministry said Wednesday. It holds about 153 billion rubles ($31.9 billion) the ministry said. (Bloomberg)

Limit on Foreign Share Sales

The government may increase the proportion of a company's shares that must trade on domestic markets, limiting the amount of stock sales overseas, Kommersant reported, citing market regulator Oleg Vyugin.

Vyugin wants companies seeking an overseas listing to place half their shares on local exchanges, up from the current 30 percent.

The change is needed to increase liquidity in the market and attract foreign investors, Vyugin said. (Bloomberg)

Yushchenko Fumes on Gas

KIEV -- Ukrainian President Viktor Yushchenko said Wednesday that he was unhappy over the country's deal to pay Russia $130 per 1,000 cubic meters of gas in 2007 and demanded clarity and transparency on how prices were set.

"It raises many questions on what formula was used to determine it. Is this a price merely taken off the wall is it derived from a European formula?" Yushchenko said.

"If we have the $130 price set in a certain formula, then we have an answer on how to forecast prices. … If it is not, then it is the biggest failure of all the debate." (Reuters)

Rosneft Units Consolidated

The financial markets regulator said it registered the consolidation of 10 subsidiaries of Rosneft, a move that also gave bankrupt Yukos a stake in Rosneft.

Rosneft raised the number of its outstanding shares to 10.6 billion for the consolidation. Each new share has a nominal value of one kopek, the Federal Service for Financial Markets said Wednesday. (Bloomberg)

Serbia Gas Pipeline Plans

Srbijagas, Serbia's state-run natural gas distributor, and Gazprom, are likely to sign a contract this year to develop a pipeline to ship gas from Russia via Serbia to consumers in Western Europe, the newspaper Vecernje Novosti said.

Talks between the two governments and the two companies on the pipeline, called Blue Stream, are being completed in Moscow, the paper reported. (Bloomberg)

BP, Chevron in Balkan Pipe?

Chevron and BP's Russian unit may seek minority stakes in a new Balkan pipeline, after the government reserved its 51 percent of the link for three state-controlled companies.

Russia's stake in the $900 million Burgas-Alexandroupolis pipeline will be split equally between Transneft, Rosneft and Gazprom Neft, Transneft chief executive officer Semyon Vainshtok said Tuesday.

TNK-BP will seek a stake of "less than 25 percent'' CEO Robert Dudley said Tuesday. (Bloomberg)

Surgut Sells Gazprom Shares

The city of Surgut, home to No. 4 oil producer Surgutneftegaz, is selling stock in Gazprom to help cover a budget deficit, Interfax reported, citing an unidentified city official.

The Surgut administration is seeking to raise 400 million rubles ($15 million) from an auction for 1.33 million Gazprom shares. (Bloomberg)

Latvia's Gas Prices to Double

RIGA, Latvia -- Latvia's natural gas prices may rise by almost 100 percent over the next two years as Gazprom increases prices, Latvian newspaper Diena said today, citing Latvia's economy minister, Aigars Stokenbergs.

Prices would reach Western European levels and quit rising after 2008, Stokenbergs said after meeting with Industry and Energy Minister Viktor Khristenko, Diena said. (Bloomberg)

Uralsib in Kopeika Talks

Uralsib Financial is in talks with Kopeika Trading House, a retailer that is 50 percent-owned by the bank, to buy the rest of the company, Vedomosti said, citing Kopeika spokeswoman Anastasiya Shchukina.

Shchukina declined to elaborate before the purchases closes, according to the newspaper report. (Bloomberg)