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. Last Updated: 07/27/2016

Business in Brief

TNK-BP Plans Cleanup

BP's Russian unit plans to spend at least $1.7 billion cleaning up polluted land and replacing pipelines amid a crackdown on foreign energy projects by President Vladimir Putin's government.

TNK-BP in the next five years will spend about $1.2 billion to remediate 5,000 hectares of land and more than $500 million to replace 4,500 kilometers of pipeline, CEO Robert Dudley said Tuesday. (Bloomberg)

$40Bln from Sakhalin-1

ExxonMobil said Tuesday that Russia would earn $40 billion from their Sakhalin-1 oil and gas venture off the country's Pacific coast.

That figure includes profit taxes, royalties and the government's share of production, Mark Albers, head of Exxon's development division. (Bloomberg)

LUKoil 9-Month Figures

LUKoil increased crude production 6.6 percent in the first nine months of 2006, compared to the same period last year.

Output advanced to 1.92 million barrels per day, LUKoil said in a Regulatory News Service statement Tuesday. Total production of oil and natural gas increased 13 percent to 2.14 million barrels of oil equivalent. (Bloomberg)

LUKoil Investment Plans

LUKoil aims to increase crude oil output 8.2 percent and refine 12 percent more from 2007 to 2008 .

The company will invest $8.25 billion next year and $8.6 billion in 2008, LUKoil said in a Regulatory News Service statement Tuesday. (Bloomberg)

Siemens to Buy Parts Maker

Siemens agreed to buy 51 percent of Russian car-parts maker Avtel to bolster its business and tap growth in automotive market in the country.

The remaining shares will be held by Russian companies Avtoelectronica and NPP Elcar, Munich-based Siemens said Tuesday. (Bloomberg)

Pokrovsky Hills Complex

BRUSSELS -- Deutsche Bank and American International Group won European Union regulatory approval to take joint control of a luxury residential complex in Moscow.

The European Commission on Tuesday cleared the takeover of the Pokrovsky Hills complex, a suburban 260-townhouse development modeled on U.S.-style gated communities with 24-hour security. (Bloomberg)

Taxes Lower Rosneft Profit

Rosneft said third-quarter profit fell 55 percent versus the previous three months because of higher taxes.

Net income in the period slid to 16.4 billion rubles ($601 million) from 36.7 billion rubles in April through June, Rosneft said Tuesday in a statement posted on

The lower profit in the third quarter was due to "the increase in export duties and higher prices for purchased oil and an increase in the volume of fuel purchases," Rosneft said. (Bloomberg)

BP May Lose Oil License

The Natural Resources Ministry is seeking to cancel oil-extraction licenses held by companies, including TNK-BP, Interfax said, citing an unidentified agency official.

Licenses including one for the Vostochno-Charskiye fields in eastern Siberia held by Gubernskaya Resursnaya Kompania, a unit of TNK-BP, could be withdrawn in about 18 months, Interfax reported Tuesday. (Bloomberg)

Belarus Eyes Iran's Oil Sector

TEHRAN, Iran -- Belarus is planning to invest in Iran's oil sector, said Iranian Oil Minister Kazem Vaziri-Hamaneh Iran News reported Tuesday.

Iran and Belarus will sign a cooperation agreement during Belarussian President Alexander Lukashenko's visit to Tehran next week, Vaziri-Hamaneh said after meeting Belarussian Vice Prime Minister Vladimir Semashko in the Iranian capital Monday. (Bloomberg)

Tbilisi Cuts Growth Forecast

TBILISI, Georgia -- Georgia's central bank cut its growth forecast for this year by one-fifth after Russia imposed an economic blockade, bank president Roman Gotsiridze said.

"Our projection was GDP expansion of higher than 10 percent, we were looking at double-digit growth," the central banker said in his office in Tbilisi Monday. "Now we expect growth of around 8 percent." (Bloomberg)

Ads Quadruple CTC Profit

CTC Media said third-quarter profit quadrupled on advertisement growth. Net income rose to $8.4 million, or 5 cents per share, from $1.9 million, or 1 cent, one year earlier, CTC Media said Tuesday. Sales rose 47.8 percent to $70.9 million.

CTC Media third-quarter revenue from advertising increased 48 percent to $69.4 million, the company said. (Bloomberg)

$4Bln May Go to Shipyards

LONDON -- The Russian government may spend as much as 107 billion rubles ($4 billion) developing the country's shipyards, said the general director of Admiralty Shipyards Vladimir Aleksandrov, the shipping weekly newspaper TradeWinds reported.

Admiralty will spend 4.3 billion rubles ($160.81 million) developing its own facilities, with some of the money coming from state funds. (Bloomberg)

State Firms in Balkan Line

Three state oil companies will hold one-third each in the operator of a new pipeline from Bulgaria to Greece that will raise exports to Europe.

Russia's 51 percent of the link will be held by a company jointly owned by pipeline monopoly Transneft and oil firms Rosneft and Gazprom Neft, Transneft chief Semyon Vainshtok told a conference Tuesday. (Bloomberg)

Comstar Option Program

Comstar United Telesystems bought 1.3 percent of its shares to use for its option program for managers and board of directors, Interfax reported Tuesday, citing a company filing.

Comstar UTS bought 5.6 million of its global depositary receipts for $6.7 each. (Bloomberg)

Foreign Nuclear Partners

The Federal Atomic Energy Agency is in talks with General Electric, Siemens and a unit of Toshiba on a venture that would build a plant in Russia to produce turbines for atomic reactors.

The country plans to choose one foreign company to set up the joint venture, agency chief Sergei Kiriyenko said Tuesday (Bloomberg)

Oil Brawl in Kazakhstan

ALMATY, Kazakhstan -- Kazakhstan called on the contractor for Chevron's local unit to abide by the country's labor law after a brawl between Kazakh and Turkish workers in the western region of Atyrau, Kazinform news agency reported.

Violations of the labor code sparked tension that led to the fight, the agency said Tuesday. (Bloomberg)