Install

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

. Last Updated: 07/27/2016

Business in Brief

Sukhoi Wins $400M Order



Sukhoi Civil Aircraft, a unit of fighter-jet maker Sukhoi Aviation Holding, won a $400 million order for 15 of its new Superjets, the centerpiece of a state drive to revive what was once the world's biggest aviation industry.

AirUnion, an alliance of domestic airlines that includes No. 5 carrier KrasAir, was set to sign the contract on Saturday, the two sides said in a joint statement Friday. AirUnion will have an option to buy another 15 jets. (Bloomberg)




UES Approves Share Sale



The board of Unified Energy Systems approved plans Friday to sell shares of its generating units and then spin them off as the country opens up the electricity industry to competition.

The board formed a list of 16 generating companies that are ready to sell shares, with a further four units under review, UES said. The directors also approved plans to spin off generators OGK-5 and TGK-5 by fall 2007. (Bloomberg)




RusAl to Register in Jersey



United Company RusAl, which will be created when Russian Aluminum takes over SUAL Group, will be registered on the British island of Jersey, Vedomosti reported Friday, citing unidentified people familiar with the matter.

The Jersey-registered company will probably carry out an initial public offering planned for some time in the next three years by the new RusAl's owners, the newspaper reported. (Bloomberg)




RusAl Denies Azeri Deal



NEW YORK -- Russian Aluminum denied it reached an agreement with Azerbaijan to begin construction on an aluminum smelter in the country, Interfax reported Friday. Azerbaijani Economy Minister Geidar Babaev said Friday that the company agreed to start building the smelter, Interfax reported.

The company said it would not begin work on the smelter until the government agreed to sell it electricity at a fixed price for the first 10 years of plant operations, Interfax said. (Bloomberg)




Kazakh Uranium Asset Swap



ALMATY, Kazakhstan -- Kazakhstan, which plans to become the world's biggest uranium producer, may swap mining assets with China and help build an export terminal for nuclear fuel in Russia to become a more integrated global energy supplier.

State-owned uranium producer Kazatomprom may swap mines for "adequate assets" owned by China and build a terminal with Russia's Techsnabexport near St. Petersburg in about two years, Kazatomprom president Mukhtar Dzhakishev said Thursday. (Bloomberg)




WTO Entry Will Help GDP



Membership in the World Trade Organization will add two percentage points to the country's annual economic growth, Economic Development and Trade Minister German Gref said Friday, Prime-Tass reported.

"WTO membership will provide a powerful stimulus to the development of the economy," Gref told the Chamber of Commerce in Moscow. (Bloomberg)




Chinese Oil Services Buy



SHANGHAI -- China Oilfield Services, a unit of the nation's No. 3 oil producer, said it was in talks to buy a majority in a Russian oil-services company.

China Oilfield Services wants a presence in the world's second-largest oil exporter, executive vice president Chen Weidong said in Shanghai on Friday.

"We are still learning" about the Russian market, Chen said at the third Chinese-Russian-Kazakh oil and gas conference. (Bloomberg)




Finland Faces Power Cuts



LONDON -- Finland this winter risks power-import cuts from Russia during cold weather, a potential blow to Electricite de France and Fortum, which want to transport the electricity.

Interruptions "will happen if there's a cold spell" and Russia is short of supply, Matti Taehtinen, director of cross-border services and transmission at Fingrid, the Finnish electricity grid manager, said Nov. 30 in an interview from Helsinki. (Bloomberg)




Bank Soyuz Plans Eurobond



Bank Soyuz, controlled by billionaire Oleg Deripaska, plans to sell $150 million to $200 million in eurobonds next year to fund expansion, the bank's chairman said.

The lender may sell a three-year bond in the first half of 2007, Stuart Lawson said Tuesday. Soyuz also plans to reinvest its net profit this year to help fund expansion into 35 regions from 27 where it is present. (Bloomberg)




Toyota's St. Pete Plans



Japanese automobile manufacturer Toyota plans to produce cars at its St. Petersburg plant starting Dec. 2007, company official Ichiro Chiba said at a news conference Saturday.

Toyota Motor Manufacturing Russia will eventually produce up to 50,000 units per year, the firm said in a statement. In the initial stages, the company will make around 20,000 units of the mid-sized Camry model, the statement said. (MT)




More A350 Parts in Russia?



Airbus, the world's biggest maker of commercial aircraft, wants Russian companies to help build an increased share of the 300-seat A350 XWB after development costs soared 50 percent with the use of composite materials.

Alexei Fyodorov, CEO of Unified Aircraft Corporation, met Thursday at Airbus headquarters in Toulouse, France, with top executives of the plane maker and its parent company, European Aeronautic Defense & Space, to discuss the proposal. (Bloomberg)