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. Last Updated: 07/27/2016

Business in Brief

Mordashov's Return as CEO



Billionaire Alexei Mordashov will return as chief executive officer of his steelmaker Severstal to oversee a sale of shares, Vedomosti reported, citing unidentified people familiar with the situation.

Mordashov, general director of closely held Severstal Group, will assume command of publicly traded Severstal after an extraordinary shareholders meeting next month, replacing Anatoly Kruchinin, the paper said. Mordashov controls about 90 percent of Severstal, which plans to sell 85 million shares in a new offering. (Bloomberg)




Eni, Gazprom Deal Gets OK



ROME -- The Italian anti-monopoly authority said a renegotiated accord between Eni and Gazprom might not increase competition in Italy.

"Based on what has emerged, there may be the risk that elements of cooperation between the two companies emerge rather than the creation of a situation of real competition," said Antonio Catricala, chairman of the body, in a speech Thursday at a conference in Rome. (Bloomberg)




Yukos Saved on RTS



The Russian Trading System will keep trading shares of Yukos even after a Moscow court upheld a bankruptcy ruling against the company.

The board of the exchange "made a decision not to exclude" Yukos shares from trading, Anna Cheryomushkina, a spokeswoman at the exchange, said by telephone Thursday. The MICEX stock exchange stopped trading the stock Wednesday. (Bloomberg)




Pipeline to Cost $4Bln



Gazprom's planned natural gas pipeline linking China and Western Siberia will cost $4 billion to $5 billion, RIA-Novosti reported, citing Bogdan Budzulyak, head of Gazprom's transportation and storage department.

Gazprom agreed to supply China with 68 billion cubic meters of the fuel per year beginning in 2011, requiring two new pipelines, one from the Altai region in Western Siberia and another from the Far East, the news agency said. (Bloomberg)




Mittal in Trouble in Ukraine



The Ukrainian State Property Fund said Mittal Steel was not fulfilling the terms it agreed to when it bought the country's biggest steel mill last year, and the fund gave the company 10 days to fix the problem, Interfax reported.

The violations were uncovered last week during an inspection of the Kryvyi Rih complex, previously called Kryvorizhstal, the news agency said, citing an unidentified fund official. (Bloomberg)




Highland Cuts Forecasts



LONDON -- Highland Gold Mining, the country's fourth-largest bullion producer, cut its production forecast for a second time this year after a fire at its Darasun mine.

The company will mine 178,000 ounces this year, down from as much as 185,000 ounces forecast on Aug. 2, managing director Henry Horne said in London on Thursday. Highland said in April it would produce as much as 215,000 ounces in 2006. (Bloomberg)