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

. Last Updated: 07/27/2016

Business in Brief

Magnit Revenue Jumps

Magnit, the country's second-largest supermarket chain by sales, said revenue jumped to a record $2.5 billion last year as the company expanded its retail network by almost 400 stores.

Net sales rose 59 percent in the period, including a 71 percent annual surge in December, when sales peaked at $319 million, the company said in a statement Thursday. The results are preliminary. (Bloomberg)

X5 Sales Increase by 13%

X5 Retail Group, Russia's largest supermarket chain, said fourth-quarter sales increased 13 percent as the company gained more customers.

Full-year sales at stores open at least a year rose 9 percent, the company, said Thursday in a statement, without providing sales figures. (Bloomberg)

Riga Calls For Border Treaty

RIGA, Latvia -- Latvian Prime Minister Aigars Kalvitis said signing a border treaty with Russia would improve relations between the two countries and boost trade, the daily Neatkariga Rita Avize reported Thursday, citing an interview.

The Baltic state announced plans to sign a border treaty with Russia on Tuesday. The government has had difficulty completing an agreement, which calls for ceding land taken during Soviet rule. The treaty may face a referendum or a legal challenge that could prevent it from bring implemented. (Bloomberg)

Renova Branches Into Hotels

Billionaire Viktor Vekselberg's holding company Renova plans to build the country's biggest hotel chain, Kommersant said.

Renova will invest $300 million in a $1 billion project to build 50 three-star hotels across Russia, the newspaper said, citing Veniamin Golubitssky, head of Renova's construction unit. Between five and seven of the hotels will be built this year and Renova will hold a tender this month to manage the chain, Golubitssky said. (Bloomberg)

Rosneft to Build Refinery

Rosneft plans to spend $2 billion building a new oil refinery alongside its Tuapse facility on the Black Sea, vice president Alexander Sapronov said Thursday.

The new plant will be able to process 12 million tons of crude per year, or 240,000 barrels per day, when it is completed in three to four years, he said. (Bloomberg)

PKN Orlen, Petraco Deal

WARSAW -- PKN Orlen, Poland's largest oil company, signed a contract to buy $6 billion of oil from Petraco Oil.

Petraco will deliver 3.36 million tons of REBCO crude via the Druzhba pipeline annually through 2011, Orlen said in a statement to the Warsaw Stock Exchange late Wednesday. The oil will be supplied from Rosneft Oil reserves, the company said. (Bloomberg)

More Lada Kalinas Planned

AvtoVAZ, the country's biggest automaker, plans to increase production of its Lada Kalina cars by 65 percent this year, Interfax reported, citing an unidentified spokesman.

AvtoVAZ raised daily output of the Kalina to 504 cars as of Jan. 1 from 340 per day produced in December, the spokesman told Interfax. (Bloomberg)

Kazakh Gas Output Plans

ALMATY, Kazakhstan -- Kazakhstan plans to boost natural gas output 7 percent this year as new fields are tapped.

The Kazakh Energy Ministry is forecasting production of 29 billion cubic meters of the fuel this year, compared with 27 billion in 2006, state news service Kazinform said Thursday, without elaborating. (Bloomberg)

Kazakhs to Boost Uranium

ALMATY, Kazakhstan -- Kazakhstan, which wants to become the world's biggest uranium miner by 2010, plans to boost output of the radioactive metal by 31 percent this year as it opens new mines and expands existing ones.

The country expects to produce 6,937 tons of the metal this year, compared with 5,279 tons last year, the Energy Ministry said Thursday via state news service Kazinform. (Bloomberg)

Transcreditbank Debt Sale

EDINBURGH, Scotland -- Transcreditbank plans to sell as much as $200 million of international bonds, Interfax said Thusday, citing an unidentified banking source.

ABN Amro Holding NV and Standard Bank will manage the sale for the bank, the news agency said. (Bloomberg)

Imperial Energy Finds Oil

EDINBURGH, Scotland -- Imperial Energy, a British company exploring for oil and gas in Russia and Kazakhstan, said it had found oil in an exploration well in the Tomsk region.

The well in Tomsk has been completed and found to contain 3 meters of oil at a depth of 2,542 meters, London-based Imperial said Thursday. (Bloomberg)

Turkmen Keep Pipe Pledge

ASHGABAT, Turkmenistan -- Turkmenistan's acting president has pledged in remarks televised Thursday that his resource-rich state would stick to its gas-pipeline deal with China.

Interim president Gurbanguly Berdymukhammedov said Wednesday at a meeting with voters in the eastern city of Turkmenabat that the pipeline contract would be completed as planned by 2009. (AP)

Tanker Rates Slide 11%

LONDON -- The cost of hiring tankers to transport million-barrel crude oil cargoes from terminals in the Black Sea to European refineries has lost 11 percent after falling every day this week on slower bookings.

Refiners are awaiting confirmation of February loading dates from Russia, which are due to be released in the next few days, said Pablo Mastragostino, an oil-tanker broker for Nolarma SRL in Genoa, Italy. (Bloomberg)

Ports to Cuts Oil Exports

LONDON -- Russia is scheduled to ship 5 percent less crude per day from its two largest ports next month.

Exporters plan to load an average of 2.35 million barrels per day in February at the ports of Primorsk and Novorossiisk, according to preliminary schedules.

Primorsk, is scheduled to ship 1.54 million bpd compared with 1.51 million bpd. Novorossiisk is scheduled to ship 808,214 bpd in February, down from 960,000 bpd planned for January. (Bloomberg)

Russia Devalues EU Wheat

LONDON -- EU wheat exports will fall below forecasts in 2007 due to a higher than expected increase in shipments of the grain from Russia and Argentina, Dow Jones reported Thursday, citing French research company Strategie Grains said.

Pakistan's announcement that it will export wheat this year will also impact EU exports and counter a reduction in Ukrainian exports, the newswire reported. (Bloomberg)