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. Last Updated: 07/27/2016

Business in Brief

TNK-BP Buy Up Field

LONDON -- TNK-BP agreed to pay $485 million to Occidental Petroleum to take full ownership of a Siberia-based oil producer.

TNK-BP will buy 50 percent from Occidental in their joint venture Vanyoganneft, which is pumping about 45,000 barrels per day of crude, TNK-BP said Thursday in a statement. (Bloomberg)

Sberbank Shares Jump

Shares of Sberbank surged as much as 8 percent Thursday after restrictions on foreign ownership of Russian bank stocks were removed.

President Vladimir Putin signed amendments to the federal law that grant foreigners wishing to buy bank shares the same rights as local citizens on Dec. 30, the Kremlin said in a statement on its web site. The amendments mean foreign investors must inform regulators if they buy more than 1 percent of shares in a Russian bank and seek permission to build a stake of more than 20 percent. (Bloomberg)

Lundin Drilling Budget

OSLO -- Lundin Petroleum, a Swedish oil company, said it planned to spend $520 million this year to increase production in countries including Britain and Russia, and exploration in Sudan and Indonesia.

Production is set to rise to 41,000 barrels of oil and gas per day on average this year, up 40 percent from 2006, the Stockholm-based company said in a statement Thursday. By the end of the year, production will be about 50,000 barrels per day. (Bloomberg)

OGK-5 Electricity Output

Yekaterinburg-based wholesale power generator OGK-5 increased output 9.2 percent to 40.4 billion kilowatt hours in 2006, the firm said Thursday.

The company, which became the first Russian generator to sell shares to the public when it raised $459 million in an October IPO, raised its sales on the wholesale market to 38.3 billion kilowatt hours, OGK-5 said. (Bloomberg)

Russia Boosts Swedbank

STOCKHOLM -- Shares of Swedbank, the Nordic region's fifth-largest bank by market value, rose to a record high as UBS increased its share-price estimate by 13 percent because of the lender's Baltic business and opportunities in Russia.

Swedbank's Baltic business "appears undervalued," UBS analyst Andreas Haakansson said in a research note published Thursday. Haakansson also said Swedbank was likely to announce a retail banking strategy in the first half of this year for the Russian market, where he expects the bank to be successful. (Bloomberg)

Lithuanian CO2 Request

BRUSSELS -- Lithuania has asked the European Commission to let it emit 11.1 million tons per year of greenhouse gases emissions over the next four-year period, a government official said Thursday.

The Commission in November halved Lithuania's original carbon dioxide emission plan of 16.6 million tons, which was based on emission figures for 2005.

The government will approve the plan after hearing the Commission's opinion, expected within two weeks. (Reuters)

Linde Group Buys Sakiz

FRANKFURT -- Linde Group, the world's largest maker of industrial gases, bought Russia's Sakiz for an undisclosed price to expand in air gases in the Volga region and Eastern Europe.

Sakiz is located in Samara and employs more than 200 people, the Munich-based company said Thursday. Sakiz produces nitrogen, oxygen, carbon dioxide, helium and argon in both liquefied and gaseous form.

"This acquisition is part of our growth strategy in the increasingly important East European markets," Linde board member Aldo Belloni said. "We will continue to improve our market position in Russia with specific investments." (Bloomberg)

OMX Integrates Securities

STOCKHOLM -- OMX, the operator of stock exchanges in seven Nordic and Baltic countries, has introduced a joint membership for its Baltic bourses to integrate further its securities markets in the region.

The joint OMX Baltic Membership allows a customer trading on one of the three Baltic exchanges to trade on the other two without paying the annual fixed fee that applies there, the Stockholm-based company said in a statement Thursday. (Bloomberg)

TuranAlem to Sell Bonds

ALMATY, Kazakhstan -- Bank TuranAlem, Kazakhstan's second-largest bank by assets, plans to sell $1 billion in bonds to finance expansion plans.

"We reached agreements with investors, mostly from the U.S., on selling these bonds,'' Valentina Vladimirskaya, a bank spokeswoman, said Thursday.

The sale consists of $750 million in 30-year notes, with buyers having the option to sell the bonds back to the bank after 10 years, and $250 million in two-year notes, Vladimirskaya said. (Bloomberg)

Turkcell's Invests in Ukraine

ISTANBUL -- Turkcell Iletisim Hizmetleri, Turkey's biggest mobile phone company, will inject $250 million into its Ukrainian unit to expand its market share in the country.

The Turkish company will provide $150 million in cash and an additional $100 million if the unit, Astelit, requires funds, Turkcell said in a statement Thursday. Turkcell owns about 55 percent of Astelit, the statement said. (Bloomberg)

RenCap to Stay Independent

Renaissance Capital, a Russian investment bank whose asset management unit oversees about $2.5 billion, has not held any talks on a possible sale, Vedomosti reported, citing founder Stephen Jennings.

The company is benefiting as Russia grows as a market, he said. Moscow may become the second-biggest financial center in Europe after London in 15 to 20 years, surpassing Frankfurt, Paris and Milan, Jennings told the newspaper. (Bloomberg)

Sitronics Targets 20% IPO

Sitronics, a technology unit of Sistema holding company, may sell from 16 to 20 percent of its shares in an initial public offering, Interfax reported late Wednesday citing a report by one of the organizers, Credit Suisse Group.

Credit Suisse values Sitronics from $2 billion to $2.4 billion, the Interfax said. Sitronics will begin a road show Jan. 22 and will stop taking orders Feb. 9, Interfax said. (Bloomberg)

Volkswagen Sales Up

Volkswagen sold 22,584 vehicles in the country last year, a 62.3 percent improvement on 2005 figures, the company said Thursday, Prime-Tass reported.

The units, sold through Volkswagen official dealers, comprised 19,183 passenger cars and 3,401 commercial vehicles, the agency reported.

The firm's best-performing models were the Passat sedan, with sales of 6,595 units, and the Touareg sport utility, which sold 4,504 units. (MT)