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

. Last Updated: 07/27/2016

Business in Brief

Fridman Mulls TeliaSonera

OSLO -- Billionaire Mikhail Fridman wants to form a strategic partnership with Sweden's TeliaSonera over companies they have common interests in, newspaper Svenska Dagbladet reported Saturday, citing Fridman.

Fridman and TeliaSonera both have stakes in mobile-phone operators Turkcell and MegaFon. The two could combine these interests and other partnership options could also be considered, Fridman told the newspaper in an interview in Stockholm. (Bloomberg)

Bank Zenit $500M IPO

LONDON -- Bank Zenit, which is partly owned by oil company Tatneft, plans to raise about $500 million by selling shares to the public and listing them in London and Moscow, the Sunday Times of London reported, without saying how it gained the information.

JPMorgan and UBS will advise Bank Zenit on the share sale, the newspaper said. Bank Zenit's equity may be worth about $1.8 billion, the Sunday Times said. (Bloomberg)

RusAl Mulls Kyrgyz Plant

United Company RusAl, the world's largest aluminum producer, may build an aluminum plant in Kyrgyzstan, former Prime Minister Sergei Kiriyenko, Interfax said.

Kiriyenko, a co-chairman of the Russian-Kyrgyz Intergovernmental Cooperation Commission, said in the Kyrgyz capital, Bishkek, on Friday that other projects being considered included bauxite and alumina production, Interfax said. (Bloomberg)

Hydro to Invest $12Bln

Hydro-OGK, the country's state-controlled hydropower utility, plans to invest more than $12 billion by 2010 to expand and upgrade generating capacity, Interfax reported Friday.

Hydro-OGK will add 4,000 megawatts of capacity in that time, deputy chief executive Vasily Zubakin said, Interfax reported. The utility plans to spend 75 billion rubles ($3 billion) next year. (Bloomberg)

Amtel Wins Renault Order

Amtel-Vredestein, the country's third-biggest tire maker, won an exclusive contract to supply tires for Renault's Logan cars produced in Moscow, the company said in a statement Friday.

Amtel will supply 30,000 to 35,000 tires per month to Renault's Avtoframos plant in the city, the company said. (Bloomberg)

French Utility Eyes Inter

Electricite de France may enter the Russian power market by buying at least 25 percent of Inter RAO UES, the electricity export and import trader, Kommersant said Friday, citing two unidentified people familiar with the situation.

Talks are at an early stage and a sale will not happen before next year's breakup of Unified Energy System, Inter RAO's parent company, the newspaper said. (Bloomberg)

Celtic Urges Offer Rejection

LONDON -- Celtic Resources, which produces gold and molybdenum, has urged shareholders to reject a 270 pence per share takeover bid from Severstal because the offer undervalues the company, the London-based company said Friday in a statement.

"Prospects as an independent company are excellent," Celtic said. Severstal is trying to buy Celtic without paying for these prospects, the statement said. (Bloomberg)

More Forged Rubles Seized

The Central Bank said Friday that it took 1.8 percent more fake banknotes out of circulation in the first nine months of the year as cash continued to be the main form of payment.

A total of 79,993 counterfeit ruble bills were identified, compared with 78,562 in the same period last year, the Central Bank said in a report on its web site. (Bloomberg)

Mozyr Resumes Production

Belarus' Mozyr refinery has fully resumed operations after cutting crude runs by 60 percent because of planned maintenance that lasted over three weeks, a company official said Friday.

The plant had one of its two primary crude processing units and the diesel-making hydrocracker halted. (Reuters)

Gazprom Neft Reserves Up

Gazprom Neft, the oil arm of Gazprom, said Friday that it would increase its recoverable reserves by 7.6 percent by the end of this year.

"At the beginning of 2007, our recoverable reserves stood at 723.6 million tons, by the end of the year we hope to increase this to 778.8 million," vice president Reval Mukhametzyanov said in a company magazine. (Reuters)

Novatek Output Falls

Novatek, the country's second-largest gas producer, on Friday reported a decline in gas output in the third quarter and first nine months of 2007, blaming a warm winter, but maintained its full-year production target.

Novatek said in a statement that third-quarter gas production was 6.01 billion cubic meters, down 16.4 percent year on year. In the first nine months, production was 20.91 bcm, 2.8 percent down from the same period of 2006. (Reuters)

Raspadskaya Raises Output

Coal miner Raspadskaya raised output 46 percent to 3.68 million tons in the third quarter, it said Friday.

Raspadskaya, part-owned by Evraz Group, said that total sales of coal concentrate rose 48 percent to 2.28 million tons in the same period. (Reuters)