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. Last Updated: 07/27/2016

Business in Brief

Tokarev to Head Transneft

The Economic Development and Trade Ministry has proposed Nikolai Tokarev, the head of state overseas oil vehicle Zarubezhneft, as the new head of the country's pipeline monopoly, Transneft, Interfax reported Monday.

The agency quoted sources as saying Tokarev had been cleared by all ministries and was likely to be appointed by the state-controlled board of Transneft in the near future. (Reuters)

Ukraine Agrees on Gas Debt

Gazprom said Monday that it had agreed on the exact debt payment terms with Ukraine over gas supplies.

Ukraine's Energy and Fuel Minister Yuriy Boyko and Gazprom CEO Alexei Miller met on Monday to discuss Ukraine's $1.3 billion gas debt to Gazprom.

"The signing of the necessary documents will be carried out tomorrow," Gazprom said in a statement, referring to Tuesday's signing of the deal. (Reuters)

Gazprom Q1 Profits Rise

Gazprom reported first-quarter profits on Monday boosted by a one-off gain, while analysts praised its gas sales performance, which came despite an abnormally warm winter throughout Europe.

The gas export monopoly said net profit rose to 217 billion rubles ($8.68 billion) from 191 billion rubles, after deconsolidation of its pension fund, Gazfund, brought in 44.69 billion rubles in extra profits and other reserves. (Reuters)

Gazprom Ups TGK-1 Stake

Gazprom gained 17.67 percent in TGK-1 as it seeks control of the generator, which supplies electricity and heat to St. Petersburg and the Leningrad region, the St. Petersburg-based utility said Monday in a statement.

Gazprom offered 3.5 kopeks per share and TGK-1 accepted the offer, the utility said. (Bloomberg)

Gazprom's $1.6Bln Loan

LONDON -- Gazprom received a loan of $1.64 billion from Credit Suisse Group in September, the company said Monday.

The loan, which is due for repayment in 2009, had an interest rate of 0.3 percentage points above the London interbank offer rate, the company said. (Bloomberg)

VTB to Finance Power Firm

VTB Group, the country's second-biggest lender to companies, agreed to finance the domestic and foreign expansion of Inter RAO UES, the country's electricity trader, the two sides said in a statement Monday.

VTB will arrange loans and invest in the trader's plans to build and upgrade power plants, the statement said.

The bank plans to invest between $2 billion and $4 billion in Russian electricity by the end of this year, chief executive Andrei Kostin said Monday, Interfax reported. (Bloomberg)

Auditor Abramov Resigns

Former Chechen Prime Minister Sergei Abramov on Monday handed in notice of his resignation from the Audit Chamber to State Duma Speaker Boris Gryzlov, Interfax reported.

The resignation follows his suspension from the chamber on Oct.1 after some of his subordinates were accused of corruption.

Three of Abramov's subordinates were detained in September on charges of extorting bribes to change audits conducted by them or colleagues. (MT)

Evraz Looks to Make Rails

Evraz Group, a steelmaker part-owned by billionaire Roman Abramovich, said Monday that it planned to make more products used by its largest customer, state-owned Russian Railways, as $26.6 billion is set aside to upgrade tracks and rolling stock.

Evraz wants to build a mill making 50-meter rails, twice the length of those produced currently, and use Nippon Steel technology to make higher quality wheels and track, said Pavel Tatyanin, chief financial officer of the company. (Bloomberg)

Highland License Doubts

The Natural Resources Ministry's environmental watchdog said Monday that Highland Gold, the owner of the Maiskoye gold deposit in the Chukotka autonomous district, had not fulfilled all the terms of its license obligations.

The ministry said in a statement the watchdog believed the license owners would not be able produce the first ton of gold by the end of 2007 in accordance with the terms of the license. (Reuters)

Mechel Plans Coal Spin-Off

Mechel, which won the right to develop the world's largest untapped coking-coal deposit last week, said Monday that it might spin off its operations for mining the fuel.

Mechel bid $2.3 billion for the Elga field in Siberia and will need to invest another $3 billion developing the project. (Bloomberg)