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. Last Updated: 07/27/2016

Business in Brief

Chubais Calls for Oversight

Investors buying into the country's newly liberalized electricity market should face strict oversight, said Anatoly Chubais, head of former power monopoly Unified Energy System.

A state body, most likely the Industry and Energy Ministry, must regulate the electricity market, which is being opened up to free competition for the first time, Chubais told Vedomosti in an interview published Thursday. (Reuters)

Reserves Rise to $425Bln

Foreign currency and gold reserves climbed for a fifth consecutive week to a record $425.1 billion on Sept. 28, the Central Bank said Thursday.

The reserves rose $2.6 billion from $422.5 billion the previous week, the Central Bank said. The country received $56.8 billion in net capital inflow in the first nine months of the year, according to the Central Bank's preliminary figures. (Bloomberg)

Ural Airlines Buys A320s

PARIS -- Ural Airlines has signed a firm order for seven single-aisle A320 jets, manufacturer Airbus said Thursday.

The deal, worth $490 million at list prices, firms up an order provisionally announced at a Paris air show in June. (Reuters)

Uralkali Listing Subscribed

Uralkali, the world's fifth-largest potash fertilizer producer, secured full subscription for its secondary share offering, market sources said Thursday.

Uralkali is due to float 10 percent of its stock on the London Stock Exchange and in Russia. It has set a price range at $2.80 to $3.50 per share, market sources said. (Reuters)

TNK-BP Reports Profit

TNK-BP on Thursday reported first-half profit of $2.15 billion in its first interim results under U.S. accounting standards.

Sales were $15.3 billion in the period, TNK-BP said.

Parent company TNK-BP International said last month that profit fell 30 percent to $2.03 billion in the first half as production costs rose. (Bloomberg)

Turkmens to Up Oil Output

Turkmenistan will triple its annual crude oil output to 30 million tons by 2010, said the country's deputy environmental protection minister, Geldy Chichayev, RIA-Novosti reported Thursday.

Turkmenistan has invested $1.6 billion to raise output at its Caspian oil fields, Chichayev said, the agency reported.

Turkmenistan plans to produce 10.4 million tons of oil in 2007, RIA-Novosti said. (MT)

LUKoil to Upgrade Refinery

LUKoil plans to invest $1.5 billion by 2010 to upgrade and expand its refinery in the Nizhny Novgorod region, chief executive Vagit Alekperov said, RIA-Novosti reported Thursday.

The company plans to boost output by more than 30 percent at its LUKoil-Nizhegorodnefteorgsintez refinery unit, RIA-Novosti said. (Bloomberg)

Eurasia Seeks $600M IPO

Oil field services firm Eurasia Drilling Company has begun pre-marketing for a $600 million initial public offering of stock in London, a source close to the deal said Thursday.

The offering would be both of existing and new shares. It would value Eurasia at $3 billion to $4 billion. (Reuters)

Czech May Buy Refinery

PRAGUE -- Czech entrepreneur Karel Komarek, who owns assets including a domestic oil and gas business, is in talks to buy a majority stake in a project to build an oil refinery in Russia, Internet news service Tyden reported Wednesday.

Komarek is currently negotiating to buy a 51 percent stake in the Verkhotursky project in the Sverdlovsk region, the news service said, without citing anyone. The stake may cost $2.4 billion, it said. (Bloomberg)

PetroKazakhstan Plant Shut

ALMATY, Kazakhstan -- PetroKazakhstan, a unit of China National Petroleum Corporation, will close the Shymkent refinery from Oct. 13 through Nov. 12 to start an upgrade and carry out repairs, as it seeks to double gasoline production, a PetroKazakhstan spokeswoman said Thursday.

The stoppage will not affect annual output, the spokeswoman said. The Kazakh Energy Ministry approved the plan, she said. (Bloomberg)

Sakhalin-1 Exports Limited

SINGAPORE -- The Sakhalin-1 project will not export natural gas from its offshore fields to China, said Gazprom's deputy chief of external relations, Stanislav Tsygankov, Malaysian news service Bernama reported Thursday.

Gas from the ExxonMobil-operated project will be sold first to consumers in Russia, Tsygankov said, Bernama reported, citing Itar-Tass. (Bloomberg)

Erste to Invest $560M

VIENNA -- Erste Bank plans to spend 400 million euros ($564 million) through 2010 on expanding its unit in Ukraine, chief executive Andreas Treichl said, Wirtschaftsblatt newspaper reported Thursday.

The Austrian lender wants to expand the network of its Prestige Bank and offer investments and pension funds to gain a 4 percent market share in Ukraine by 2010, Treichl said, the newspaper reported. (Bloomberg)

St. Pete Bank Mulls Listing

Bank St. Petersburg plans to float a 17 percent stake in an initial public offering in November, market sources said Thursday.

Bank St. Petersburg's largest shareholder is its chief executive, Alexander Savelyev, who owns a 38.9 percent stake. Sergei Matviyenko, son of St. Petersburg Governor Valentina Matviyenko, owns 5.5 percent. (Reuters)

Sistema Net Reaches $877M

Services conglomerate Sistema said Thursday that its net profit almost tripled to $877.1 million in the first half of 2007.

Sistema, whose key asset is the country's No. 1 mobile phone operator, Mobile TeleSystems, said first half revenues, to U.S. generally accepted accounting principles, rose by 36.1 percent to $5.9 billion. Operating income before depreciation and amortization jumped by 35 percent to $2.18 billion. (Reuters)

Estonians Resume Exports

TALLINN, Estonia -- Estonian food producers started exporting to Russia again, after a dispute between them over the relocation of a war monument halted trade in May, Postimees newspaper reported Thursday, citing food company officials.

Companies resumed shipments to St. Petersburg on requests from their Russian trading partners, the newspaper said, quoting Toomas Kruustuk, general manager of meat producer Noo Lihatoostus, and Ago Teder, managing director of dairy company Poltsamaa Meierei Juustutoostuse. (Bloomberg)