Install

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

. Last Updated: 07/27/2016

Business in Brief

Oil Exports Surge



Russia increased shipments abroad 6.7 percent through its main routes as companies including LUKoil boosted sales before the government raised export tariffs to a record $250.30 per ton as of Oct. 1.

Shipments through Transneft jumped to 4.55 million barrels per day, from 4.26 million bpd in August, according to preliminary Industry and Energy Ministry data. The exports were up 1.3 percent from September 2006. (Bloomberg)




Renaissance Hires in Africa



JOHANNESBURG, South Africa -- Renaissance Group on Tuesday named former Nigerian Finance Minister Ngozi Okonjo-Iweala as chairwoman of its African and Nigerian advisory boards.

The boards will help Renaissance formulate its growth strategy for Africa and boost its image on the continent, said Neil Harvey, the chief executive of Renaissance Group's African unit.

Okonjo-Iweala, who was Nigeria's finance minister for three years until June 2006, is a fellow at the Brookings Institution in Washington, a member of the Clinton Global Initiative and the Nelson Mandela Institute. (Bloomberg)




Kashagan Compromise



ALMATY, Kazakhstan -- The Eni-led Kashagan oil field venture is meeting requirements set by the Environment and Emergency Situation ministries in Kazakhstan, as talks with the government about compensation continue, Energy Minister Sauat Mynbayev said Tuesday.

Mynbayev said he did not expect "obstacles" from the ministries. "The final agreement will be a package, but nobody knows what will be in that package," he said. (Bloomberg)




$2Bln in Gazprom Bonds



Gazprom plans to start selling as much as $2 billion of bonds denominated in euros, Interfax reported Tuesday, citing an unidentified banker.

Citigroup and Societe Generale are organizing the sale. (Bloomberg)




Borodino Food IPO



Borodino Group may hold an initial public offering for its food unit as soon as next year, company president Tigran Nersisyan said Tuesday.

The company may sell a stake of as much as 15 percent in the division at the end of next year or early in 2009, Nersisyan said, Interfax reported. Borodino earned 2.3 billion rubles ($92 million) in 2006 as revenue climbed 29 percent to 17.3 billion rubles. (Bloomberg)




Amtel Net Loss Widens



Amtel-Vredestein, the country's third-biggest tire maker, said Tuesday that its first-half net loss widened to $33.5 million from $22 million a year earlier as borrowing costs increased and interest income fell.

Revenue advanced 27 percent to $439 million, the Dutch-registered company said in a statement. (Bloomberg)




Kazakh Oil Find



ALMATY, Kazakhstan -- The Zhemchuzhina field, being developed by Shell in Kazakhstan, produced signs of oil at the first well drilled, said state-owned KazMunaiGaz, which owns 40 percent of the venture.

"The first drilling well at the Zhemchuzhina oil structure found signs of oil," KazMunaiGaz chief executive Uzakbai Karabalin said Tuesday at a news conference. "We plan to continue drilling and complete this work within a month." (Bloomberg)




KazMunaiGaz $1Bln Loan



State-owned KazMunaiGaz has hired BNP Paribas, Citi and Societe Generale to raise a $1.05 billion loan, Interfax reported Tuesday, citing an unidentified person with knowledge of the matter.

The loan will have a maturity of one year. KazMunaiGaz president Uzakbai Karabalin confirmed that the company planned to take out the loan and refused to say whether the money would be used for the Kashagan oil project, Interfax said. (Bloomberg)




Egypt Buys Wheat



CAIRO, Egypt -- Egypt, the world's second-largest wheat importer, bought 80,000 tons of Russian wheat in a tender, for immediate delivery.

The country will pay 2,149.50 Egyptian pounds ($385.65) per ton, Nomani Nomani, the undersecretary of trade and deputy chairman of Egypt's main state grain buyer, the General Authority for Supply Commodities, said Tuesday. (Bloomberg)




Gazprom Portuguese Talks



LISBON -- Gazprom has held talks with Americo Amorim about buying a stake in the Portuguese investor's holding company for the energy industry.

"Now we are at the more formal phase," Amorim said in an interview at an energy conference in Lisbon on Tuesday. (Bloomberg)




LUKoil Talks to Venezuela



LUKoil and Venezuela's state oil company will hold talks this month about a planned joint venture to develop heavy-oil reserves in the Faja del Orinoco region, Interfax reported Tuesday.

Andrei Kuzyayev, the head of LUKoil's overseas division, will lead the delegation to the South American country, chief executive Vagit Alekperov said, Interfax reported. (Bloomberg)




Finmeccanica Contracts



ROME -- Finmeccanica's Ansaldo Energia unit signed two contracts valued at more than 100 million euros ($142 million) to provide five gas turbines for Russian power plants.

Ansaldo Energia will provide turbines, generators and spare parts for a west Siberian plant in Tyumen, and one in Pervomaiskaya, near St. Petersburg, Rome-based Finmeccanica said Tuesday. (Bloomberg)




Red Star Brewery



The Red Star investment firm will spend 100 million euros ($142 million) to build a Siberian brewery for sale to an international beer maker, Kommersant reported Tuesday.

The brewery, in the city of Kemerovo, will be completed next year and will have annual capacity of 40 million decaliters (3.4 million barrels), the newspaper said, citing a statement from Red Star. The firm owns a brewery in the city and plans to build two more plants in Russia. (Bloomberg)




For the Record



Three bids have been made for majority stakes in coal producers Elgaugol and Yakutugol, the Federal Anti-Monopoly Service said Tuesday. The service did not say which companies had made the bids. (Bloomberg)

Spain's Tecnicas Reunidas has won an $800 million contract to upgrade a Khabarovsk refinery in the Far East for Alliance Group. (Bloomberg)

Brazil, the world's biggest sugar producer, will probably export less to Russia, adding to concerns about a global supply glut, commodities research company F.O. Licht said. (Bloomberg)