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. Last Updated: 07/27/2016

Business in Brief

Novorossiisk Port Reopens

Novorossiisk port has reopened after shutting because of stormy weather, the port's spokeswoman said Tuesday.

"The storm warning was lifted at 12:30 p.m., and Novorossiisk port is now fully operating," said Kristina Senko, the port's spokeswoman. She added that there was no damage to the port's infrastructure from the storm. (Reuters)

St. Pete Dockworkers Strike

Dockworkers at St. Petersburg Seaport, owned in part by billionaire Vladimir Lisin's Novolipetsk Steel, started striking Tuesday, demanding a 30 percent pay increase.

The action may slow exports of metals, timber and coal, the port said. As many as 1,800 workers from three stevedore companies may strike, St. Petersburg labor leader Alexander Moiseyenko said. (Bloomberg)

Siemens in Atomic Venture

German engineering conglomerate Siemens signed an agreement Tuesday with Russia to help the country boost nuclear power generation.

The Federal Atomic Energy Agency said its chief, Sergei Kiriyenko, had signed the memorandum in Moscow with Rudi Lamprecht, a member of Siemens' managing board.

The agency said Siemens would help Russia boost nuclear power generation capacity at home and abroad and to reconstruct reactors. (Reuters)

Rosneft May Issue Bond

Rosneft is considering a convertible offering as it looks to issue $2 billion in eurobonds by the end of this year, vice-president for finance and investments Peter O'Brien said Tuesday.

"We are looking at different refinancing options and do not rule out a $2 billion eurobond issue … a convertible bond is one possible option," O'Brien said. (Reuters)

E.On, Gazprom Project

FRANKFURT -- E.On, Germany's largest utility, and Gazprom may build natural gas-fired power stations together in Germany, Hungary or Britain, E.On CEO Wulf Bernotat said Tuesday

The companies are currently in talks about possible cooperation, Bernotat said. (Bloomberg)

Gazprombank Plans Bonds

Gazprombank, the country's No. 3 bank, plans to issue ruble bonds worth a combined 40 billion rubles ($1.6 billion) at the end of November at a yield of 7.0 to 7.5 percent to a one-year put option, a market source said Tuesday.

Gazprombank, a banking arm of gas export monopoly Gazprom, will issue the bonds in two tranches, the source said. (Reuters)

Gazprom Stake Not for Sale

ROME -- The government "has no plans" to reduce its majority stake in Gazprom, nor does it intend to break up the gas export monopoly, Industry and Energy Minister Viktor Khristenko said Tuesday.

Khristenko, speaking at a news conference in Rome, was responding to Italian media speculation that oil company Eni might buy into Gazprom. (Reuters)

TMK Board on Dividends

TMK, the world's second-largest pipe maker for the oil and natural gas industry, said Tuesday that its board recommended paying a nine-month dividend of 3.63 rubles per share, or 60 cents per Global Depository Receipt.

TMK will pay about $130 million in the dividend. Shareholders will approve the payout Dec. 25, TMK said. (Bloomberg)

RusHydro Capacity to Soar

Hydro OGK plans to invest more than 1.6 trillion rubles ($70 billion) by 2020 in order to double capacity, the company's head of strategy Yevgeny Miroshnichenko said, Vedomosti reported Tuesday.

Hydro OGK wants to operate 45,900 megawatts of installed capacity, surpassing the 31,000 megawatts held by the world's current leader in hydropower, Hydro-Quebec, the paper reported. (Bloomberg)

Uzbek 3G License Awarded

TASHKENT, Uzbekistan -- Mobile operator Vimpelcom has received licenses for third-generation mobile services in Uzbekistan, its Uzbek subsidiary said Tuesday.

Unitel, acquired by Vimpelcom in 2006, said in a statement that the Uzbek communication regulator had awarded it the licenses to construct and use a 3G network and provide services across the Central Asian state. (Reuters)

Severstal to Buy Out Venture

Severstal plans to buy the 50 percent it does not already own in a metal cord venture with ArcelorMittal, Interfax said Tuesday, citing an unidentified person close to Severstal.

Severstal's wire unit, Severstal-Metiz, and Arcelor's Trefilarbed unit formed the venture in 2005. Talks on the buyout are almost complete, the news agency reported. (Bloomberg)