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. Last Updated: 07/27/2016

Business in Brief

Baltic Pipeline Delay

Gazprom's Nord Stream pipeline under the Baltic Sea delayed the first deliveries of natural gas to Germany until 2011 because of an intensive testing phase, company spokesman Jens Mueller said Friday.

Nord Stream, which planned to begin shipping gas by the end of 2010, is moving back the date to spring 2011, Mueller said. He declined to say how long the delay would be, calling it insignificant. (Bloomberg)

Kashagan Deal Close

LONDON -- Kazakhstan and a group of companies including Eni on Friday agreed to sell part of their holdings in the Kashagan oil field to KazMunaiGaz, the Financial Times said, without citing a source.

The consortium will pay the Kazakh government about $4 billion to make up for production delays and rising costs at the Caspian Sea oil development, the newspaper said. (Bloomberg)

Rosneft Shares Dumped

Billionaires have sold more than $1 billion of Rosneft's shares over the past two months, Kommersant reported Friday.

Oleg Deripaska, Roman Abramovich, Suleiman Kerimov, Filaret Galchev, Alisher Usmanov, Vladimir Lisin and Vladimir Potanin bought shares in the oil company's IPO in July 2006, the newspaper said. Nearly all of them have sold their stakes because of dissatisfaction with the stock's performance, Kommersant reported, citing an unidentified banker. (Bloomberg)

Inflation Hits 2-Year High

The country's inflation rate rose to a two-year high in November as fruit, vegetables and other food prices surged, the State Statistics Service said Friday.

The rate rose to 11.5 percent, the highest since October 2005, from 10.8 percent, the service said. (Bloomberg)

For the Record

Gazprom chief executive Alexei Miller visited Uzbekistan to discuss the upgrade of a pipeline that would help Russia keep control over exports of Central Asian natural gas. (Bloomberg)

Transneft proposed delaying the opening of the first stage of a crude oil pipeline from eastern Siberia to the Pacific Ocean by a year, to September 2009, Interfax reported Friday, citing an unidentified government source. (Bloomberg)

Gazprom Neft said Friday that its net profit edged down in the third quarter to $957 million, from $1.03 billion the same period last year, while core earnings rose to $1.45 billion versus $1.35 billion last year. (Reuters)

Sakhalin Energy will delay first liquid natural gas exports to Asia by six months to spring 2009 because of problems with pipelines, Sakhalin Governor Alexander Khoroshavin said Friday. (Reuters)

Walt Disney said Thursday that it reached a multiyear licensing agreement with Channel One to air television shows and movies, including "Pirates of the Carribbean: Dead Man's Chest." (Bloomberg)

Gazprom pitched a 2.44 trillion ruble ($99 billion) plan to develop new gas supplies to potential investors in Tokyo on Friday, which includes building 9,000 kilometers of pipelines and drilling 1,294 wells in eastern Siberia by 2030. (Bloomberg)

President Vladimir Putin may replace Dmitry Medvedev as chairman of Gazprom, Vedomosti reported Friday, citing unidentified government officials. (Bloomberg)

Russian Railways has been given a 75 percent stake in TransCreditBank by the government as it seeks to simplify the lender's ownership structure, the bank said Friday. (Bloomberg)