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. Last Updated: 07/27/2016

Business in Brief

Parliament Opposes Link

STOCKHOLM -- A majority of Swedish members of the parliament oppose a plan by Russia and Germany to build a gas pipeline across the Baltic Sea and through Swedish waters, demanding that the government reject the plan, a survey showed, Swedish radio SR said Monday.

Some 72 percent of politicians surveyed oppose the pipeline because of environmental and national security concerns, the radio station said. Only 11 percent support the pipeline, while 17 percent had no opinion. More than 60 percent of the 349 members of the parliament took part in the poll, SR said. (Bloomberg)

Gazprom Neft's New Firm

Gazprom Neft set up a company to manage new fields in eastern Siberia called Gazpromneft Angara, which was registered in Krasnoyarsk, the company said in a statement Monday.

The new unit, created from the assets of Kholmogorneftegaz, holds the licenses for a number of fields in eastern Siberia, which the government plans to develop for a new pipeline to the Pacific coast. (Bloomberg)

CAT Oil Wins 3-Year Deal

FRANKFURT -- CAT Oil, an Austrian oil-services company, won a three-year contract from TNK-BP Holding for so-called workover services at the Samotlor oil field in western Siberia, the company said Monday.

The work will generate sales of about 20 million euros ($28.8 million) per year, Baden-based CAT Oil said. The contract requires the use of 20 well workover rigs, 55 percent of the company's capacity. (Bloomberg)

Matra to Produce Oil Here

Matra Petroleum, a British oil and gas company focusing on Eastern Europe, plans to begin production of crude in Russia this month after completing its first well in the southeast, the company said in a statement Monday.

The company will move the drilling rig from Arkhangelovskoye-12, the site of the first well, to Arkhangelovskoye-11 to test the undrilled Laptevskaya structure, the company said. (Bloomberg)

Latvijas Gaze Plunges

RIGA, Latvia -- Latvijas Gaze, Latvia's natural gas distributor, fell Monday by the most since November 2006 after saying it might lose as much as 30 million lati ($62 million) next year when Gazprom starts charging more for gas supplies.

Latvijas Gaze shares fell 5 percent to 7.6 lati, valuing the company at 303 million lati. Latvijas Gaze said Friday that it signed a contract with Gazprom for next year that might increase gas prices by as much as 50 percent. (Bloomberg)

Inflation Rate Quickens

Inflation probably accelerated to an annual 11.5 percent in November, the Central Bank said Monday.

The rate quickened from 10.8 percent in October, the bank said. "The rising pace of inflation is sounding alarm bells," Economic Development and Trade Minister Elvira Nabiullina said Thursday. Consumer prices will probably increase 12 percent this year, compared with last year's 9 percent rate, she said. (Bloomberg)

UralSib Borrows $137M

UralSib, the country's second-biggest privately owned bank by assets, borrowed $137 million from a group of 12 banks to fund its clients' trading contracts, the lender said in a statement.

The one-year loan, organized by Dresdner Kleinwort and ING Group, is the fourth syndicated loan raised by UralSib in 2007, the lender said. (Bloomberg)

Mongolia Seizes Coal

TORONTO -- Mongolia's government took control of a $2 billion coal project that BHP Billiton, Peabody Energy and China Shenhua Energy have been in talks to develop, Narangua Puntfagnorov, an economic counselor at Mongolia's embassy in Ottawa, said Monday.

Prime Minister Sanj Bayar said Friday that the government took 100 percent of the project from Mongolian firm Energy Resources to speed development, Puntfagnorov said. (Bloomberg)

Tech Sales to Hit $73Bln

Russian technology companies will probably have a record 1.8 trillion rubles ($73 billion) in sales next year as the national economy expands, IT and Communications Minister Leonid Reiman said Monday.

Sales of information technology and communication products and services by Russian companies will probably rise 20 percent from 1.5 trillion rubles this year, Reiman said.

Russian companies invested 206 billion rubles in communications this year, 21 percent more than a year earlier. (Bloomberg)

Ex-Anglo Exec Joins RusAl

United Company RusAl, the world's second-biggest aluminum producer, appointed former AngloAmerican executive and Warburg investment banker Simon Thompson as its third independent board member, the company said in a statement Monday.

Thompson, currently a nonexecutive director of AngloGold Ashanti, will have the same role at RusAl alongside Philip Lader and Nigel Kenny, the company said. (Bloomberg)

Gold, Coal Auction Date Set

LONDON -- Russia will auction gold and coal deposits in its Primorye region on Jan. 22, Interfax reported Monday.

The sites, in the Far East of the country, may hold as much as 422.3 kilograms of gold and 10 million tons of coal, Interfax said, citing a source at the region's natural resources agency. (Bloomberg)

Coca-Cola to Pulp Plant

Russia asked Coca-Cola Hellenic Bottling to consider taking over a pulp plant polluting Lake Baikal, Oleg Mitvol, deputy head of the Natural Resource Ministry's environmental watchdog, said in a statement.

The Baikalsk Pulp and Paper Mill is pumping an "unacceptable" amount of pollution into the lake, Mitvol said. He discussed the proposal Monday with Coca-Cola HBC's Russian director, Keith Sanders. (Bloomberg)

Magnit Sales Up 46%

Magnit, the country's second-largest supermarket chain, said Monday that sales in dollar terms advanced 46 percent in November on new store openings.

Revenue climbed to $332.6 million from $228.1 million in the same month last year, the company said. Sales in ruble terms climbed 35 percent to 8.2 billion. (Bloomberg)

Kyivstar to Get 3G License

KIEV -- Kyivstar, Ukraine's largest mobile phone company, will get a license to provide high-speed wireless services following a court ruling, the Ekonomicheskiye Izvestia newspaper reported Monday, citing court documents.

The National Commission for Connection Regulation must give Kyivstar a license for so-called third-generation, or 3G, services, the newspaper reported. (Bloomberg)