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. Last Updated: 07/27/2016

Business in Brief

Gazprom Declares Profits

State-controlled gas monopoly Gazprom said its net profit for the first nine months of 2006 rose 90 percent, boosted by the integration of oil unit Gazprom Neft as well as high international oil and gas prices.

The gas producer reported a net profit of 442.3 billion rubles ($16.78 billion) for the nine months ended Sept. 30 under international financial reporting standards, up from 232.13 billion rubles in the same period one year earlier. (AP)

TeliaSonera on MegaFon

STOCKHOLM -- Top Nordic telecoms operator TeliaSonera said Tuesday that it would not make any quick decision to quit its investment in associated companies MegaFon and Turkcell.

The group earlier said that if it could not achieve full control of the companies, it would withdraw its investments. "I do not have any specific time frame in mind. Longer term it does not make sense to stay in such minority positions unless we can create a platform for growth out of it, in other words take control," TeliaSonera CEO Anders Igel said. (Reuters)

Sistema Buys Back Stock

Billionaire Vladimir Yevtushenkov's Sistema holding company bought back another 0.48 percent of the company's stock, raising the total amount spent on an incentive program for management to $347 million.

Sistema has now bought back 2.95 percent of outstanding shares since March, the Moscow-based company said in a statement Tuesday, without saying when the most recent purchases occurred. The stock my also be used for acquisitions. (Bloomberg)

PKN Orlen Mulls Yukos Bid

WARSAW -- PKN Orlen, Poland's largest oil company, is interested in acquiring the assets of bankrupt Yukos when they come up for sale, Parkiet reported Tuesday.

PKN Orlen is interested in Yukos' oil extraction units, the Polish newspaper reported, citing Eduard Rebgun, the court-appointed bankruptcy manager. The Polish company denied that it might seek to buy the units, Parkiet reported. (Bloomberg)

Retailer Buys Moscow Chain

Sedmoi Kontinent bought 51 percent of Citimarket, the owner of two food-store chains outside of Moscow, Vedomosti reported Tuesday.

Sedmoi Kontinent paid $10 million for the stake, the newspaper said, citing spokeswoman Valeria Lomonosova and a Citimarket statement. Citimarket's chains on the outskirts of Moscow are Svetofor and Mirovoi. (Bloomberg)

Total Spending Approved

Oil major Total gained approval from a government committee to spend $146.5 million at the Kharyaga oil field, the license to which is under review by regulators who say the company is not producing enough oil and gas from the field.

Total must present a new development plan for the field and for using gas extracted with the crude oil to the subsoil resources agency this quarter, the Industry and Energy Ministry said Tuesday. (Bloomberg)

Gazprom Seeks $12Bln

Gazprom is seeking to raise as much as $12 billion by April, Vedomosti said Tuesday, citing unidentified people familiar with the company's borrowing plans.

Gazprom will sell $4 billion in eurobonds in two portions, the newspaper said. The state-run company is also in talks to borrow as much as $8 billion from banks. Most of the money will be used to pay for a 51 percent stake in the Sakhalin-2 project. (Bloomberg)

Alekperov's Stock Purchase

LUKoil, Russia's biggest oil producer, said CEO Vagit Alekperov, his family and another company executive bought $460 million of shares last week.

Alekperov bought about 1.54 million shares for 3.34 billion rubles ($127 million) Feb. 9, the company said in a statement Tuesday. His wife, Larisa, bought 1.14 million shares for 2.47 billion rubles and his son, Yusuf, bought 1.09 million shares for 2.37 billion rubles. (Bloomberg)

TuranAlem Boosts Profit

ALMATY, Kazakhstan -- Bank TuranAlem, Kazakhstan's second-biggest lender, increased profit by 48 percent last year after extending more loans to companies and private customers.

Net income rose to $162.5 million from $110 million in 2005, the Almaty-based bank said in a statement Tuesday. The lender doubled its assets to $14.4 billion, it said. (Bloomberg)

Kaufman to Leave UBS

UBS, the world's biggest money manager, said Edward Kaufman, head of investment banking in Russia, would leave the firm at the end of the month.

Kaufman, who was responsible for merger advice in Ukraine and Kazakhstan, joined UBS in 2002 and his replacement has not been named, said Sarah Small, a spokeswoman for UBS in London. (Bloomberg)

Palladium Inventories Soar

Palladium inventories in Switzerland soared 34 percent in December, led by shipments from Russia, the world's biggest producer, according to UBS.

Stockpiles rose by 49 tons in the month, when Russia shipped 40.1 tons to Switzerland, John Reade, head of metals strategy at the UBS Investment Bank unit in London, said Tuesday. (Bloomberg)

Aluminum Exports Up

Russian aluminum exports outside the Commonwealth of Independent States were up 9.6 percent year on year at 4.15 million tons in 2006, customs data released on Tuesday showed.

Higher prices ensured the value of the exported metal soared 36.7 percent in the same period to $6.78 billion. Nickel exports to non-CIS countries declined 0.9 percent to 259,200 tons. (Reuters)

Highland Output Drops

Highland Gold Mining, a British company that produces gold in Russia, said second-half output dropped 21 percent after a fatal fire at its Darasun mines.

The firm produced 76,339 ounces in the six months ended Dec. 31 compared with 96,467 ounces one year earlier, Highland said Tuesday in a statement. Full-year output rose to 167,544 ounces, from 160,216 ounces. (Bloomberg)

For the Record

Discount retailer Kopeika will place 4.0 billion rubles ($152 million) of five-year bonds Feb. 21, the company said Tuesday. (Reuters)

Moskommertsbank, a subsidiary of Kazakhstan's Kazkommertsbank, will place a four-year $114 million bond Feb. 20, the bank said Tuesday. (Reuters)

The yield guidance on a planned ruble-denominated Eurobond issue by Russia's Ursa Bank is seen at around 9.25 percent, a banking source said Tuesday. (Bloomberg)