Install

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

. Last Updated: 07/27/2016

Business in Brief

Hydro' Shtokman Interest



AMSTERDAM -- Norway's Norsk Hydro is still interested in the Shtokman gas project and is in talks with Gazprom about its possible participation, a company official said Thursday.

"There are discussions going on. I cannot comment on the exact form of the discussions," Petter Nore, senior vice president at Hydro, told reporters on the sidelines of the Flame energy conference in Amsterdam. (Reuters)




OGK-5's Sale Seen in June



Power generation firm OGK-5 is expected to auction off a blocking stake of 25 percent plus one share to a strategic investor on June 6, a source close to the offering said Thursday.

The company is expected to open a data room for the sale at the beginning of April, the source said. This had initially been planned for early March.

The board of electricity major Unified Energy Systems has already cleared the sale, which has a starting price of $943.4 million. (Reuters)




Turkish Refinery Plans



ALMATY, Kazakhstan -- Kazakhstan's national oil company, KazMunaiGaz, plans to build a $5 billion oil refinery near Ceyhan on Turkey's Mediterranean coast, in an effort to improve profit margins by processing fuel.

KazMunaiGaz will sign an accord creating a venture for the project with Turkish partners by the end of April, Shukhrat Danbay, KazMunaiGaz's executive director of refining and petrochemicals, said Thursday. (Bloomberg)




VimpelCom in Georgia



VimpelCom, Russia's second-biggest mobile phone operator, started selling services in Georgia using its Beeline brand and on Thursday opened a sales office in the country as the company expands in the former Soviet Union.

VimpelCom started sales in Tbilisi on Thursday and plans to open 70 dealer outlets in the country by October, the company said Thursday. (Bloomberg)




Aeroflot Airbus Orders



Aeroflot, Eastern Europe's largest airline, plans to buy 22 Airbus SAS 350 aircraft in the next few weeks to renew and expand its fleet, picking jets from the European plane maker over Boeing's 787 Dreamliner.

State-controlled Aeroflot plans to sign a firm order for the planes, deputy CEO Lev Koshlyakov said Thursday. Aeroflot has been considering a $3 billion order for more than a year to renew its long-haul fleet with 22 new jets. (Bloomberg)




Rossiya Project at Risk



A deal for Shalva Chigirinsky's ST-Development to reconstruct the Rossiya Hotel may be voided after the Higher Arbitration Court declared it to be invalid, Kommersant reported Thursday.

The court's chairman, Anton Ivanov, has signed a presidium decision passed late January to invalidate the deal, which was sealed in November 2004, the paper reported. The recommendation will now be submitted to the Moscow Arbitration Court, which has the final say on the issue. (MT)




Arms Firm Restructuring



The company structure of state arms dealer Rosoboronexport may be wholly revised in the near future, Federal Industry Agency chief Boris Alyoshin told journalists Thursday, Interfax reported.

"Diversification of Rosoboronexport's operations … requires a reform the company's structure," Alyoshin said. "A decision on this will be made in the near future."

Alyoshin said that although the company operates well in the arms export sector, it is not effective in a wide range of other industries in which it is involved. (MT)




Metrocom Stake Sold



Comstar United Telesystems, billionaire Vladimir Yevtushenkov's telecommunications company, said it sold its minority stake in a fixed-line operator in St. Petersburg.

Comstar sold its 45 percent holding in Metrocom for $20 million to a closed joint stock company, MST, Comstar said in a statement late Wednesday. Comstar bought the stake for $12.2 million in 2005. (Bloomberg)




Gas Trader's Generator Bid



Gas trader Trans Nafta plans to bid for power generation companies TGK-2 and TGK-11, Kommersant reported Thursday, citing the trader's president, Valery Kondrachuk.

Trans Nafta has sent a letter to Unified Energy Systems to register its interest in buying new shares in the generators, the paper said. (Bloomberg)




Severstal's Michigan Buy



Steel producer Severstal bought Michigan's Victory Industries to enlarge its U.S. operations, it said Thursday.

The steelmaker, controlled by billionaire Alexei Mordashov, plans to develop and expand Victory, which focuses on machining, welding and fabricating services, a statement on Severstal's web site said Thursday. (Bloomberg)