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. Last Updated: 07/27/2016

Business in Brief

Agencies Inspect Kharyaga

The industrial safety regulator began a review of Total's Kharyaga oil and gas project today as the country's environmental watchdog checks alleged license infractions.

The safety agency, the Federal Service for Ecological, Technological and Atomic Inspection, is performing a regularly scheduled inspection of production and metering equipment and pipelines at the field in northern Russia, the agency said Tuesday. (Bloomberg)

Gazprom Plans Bashkir Buy

Gazprom will buy a stake in petrochemicals producer Salavatnefteorgsintez this month, Vedomosti reported.

Bashkortostan, an oil-producing region in central Russia, plans to sell its 53.9 percent stake in the plant to Gazprom, Vedomosti said Tuesday, citing an unidentified person familiar with the Bashkir government's plans. (Bloomberg)

Gazprom's Czech Expansion

PRAGUE -- Gazprom, the world's largest producer of natural gas, plans to expand its activities in the Czech Republic to sell to consumers, the Hospodarske Noviny newspaper reported Tuesday, citing an interview with Roald Piskoppel, a representative of Gazprom's exporting arm, Gazexport.

The company's Czech unit, Vemex, has three large customers and will add another five in April, Hospodarske said. (Bloomberg)

LUKoil Power Station

LUKoil will build a power station to supply a Siberian oil field using gas turbines similar to those in passenger aircrafts, the company said Tuesday.

LUKoil and Aviadvigatel, an aircraft engine design bureau, plan to bring online a 72 megawatt power station by December to supply the Vatyeganskoye, one of the largest oil fields in the Khanty-Mansiisk district. The station will run on associated gas, a byproduct of oil production, from the Kogalymneftegaz fields, LUKoil said. (Bloomberg)

Corruption Blacklist

The Interior Ministry will draw up a blacklist of businessmen and civil servants with criminal records for corruption, Interfax reported Tuesday, citing a ministry statement.

The blacklist, which will list names of individuals disqualified from occupying managerial positions, will come into effect from April, the statement said.

"In line with decisions taken earlier about the exchange of information between domestic law enforcement agencies, data on individuals with convictions for corruption will be submitted to the Interior Ministry," a ministry spokesperson told Interfax. (MT)

Eurasia Gold Delays Sale

Eurasia Gold, a Kazakh-based gold miner in which billionaire Viktor Vekselberg has a stake, delayed plans to sell shares in London, citing falling stock prices.

The firm, already listed in Toronto, sought to raise as much as $150 million for two acquisitions in Central Asia by offering new dollar-denominated shares. It still plans to buy the Bozymchak gold and copper deposit in Kyrgyzstan and the Akjilga silver deposit in Tajikistan remain unchanged, Eurasia Gold said Tuesday. (Bloomberg)

Court Rejects Turkcell Case

ISTANBUL -- A Turkish commercial court has rejected a request from Turkcell shareholder TeliaSonera to cancel decisions made in a May shareholders' meeting, the Turkish operator said Tuesday.

TeliaSonera filed a suit in August calling for the May 22 shareholders' meeting and all the decisions made at it -- which included the election of the board -- to be canceled. (Reuters)

Sedmoi Kontinent Profit Up

Supermarket company Sedmoi Kontinent said annual earnings jumped 44 percent as it improved profitability and opened new stores.

Net income advanced to $67.6 million, Sedmoi Kontinent said Tuesday, without giving a comparative 2005 figure. Sales climbed 34 percent to $958 million in results calculated to international standards. (Bloomberg)

Sistema Eyes Telecom Italia

ROME -- Diversified holding firm Sistema said Tuesday that it was in "contacts" with Italy's Telecom Italia.

"There are contacts," said Vladimir Yevtushenkov, the president of Sistema, which owns Mobile TeleSystems. Asked if he had interest in Telecom Italia, he said: "I'm interested in everything." (Reuters)

Budget Surplus Posted

Russia posted a preliminary 360 billion ruble ($13.75 billion) primary budget surplus in February.

The budget surplus minus the spending on the government debt interest reached 341 billion rubles, the Finance Ministry said. Revenue reached 889 billion rubles in February, or 56.6 percent of the revenue planned for the first quarter. (Bloomberg)