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. Last Updated: 07/27/2016

Business in Brief

LUKoil to Repair Plant

LUKoil said Monday that it would restore full operations at its Volgograd oil refinery by May 1, after a weekend fire damaged a processing unit.

The fire caused about $10 million in damages, which is covered by insurance, LUKoil spokesman Dmitry Dolgov said. The fire was extinguished within two hours on March 10 at one of the refinery's two primary processing units, which has capacity to refine 4 million tons of oil per year. (Bloomberg)

Yukos Refining Stays Flat

Kuibyshev refinery, controlled by Yukos, plans to process over 127,000 barrels per day of crude in 2007, almost the same as in 2006, the plant said.

The refinery said it had processed over 1.1 million tons of crude in January and February, up by 16 percent from the same period of last year. The plant also said Monday that it had produced over 610,000 tons of light refined products during the two months, and the output included 400,000 tons of diesel and over 185,000 tons of gasoline. (Reuters)

LUKoil to Raise $1Bln

LUKoil wants to raise over $1 billion in three syndicated loans, a banking source said Monday.

"They want three loans including two mid-sized and one big for a total of over $1 billion," the source said. "One loan for about $250 million is meant to refinance an earlier borrowing". The source added that LUKoil would seek a maturity of over five years for the biggest loan. (Reuters)

Nuclear Reactor Closed

A nuclear reactor was shut down in the central Voronezh region due to problems with the cooling system, the plant's operator said.

The 950-megawatt reactor at the Novovoronezhskaya plant, commissioned in 1981, was stopped at 11:56 p.m. on Sunday, Rosenergoatom, the state-owned operator of nuclear plants, said in a statement. Radiation levels are normal, the statement said. (Bloomberg)

Mitvol Questioning Denied

Prosecutors in Moscow region denied Monday having questioned the deputy head of the environmental watchdog, Oleg Mitvol, RIA-Novosti reported.

A source at the environmental watchdog earlier told the agency that Mitvol was being questioned in relation to a slander suit filed by Governor Boris Gromov. In early February, Mitvol submitted a letter to the Prosecutor General accusing Moscow regional authorities of selling land illegally and below real market prices. (MT)

Urals Gets $80M Loan

Urals Energy Public, a London-based trading company with oil assets in Russia, got the remaining $80 million of a $130 million loan to develop oil reserves in east Siberia.

The loan, to develop the Dulisma oil field in the Irkutsk region, was arranged by Goldman Sachs and Standard Bank, Urals Energy said Monday. Urals Energy plans to export oil from the field through a pipeline Russia is building to the Pacific coast. (Bloomberg)

Malev Takeover Date Fixed

BUDAPEST -- AirBridge, the Hungarian unit of billionaire Boris Abramovich's Krasair airline, will take control at Malev on March 14, the Napi Gazdasag newspaper reported Monday citing a Hungarian government official.

Krasair will also forward 20 million euros ($26 million) that day, the first installment of its planned 50 million euro spending to upgrade the airline, said Peter Oravecz, a spokesman at Hungary's state asset-sales agency, the newspaper said. (Bloomberg)

EuroChem to Raise $300M

EuroChem, the world's seventh-largest fertilizer producer, plans to sell $300 million in bonds to foreign investors.

The five-year notes will yield around 8 percent, bankers involved in the transaction said. Citigroup, UBS and ING, which are managing the sale, may stop taking orders for the debt as early as Monday, the bankers said. (Bloomberg)

Vienna Buys Insurers

Austria's Vienna Insurance has bought stakes in two Russian insurers controlled by the City of Moscow, a Russian partner in the insurers said Monday.

Russkiye Fondy, a financial investor that owns minority stakes in the insurers, said in a statement that it had sold 15 percent stakes in Standart-Reserv and Solidarnost dlya Zhizni to Vienna Insurance. (Reuters)

Oxus Agrees on Assets Sale

BRUSSELS -- Oxus Gold, a British owner of Central Asian mines, agreed to sell assets in Kyrgyzstan and Romania to KazakhGold Group for as much as $152 million.

KazakhGold will acquire Oxus' 67 percent stake in Kyrgyz miner Talas Gold Mining along with a 50 percent stake in Romanian joint venture Romaltyn, Oxus said Monday. KazakhGold will pay Oxus 3.54 million new shares that are worth about $72 million and a deferred cash payment of as much as $80 million, Oxus said. (Bloomberg)

Center-Invest Bond Sale

Center-Invest Bank, a Russian regional lender partly owned by the European Bank for Reconstruction and Development, is selling up to $100 million in its first sale of notes to foreign investors.

Center-Invest, the second-biggest bank by assets in the southern federal district, hired Trust Investment Bank to sell the credit-linked notes. (Bloomberg)

Kazakh Oil Product Output

ALMATY, Kazakhstan -- Kazakhstan increased output of oil products by 6.6 percent in the first two months of the year from one year earlier.

The Central Asian nation produced 1.78 million tons of gasoline, diesel and other refined products in the first two months, the Almaty-based State Statistics Agency said Monday, without giving reasons for the increase. (Bloomberg)

PKN Seeks Kazakh Deal

WARSAW -- Representatives of PKN Orlen, Poland's largest fuel company, started a visit to Kazahstan on Monday, seeking to sign a cooperation agreement on crude oil extraction projects, Puls business newspaper reported.

An agreement may end months of talks between PKN and Kazakhstan and pave the way for PKN to win access to Kazakh oil at the end of this year, Puls reported. (Bloomberg)

UralSib Chairman Resigns

Billionaire and LUKoil board member Nikolai Tsvetkov resigned as chairman of his bank UralSib, Kommersant said Monday, citing UralSib.

Tsvetkov, who is Russia's 11th richest man with a net worth of $8.4 billion, plans to concentrate on other businesses, including retail, the newspaper said. Moscow-based UralSib last week completed the purchase of the 50 percent it didn't own in supermarket chain Kopeika.

First vice president Andrei Donsky will replace Tsvetkov, Kommersant reported. (Bloomberg)