Install

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

. Last Updated: 07/27/2016

Business in Brief

LUKoil Plans Polish Growth



WARSAW -- LUKoil, the country's biggest oil company, wants to build new gas stations in Poland and boost its share in the country's retail fuel market, the Puls Biznesu newspaper reported Thursday, citing Vladimir Zander, the company's deputy director for Poland.

LUKoil wants to raise the number of gas stations to 100 by next year and then further boost it to 300 in the next few years, Zander said. (Bloomberg)




LUKoil Mulls Depot



ISTANBUL -- LUKoil is looking for land to build an oil depot in northwest Turkey, the Dunya newspaper said.

LUKoil is planning to build the depot near the port city of Zonguldak, on the Black Sea, after giving up plans to build a refinery in the region, Dunya reported Thursday, citing Salih Demir, chairman of the town's chamber of trade and industry. (Bloomberg)




Putin to Sign Pipe Deal



President Vladimir Putin will travel to Greece next week for the signing of a long-delayed oil pipeline deal, the Kremlin said late Tuesday.

During the March 14 to March 15 visit, Putin will meet with the Greek and Bulgarian presidents, the Kremlin said. It said a deal between the three governments for "cooperation on the construction and use" of the Burgas-Alexandroupolis pipeline would be signed during the summit. (AP)




PKN Orlen Diversification



WARSAW -- Orlen Gaz, the largest liquid gas company in Poland and a subsidiary of Poland's largest oil refiner, will develop plans to diversify sources from Russia, the daily newspaper Puls Biznesu reported Wednesday.

The firm plans to construct underground liquid gas storage facilities and build a logistics center in the Baltic port city of Szczecin by 2010 to help it import more gas from north and western Europe, the paper said, without saying it got the information. (Bloomberg)




TNK-BP Doubles Profit



TNK-BP more than doubled profit in the first nine months of 2006, Interfax reported Wednesday, citing a eurobond memorandum.

TNK-BP's net income was $6.3 billion in the period based on profit according to U.S. generally accepted accounting principles, up from $2.9 billion in the first three quarters of 2005, the agency said. Revenue grew by 23.6 percent to $19.9 billion in the period, Interfax reported. (Bloomberg)




EBRD's Earnings Rise 60%



The European Bank for Reconstruction and Development increased its earnings by 60 percent in 2006 from a year earlier and expanded its investments in Russia.

EBRD posted 2.4 billion euros ($3.16 billion) in 2006 earnings, up from 1.5 billion euros the previous year, the company said Wednesday. EBRD invested 1.9 billion euros of its 4.9 billion euros in total investments for the year in Russia. (Bloomberg)




Baltic Sea to Warm Sharply



OSLO -- The Baltic Sea region is likely to warm faster than the world average this century because of climate change, disrupting fisheries and extending crop-growing seasons, a report said Wednesday.

The study, by 80 scientists from Baltic-region states, including Russia and Germany, said temperatures were already rising more quickly than the global average, cutting the number of days when parts of the sea are clogged by winter ice. (Reuters)




MTS Is Suing Altimo



Mobile TeleSystems, the country's largest cellular company, is suing billionaire Mikhail Fridman's telecommunications holding Altimo for at least $150 million for what it says was the forced takeover of its Kyrgyz unit.

MTS filed a claim in the Isle of Man against Altimo and 10 other companies it says were involved in the armed takeover of Bitel, the largest operator in Kyrgyzstan, MTS said. (Bloomberg)




Vostok Nafta to Split Up



STOCKHOLM -- Vostok Nafta Investment will split up to create a separate entity that will focus on Vostok's holding in Gazprom.

Vostok will spin off the portfolio containing stakes in TNK-BP, coal producer Belon, and shares in Rosneft, and list it on the Stockholm exchange under the Vostok Nafta name, the company said Wednesday. (Bloomberg)




Audit Secrecy Questioned



The Central Bank wants to amend the country's banking laws to force auditors to hand over confidential information about the banks they are checking, Kommersant said Wednesday, without saying where it got the information.

The Bank of Russia submitted a bill to the Finance Ministry's auditor board that would require auditors to inform the Central Bank of all facts revealed during probes affecting creditors' and depositors' interests, the newspaper reported. (Bloomberg)




Muz-TV Eyed for Purchase



Central European Media Enterprises, the owner of television networks in six East European countries, is in talks to buy Muz-TV channel, Vedomosti reported Wednesday, citing an unidentified person close to the negotiations.

CME and Russian Ars holding, which controls Muz-TV, last week signed a confidentiality agreement, the newspaper said. Muz-TV broadcasts in 550 Russian cities and may cost more than $200 million to buy, Vedomosti said. (Bloomberg)




Hurriyet Magazine Approval



LONDON -- Hurriyet Gazetecilik & Matbaacilik, Turkey's biggest newspaper group, received anti-monopoly approval for its acquisition of Trader Media East, a Dutch publisher of classified-ads and property magazines in Russia.

Hurriyet received clearance from the Russian Federal Anti-Monopoly Service to buy Trader Media, which publishes magazines in Central and Eastern Europe. It acquired 62 percent of the company last week for $308 million. (Bloomberg)




Pernod Mulls Stolichnaya



PARIS -- Pernod Ricard, the world's second-largest wines and spirits group, said Thursday that it could afford to buy both the Absolut and Stolichnaya vodka brands if necessary, but only needed one of them.

Pernod is in talks with Russian authorities about securing an extension of its rights to Stolichnaya, which it sells outside Russia under an agreement due to expire in 2010. (Reuters)




Kopeika Seeks Double Sales



Trading House Kopeika, Russia's third-largest supermarket chain by sales, aims to double revenue this year after expanding its store network by more than half, the company said Tuesday.

The firm will spend $180 million opening 200 supermarkets in 2007, the statement said. Kopeika, which operates discount food stores, said Feb. 5 that revenue surged 71 percent to $980 million in 2006. (Bloomberg)