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. Last Updated: 07/27/2016

Business in Brief

Integra Clinches Contracts



LONDON -- Oilfield-service company Integra Group increased operations last year and had signed at least $770 million in contracts as of April 10 for this year, the company said Friday in a statement

The company "materially increased the volume of oil field services it provided," the statement said. It built 175 wells and modernized 16 rigs last year. (Bloomberg)




Gazprom on Ukraine



Gazprom is concerned about the political stalemate in Ukraine, CEO Alexei Miller said Friday.

"Gazprom is watching developments in Ukraine with concern, considering the country's exceptionally important role in the transit of Russian gas to European consumers,'' Miller said in a statement.

Ukrainian Energy Minister Yuriy Boyko met Friday with Miller in Moscow for a regular working visit, Gazprom said. (Bloomberg)




Siemens Turbine Venture



Siemens, Europe's biggest engineering company, plans to start a joint venture in northwest Russia, with orders of as much as 300 million euros ($406 million) in the next several years, the companies said in a joint press release Friday.

The German company will work with Nevsky Zavod to build the turbines in St. Petersburg for compressor stations, the companies said. (Bloomberg)




Chevron's Kazakh Payout



ALMATY, Kazakhstan -- Chevron's Kazakh venture, which produces about one-quarter of Kazakhstan's oil, paid $400 million in dividends to its partners for the first quarter, after its production climbed 12 percent.

Chevron's TengizChevroil venture paid $68 million to state-run KazMunaiGaz, on March 28, KazMunaiGaz said on its web site. (Bloomberg)




Lithuania Passes Gas Law



VILNIUS, Lithuania -- Lithuanian President Valdas Adamkus approved a new gas law regulating prices for consumers, rebuffing warnings from Gazprom that the law may prompt the company to raise prices to western European levels.

Lithuania passed the law to bring the country's legislation in line with the European Union rules, the president's press office said in a statement Friday. The European Commission has warned Lithuania three times about delays to adopt the law, it said. (Bloomberg)




Ministry Holds Car Talks



Suzuki, Mitsubishi and PSA Peugeot Citroen will hold talks this month with the Economic Development and Trade Ministry about the possibility of setting up car assembly plants in Russia, Interfax said Friday.

Suzuki plans to build a car plant in Russia and is considering St. Petersburg as a possible location, the agency said, citing Dmitry Levchenkov, deputy chief of the ministry's investment policy department.

Peugeot Citroen is considering building a plant in Nizhny Novgorod and plans to meet with the economic ministry to discuss this possibility on April 17, Levchenkov told reporters in Ivanovo, Interfax said. (Bloomberg)




Evraz Output Climbs 12%



LONDON -- Evraz Group, which is 41 percent owned by billionaire Roman Abramovich, said Friday production climbed almost 12 percent in the first quarter.

Steel output was 4.28 million tons, up from 3.84 million tons a year earlier, while output of rolled products rose 14 percent to 3.9 million tons, from 3.41 million tons, Evraz said. (Bloomberg)




Aurora's Unistream Deal



Aurora Russia, which invests in financial services in the country, completed the first stage of its purchase of money-transfer company Unistream Bank.

Aurora paid $13.6 million for a 17.7 percent stake in Unistream, British-based Aurora said Friday in a statement.

The company, listed on London's Alternative Investment Market, plans to purchase an additional 8.3 percent stake in Unistream to bring its total stake to 26 percent. (Bloomberg)




Rosneft Plans to Sell Bonds



Rosneft plans to sell from $2 billion to $4 billion of bonds to international investors in June, Interfax reported Friday, citing an unidentified banker.

The company hired ABN Amro Holding, Barclays Capital, BNP Paribas, Calyon, Citigroup, Goldman Sachs Group, JPMorgan Chase & Co. and Morgan Stanley to organize the sale of the bonds, the agency said. The debt will be used to repay some of the $22 billion loan Rosneft received to help buy assets from bankrupt Yukos, Interfax said. (Bloomberg)




UES Won't Pay Dividends



State-controlled power company Unified Energy Systems will not pay dividends for 2006, Interfax reported Friday, citing Economic Development and Trade Minister German Gref.

The ministry has prepared a directive for the government's representatives on the board of UES to vote against paying dividends, the agency said. Gref said UES would instead use the money for investment, Interfax reported. (Bloomberg)




Minimum Wage Raise



The Federation Council approved Friday a bill to increase the minimum monthly wage to 2,300 rubles ($90) from the current 1,100 rubles as of Sept. 1.

The bill, which was passed by the State Duma earlier this month, also includes provisions to raise fines for employers paying wages below the official minimum rate. (MT)