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. Last Updated: 07/27/2016

Business in Brief

Eni Seeks More Deals

Eni CEO Paolo Scaroni said Wednesday that Italy's biggest energy business would seek more agreements with Gazprom.

"It's obvious," Scaroni said in Rome on the sidelines of a conference that Gazprom Chairman Dmitry Medvedev is also attending. Italian Industry Minister Pierluigi Bersani said the governments of the countries were also negotiating nonenergy cooperation agreements. (Bloomberg)

Nutritek Sales Up 28%

Baby food and dairy producer Nutritek Group increased sales volume 28 percent in the last fiscal year as higher incomes boosted demand for food products, the company said Wednesday.

Nutritek sold 246,000 tons of products in the year, up from 193,000 tons one year earlier, the company said in a statement. Baby food sales led the growth, surging 115 percent to 43,000 tons. The quantity of dairy products sold climbed 17 percent to 203,000 tons, the company said. (Bloomberg)

Belarus Bond Sale in Russia

Belarus will be the first country to sell sovereign bonds on a Russian exchange, RIA-Novosti said Wednesday, citing VTB, the bank organizing the sale.

Belarus will sell 10 billion rubles ($390 million) of three- to five-year bonds on the MICEX exchange in fall, VTB vice president Denis Ursulyak said, the agency reported.

Ursulyak said the sale would be "an absolutely new transaction" for Russia, the agency reported. (Bloomberg)

Reservoir Land Rules

President Vladimir Putin signed a law banning the privatization of water and land assets that play a role in the public water supply.

Natural and manmade reservoirs that supply water for drinking and other domestic uses, as well as land bordering them cannot be privatized under the law, the presidential press service said Wednesday in a statement.

The government started a campaign against property built illegally near lakes and other reservoirs three years ago. Many houses had been constructed without planning permission and had no facilities to purify sewage. (Bloomberg)

VTB to Raise Borrowing

VTB plans to increase borrowing this year to $10 billion, vice president Denis Ursulyak said Wednesday, Interfax reported.

The bank borrowed about $8 billion last year, the news service cited Ursulyak as telling reporters. (Bloomberg)

Alfa Seeks $660M Loan

DUBAI -- Alfa Bank plans to borrow $660 million in two tranches through a syndicated loan and has mandated 11 banks for the fundraising, one of the banks arranging the loan said Wednesday.

The loan syndication was begun on June 18, Dubai-based Emirates Bank International, one of the arrangers, said in a statement. HSBC Holdings, Standard Chartered and India's ICICI Bank have also been mandated for the syndication, the statement said. (Bloomberg)

Magnit May Sales Increase

Magnit, the country's second-largest supermarket chain, said Wednesday revenue climbed 48 percent in May as the company opened 25 stores.

Revenue increased to $385 million, the Krasnodar-based company said in a statement. Magnit, which runs discount food stores, had 1,984 outlets at the end of the month. (Bloomberg)

Novolipetsk Profit Rises

Novolipetsk Steel, the country's fourth-biggest steelmaker, said Wednesday that first-quarter profit from operations rose 70 percent after prices increased.

Operating income climbed to $640.1 million, from $376.4 million a year earlier, the company said in a statement. Sales grew 61 percent to $1.75 billion. Net income fell 16 percent to $456.6 million after Novolipetsk did not repeat a year-earlier gain from selling a 12 percent stake in iron-ore miner Lebedyansky. (Bloomberg)

Malaysia to Get Sukhoi Jets

Irkut, the country's largest aircraft producer by orders, said Wednesday it delivered the first two Sukhoi Su-30s fighter jets to Malaysia.

Moscow-based Irkut sent the planes on June 17, spokeswoman Yelena Fyodorova said.

Irkut, which has $5.1 billion in orders mostly for military aircraft, signed a contract in 2003 valued at more than $900 million to deliver 18 Su-30MKMs to Malaysia. (Bloomberg)

Finn Firm Inks Park Deal

HELSINKI -- Finnish construction group Lemminkainen has signed a cooperation deal with authorities on an industrial park project in Russia, it said Wednesday, but did not give financial details.

It also signed a preliminary contract for the purchase of the park's entire 130-hectare site, it said in a statement.

The industrial park, to be built in Vorotynsk in central Russia, includes from 5 to 20 production plants and logistics centers. (Reuters)

UniCredit Buys IMB Stake

The European Bank for Reconstruction and Development said Wednesday it had sold its 10 percent stake in International Moscow Bank for $229 million to Italy's UniCredit Group.

The deal, which brings UniCredit's ownership in Russia's No. 8 bank to 100 percent, ends a seven-year involvement by the EBRD, which helped recapitalize IMB in 2000 and participated in three further rounds of capital raising, the EBRD said in a statement. (Reuters)

Vietnam to Get Nuclear Aid

Russia agreed to help Vietnam develop its nuclear power industry by building reactors in the Southeast Asian country, the Russian Industry and Energy Ministry said Wednesday.

Industry and Energy Minister Viktor Khristenko and Vietnamese Industry Minister Hoang Chung Khai met Wednesday and agreed that "the two countries have mutual interest in cooperating in atomic power," the Russian ministry said. (Bloomberg)

TGk-1 New Share Issue

ST PETERSBURG -- The board of power firm TGK-1 has approved a new share issue in July to raise more than $1 billion, it said in a statement Wednesday.

Territorial Generating Company No.1, or TGK-1, is one of about 20 power generators spun off from former electricity monopoly UES under a reform of the sector. It serves St. Petersburg and surrounding areas. (Reuters)

Moskommertsbank Places

Moskommertsbank, a subsidiary of Kazakhstan's Kazkommertsbank, is set to place in full its six-year bond worth 5 billion rubles ($192.8 million) on Wednesday, the issue organizer said Wednesday.

East Capital's Dmitry Rozhkov said the first coupon rate was set at auction at 8.7 percent. (Reuters)