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. Last Updated: 07/27/2016

Business in Brief

Oil Revenue Going Abroad?

The country should invest its windfall oil revenue in overseas assets, Finance Minister Alexei Kudrin said Monday.

"The Reserve Fund and the Welfare Fund must be invested outside of Russia," Kudrin said at a conference organized by Renaissance Capital.

"We are living through peak oil prices," Kudrin said. "We must always be prepared for their decline." (Bloomberg)

Central Bank Cuts Rate

The Central Bank said Monday it was cutting its refinancing rate to 10 percent from the current 10.5 percent, effective from June 19.

The refinancing rate serves as a ceiling for official interest rates in the country. Commercial banks rarely borrow from the Central Bank at this rate because they have access to cheaper liquidity on the money market. (Reuters)

EU to Force Gazprom Sales

LONDON -- The European Union's competition commissioner, Neelie Kroes, said Gazprom will need to sell distribution assets in Eastern Europe if a plan to upgrade the energy industry is approved, the Associated Press said Monday.

A plan introduced January would require energy companies to separate production and distribution as a way to boost competition, the agency said. (Bloomberg)

Turkmen Meeting Canceled

A planned session of the Russian-Turkmen Intergovernmental Commission on Trade and Economic Cooperation has been canceled at Turkmenistan's request, reported Monday, citing a government source.

The Russian delegation, headed by Deputy Prime Minister Sergei Naryshkin, was to attend the intergovernmental meeting in the Turkmen capital, Ashgabat, said.

Earlier Monday, President Vladimir Putin asked Naryshkin to ensure the resolution of any outstanding issues impeding progress in bilateral relations. (MT)

Turkey Partnership Sought

ISTANBUL -- President Vladimir Putin will seek a "strategic partnership" with Turkey to supply Europe with oil when he visits the country next week, Sabah newspaper said Monday, citing Russian Ambassador Vladimir Ivanovsky.

Putin will focus on energy issues when he meets Turkish Prime Minister Recep Tayyip Erdogan in Istanbul on Monday at a Black Sea Economic Cooperation meeting, Ivanovsky told a meeting of Turkish businessmen last week. (Bloomberg)

Integra Posts $40M Loss

Integra Group, an oilfield service provider, said Monday it had a net loss of $40.4 million last year compared with profit attributable to shareholders of $3.89 million the previous year.

Sales rose more than fivefold to $546.8 million from $97.9 million in 2005, according to International Financial Reporting Standards, the company said in a statement Monday. (Bloomberg)

Sibur Says Net Doubles

Gazprom's petrochemicals unit, Sibur Holding, said Monday profit doubled last year as it "optimized production" and reduced financing costs.

Net income advanced to 21.4 billion rubles ($820 million), or 533 rubles per share, from 11 billion rubles, or 275 rubles per share, one year earlier, the company said Monday. (Bloomberg)

X5 Says Will Relaunch Bond

Food retailer X5 Retail Group plans to relaunch its delayed 9 billion-ruble ($346 million) bond in the first half of July, the company said Monday.

X5 initially planned to place the seven-year bond in March but then delayed the offering due to poor market conditions. The company said in a statement it now planned to return to the market with the issue, organized by VTB and Raiffeisen Bank, and would use the proceeds to restructure debt and fund expansion. (Reuters)

Comstar Names New Exec

Telecommunications company Comstar United Telesystems named Sergei Nazarov as its vice president for marketing. He is the second executive to move to Comstar from fixed-line operator Center Telecom, Comstar said Monday in a statement.

Nazarov was formerly deputy CEO at Center Telecom, Comstar said. Former Center Telecom CEO Sergei Pridantsev on Wednesday became Comstar's CEO. (Bloomberg)

Curbs on Thai Rice Eased

BANGKOK, Thailand -- The Russian government plans to ease restrictions on the imports of rice, sugar and fishery products from Thailand, the Bangkok Post reported Monday.

Russia, which currently requires export certification on Thai goods, has agreed to "compromise" on the three products, the newspaper reported, citing Thailand's Commerce Minister Krirk-Krai Jirapaet. (Bloomberg)