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

. Last Updated: 07/27/2016

Business in Brief

Gazprom to Sell at Premium

Gazprom plans to sell 6 billion cubic meters of the fuel at a 60 percent premium to state-regulated prices in its home market this year, a company spokeswoman, who asked not be identified, said Thursday.

Gazprom also expects to sell 10 bcm to 11 bcm of gas above regulated levels in 2008, the spokeswoman said. The pricing plans, which will take effect from July, were announced during a conference call with analysts Wednesday. (Bloomberg)

Polymetal Plans Expansion

Silver miner Polymetal said Thursday that it would produce 50 percent more at its large Dukat mine from the end of 2008 after completing a $50 million expansion.

Dukat produced 12.6 million ounces in 2006. This accounted for 72.8 percent of the company's total silver output of 17.3 million ounces. (Reuters)

PepsiCo, SABMiller Plants

PepsiCo and SABMiller will build plants in Russia as the beverage makers seek to make up for stagnating sales in the United States and Western Europe, Economic Development and Trade Minister German Gref said Thursday.

SABMiller will build a brewery in Ulyanovsk, Gref said. The country's beer market has been one of the world's fastest growing this decade, reaching $3.4 billion in sales last year, behind only the United States and China. (Bloomberg)

TGK-4 Places Debut Bond

Regional power generating company TGK-4 placed in full a debut five-year bond worth 5 billion rubles ($193.7 million) at auction on Thursday, an official at Gazprombank, the issue organizer, said.

The coupon rate for the first two years, with a put option, was set at auction at 7.6 percent, the official said. He also said that bids for the bond amounted to 7.5 billion rubles. (Reuters)

Rambler Loss Narrows

Rambler Media, which controls the country's second-biggest Internet search engine, said Thursday that its loss narrowed last year as online sales advanced.

Net loss for the 12 months was $3.2 million, compared with $4.4 million one year earlier, Rambler said in a statement. Sales climbed 65 percent to $30.6 million. The company's Internet revenue climbed 91 percent to $28.3 million last year. (Bloomberg)

Transtelecom Profits Rise

Transtelecom, a telecommunications provider controlled by Russian Railways, said Thursday that its profit increased 46 percent last year on expanding services.

Net income rose to 2.2 billion rubles ($85 million) last year, the company said in a statement. Sales increased 21 percent to 17.8 billion rubles under international financial reporting standards. (Bloomberg)

Russia-Greek Train Service

ATHENS -- Hellenic Railways Organization, Greece's state-run railway operator, has started direct services to Kiev and Moscow to attract tourists, the Athens-based company said in a statement Thursday.

The weekly summer services, which will start from the northern Greek city of Thessaloniki and offer sleeper cabins, started Thursday and will operate until Sept. 2, the company said. (Bloomberg)

Svyazinvest Shares Payout

Svyazinvest, the country's national fixed-line phone monopoly, said Thursday that it would probably pay 200.8 million rubles ($7.8 million) in dividends for last year.

The company's board recommended paying 1.03 kopeks per common share, Svyazinvest said in a statement. (Bloomberg)

Lafarge May Face Suit

LONDON -- A German fund firm with a stake in a Russian cement maker is considering taking legal action against French cement firm Lafarge over its plans to merge the company with another of its Russian subsidiaries.

Wermuth Asset Management said the valuation ascribed to the two subsidiaries, Voskresenskcement and Uralcement, was flawed, and unfair to minority shareholders in Voskresenskcement. (Reuters)

For the Record

Sistema Telecom CEO Sergei Shchebetov will step down Friday of his own accord, the company said in a statement Thursday. (Bloomberg)

Center Telecom, a unit of fixed-line telephone company Svyazinvest, appointed Vaagn Martirosyan CEO after Sergei Pridantsev stepped down, the company said Thursday. (Bloomberg)

AFI Development, the real estate unit of Israeli billionaire Lev Leviev, plans to invest as much as $8 billion in building residential accommodation for Volgograd, Kommersant reported Thursday. (Bloomberg)