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. Last Updated: 07/27/2016

Business in Brief

Economy Expanded 7.8%

The economy expanded 7.8 percent in the first half of the year, beating government forecasts, RIA-Novosti reported Tuesday, citing Deputy Prime Minister Alexander Zhukov.

Economic growth was driven by industrial production, which rose 7.7 percent in the first six months, Zhukov said, the agency reported. Zhukov was speaking at a Cabinet meeting, RIA-Novosti said. (Bloomberg)

Oil Growth May Fall

The country's oil output may decline in the next five years before rising investment in new projects stabilizes production, the CEO of oil-field services provider Integra Group Holdings said Tuesday.

Production will stabilize as companies accelerate exploration and drilling in Russia's north, eastern Siberia and offshore, CEO Felix Lubashevsky said. (Bloomberg)

Imperial to Write to FSA

LONDON -- Russia-focused oil and gas explorer Imperial Energy said Tuesday that it was writing to British regulator The Financial Services Authority about trading in its shares.

The company, currently locked in a dispute with the Natural Resources Ministry about its oil reserves estimates, said in a statement that it would be writing on "certain matters affecting its share trading and share price." (Reuters)

JKX to Enter Russia

LONDON -- British energy explorer JKX Oil & Gas said Tuesday that it was to enter the Russian gas market with the $50 million acquisition of the southern Koshekhablskoye gas field, lifting its stock to a 12-month high.

Chief executive Paul Davies said the strategic deal was "a significant opportunity for JKX to increase its reserves and asset base" and to capitalize on its experience in the region. (Reuters)

Sochi Ring Road Bid

Billionaire Oleg Deripaska submitted a bid for a $2.1 billion contract to build a ring road around Sochi to ease congestion, Kommersant said Tuesday, citing Sochi's chief architect Oleg Gusyev.

Austrian construction company Strabag, 30 percent owned by Deripaska, said it would bid, Gusyev said, the newspaper reported. (Bloomberg)

Norilsk Nickel Net Rises

Norilsk Nickel's net income increased 22 percent in the first quarter to $1.82 billion, Vedomosti reported Tuesday, citing an internal unaudited report.

Norilsk's first-quarter revenue doubled on the same period in 2006 to $3.43 billion, the newspaper said. (Bloomberg)

LionOre Offer Extended

Norilsk Nickel, the nickel producer that acquired almost 90 percent of Canada's LionOre Mining International, extended its buyout offer to Aug. 23, the Moscow-based company said in a statement Tuesday.

Norilsk extended its bid for the remaining stock to allow bondholders to convert their holdings into shares, the company said. (Bloomberg)