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. Last Updated: 07/27/2016

Business in Brief

Gazprom Neft Spending Up

Gazprom Neft has raised this year's investment plan by one-fifth as it seeks to increase production, Interfax reported Sunday.

Gazprom Neft will invest 64.4 billion rubles ($2.5 billion) in 2007, compared with 53.8 billion rubles announced in February, the news service said, citing a Gazprom bond sale memorandum. (Bloomberg)

Gazprom Cuts Field Cash

Gazprom reduced the amount it will invest in some of its natural gas fields and pipelines because it sold less gas in the abnormally warm winter and it is spending more on acquisitions, Interfax reported Sunday.

The company cut the funding for its pipeline system 13 percent to 160 billion rubles ($6.3 billion), the news service said, citing a memorandum for a bond sale. Its investment in Shtokman, an Arctic offshore field, has been reduced by about 50 percent to 8.6 billion rubles. (Bloomberg)

Rosneft Raises $3.1Bln Loan

Rosneft raised $3.1 billion with a syndicated bank loan, more than 50 percent more than initially planned, Interfax reported Monday, citing a banker it did not identify.

The loan attracted so much interest that the state-run oil company increased it from $2 billion, the agency said, citing the banker. The five-year loan is guaranteed by oil exports, Interfax said. (Bloomberg)

Steel Consumption Jumps

The country's use of steel products surged in the first six months of 2007, Interfax reported Monday.

Consumption of rolled products increased almost 16 percent to 17.6 million tons from a year earlier, the agency said, citing Alexei Pinchuk, head of metallurgy and resource-supply policy at the Industry and Energy Ministry. Imports of rolled products rose by more than 50 percent, Interfax said. (Bloomberg)

Aeroflot Plane Purchases

Aeroflot said Monday that its board approved buying Airbus A350 XWBs and Boeing 787 Dreamliner jets to help the carrier renew its long-haul fleet in the next decade.

Aeroflot's board agreed to purchase 22 A350s and 22 Boeing 787s, the airline said in a statement. The company will hold an extraordinary shareholder meeting Sept. 4 to seek final approval for the deals, valued at more than $7 billion at list prices. (Bloomberg)

Polish Firm in Cherepovets

WARSAW -- Barlinek, a Polish flooring maker, will spend more than 55 million euros ($76 million) to build a plant in Russia, Polish daily newspaper Parkiet reported Monday.

The construction of the new flooring factory in Cherepovets, 500 kilometers north of Moscow, may start at the end of this year and will take 12 months, the newspaper said, without citing anyone. (Bloomberg)

Mosenergosbyt at $1.3Bln

Mosenergosbyt, a utility that supplies heat and power to Moscow consumers, has been valued at $1.3 billion in an appraisal by Deloitte, Vedomosti said Monday, citing two unidentified people close to the country's electricity holding.

Mosenergosbyt's market value on the RTS exchange July 20 was $678 billion, or a little more than half the estimate of Deloitte, the newspaper said. (Bloomberg)

Reserves Not Inflated

Peter Hambro Mining, Trans-Siberian Gold and Polyus Gold did not inflate their reserve levels in statements to investors, a Russian commission probing the possible exaggeration of deposits said in a report released Monday.

The commission said the information provided by the three companies "does not give grounds for suggesting that inflated reserves information was distributed on the stock market." (Bloomberg)

Nabucco Work Starts in '08

FRANKFURT -- OMV, Central Europe's biggest oil company, will start work on the Nabucco gas pipeline in 2008, Handelsblatt newspaper reported Monday, citing an interview with CEO Wolfgang Ruttenstorfer.

The pipeline could bring 30 billion cubic meters of gas a year from the Middle East, through Turkey and Eastern Europe, Ruttenstorfer told the newspaper. (Bloomberg)

Rinko Offers Kyrgyz Help

BISHKEK -- Several firms headed by Russia's Rinko Holding have offered to build an aluminum plant in Kyrgyzstan, Kyrgyz officials said Monday.

A government spokesman said the consortium, which also includes a Dutch and a Chinese firm, proposed a $3.2-$5 billion project consisting of an aluminum plant, a power station, a mining complex and other facilities. (Reuters)