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. Last Updated: 07/27/2016

Business in Brief

Chevron Negotiates Venture

Chevron wants a 49 percent stake in a joint venture with oil producer Gazprom Neft, Chevron CEO David O'Reilly told Vedomosti in an interview published Wednesday.

Gazprom Neft CEO Alexander Dyukov said in June that he wanted his company to raise its stake in the venture to 75 percent from 30 percent. (Bloomberg)

Gazprom Bond Goes Ahead

LONDON -- Gazprom will stick to its plan to start a $1 billion-plus bond roadshow Friday despite volatile markets and political tension between Moscow and London, sources said Wednesday.

"The deal is going ahead -- absolutely. Gazprom have priced bonds in difficult market conditions before," a London banking source said Wednesday.

Heavily indebted state-controlled oil major Rosneft this week scrapped a multibillion-dollar issue just after finishing a roadshow, blaming market volatility. (Reuters)

VimpelCom's GSM Licenses

VimpelCom has won its first two licenses to operate GSM wireless networks in the Far East of the country, the organizer of the auction said Wednesday.

VimpelCom, which has failed in previous attempts to break into the region, received the licenses to operate in the Jewish autonomous region and the Magadan region, the Federal Service for Mass Media, Telecommunications and the Protection of Cultural Heritage said in a statement on its web site. (Reuters)

Naryshkin to Oversee Pipe

Deputy Prime Minister Sergei Naryshkin has been named as chief coordinator for the East Siberia Pacific Ocean oil pipeline project, a government source said Wednesday, RIA-Novosti reported.

The pipeline project, which is designed to have annual capacity of 80 million tons of crude oil, was started in April 2006 and will provide oil to the Asia-Pacific market.

Naryshkin's appointment was announced during a Cabinet discussion on the pipeline project. (MT)

New Reactors for Northwest

Russia will spend 90 billion rubles ($3.5 billion) on two new nuclear reactors at a power plant near St. Petersburg as the country expands its atomic energy capacity to cut reliance on fossil fuels, the Leningrad region said on its web site Tuesday.

Rosenergoatom, the state-owned nuclear power plant operator, will add a third and a fourth reactor to the Leningradskaya plant, each with a capacity of 1,150 megawatts, by 2016, the Leningrad region said. Construction will begin in 2011. (Bloomberg)

Aeroflot Mulls Alitalia Bid

Aeroflot will decide whether to bid for Italy's Alitalia only after new terms are released, Aeroflot's deputy general director Lev Koshlyakov said Wednesday.

"If new terms suit us, we will study the issue," he said, adding that Aeroflot had yet to receive new proposals. (Reuters)

iPhone Rights Contested

Apple may need to buy the rights for its iPhone brand in Russia before selling the phone in the country, Vedomosti reported Wednesday.

The day Apple began selling iPhone, a Russian company, MD Trading, applied to register rights for the brand in Russia, Vedomosti reported, citing the country's patent agency. (Bloomberg)

Baltic Refinery Planned

LONDON -- A Russian investor, Lizingstroigaz, plans to invest $210 million to build an oil refinery on the Baltic Sea coast, the Leningrad region administration said Tuesday in a statement posted on its web site.

The unit will process 1 million tons of crude a year, the Leningrad region administration said. The refiner will be based near the port of Primorsk. It will produce 440,000 tons of methanol per year, along with gasoline and diesel, the administration said. (Bloomberg)

Estonian Terminal Sale

Severstaltrans is planning to sell its fuel oil terminal EOS in Estonia, one of the country's biggest, amid problems with rail deliveries from Russia, Kommersant reported Wednesday, quoting industry sources.

Severstaltrans declined to comment.

EOS can load over 10 million tons of fuel oil a year in the Estonian port of Muuga for re-exports to Europe, but operations have been disrupted in the past months after Russian Railways ordered oil firms to reduce shipments. (Reuters)

Highveld Offer Rebuffed

JOHANNESBURG, South Africa -- Highveld Steel & Vanadium's minority investors RMB Asset Management and Stanlib have rejected Evraz Group's increased offer to buy them out, Business Report said Wednesday, citing their fund managers.

RMB, which may own about 7 percent of Highveld, wants to keep its investment in the South African steel producer because it has good growth prospects, RMB money manager Stephen Brown said, the newspaper reported. (Bloomberg)

Uralkaly to Sell 10% Stake

Billionaire Dmitry Rybolovlev plans to sell 10 percent of Uralkaly, the world's fifth- largest fertilizer producer, a year after abandoning a bigger share offering, two people with knowledge of the situation said.

Rybolovlev, who owns 80 percent of Uralkaly, may raise about $600 million from selling shares that will trade in London, one of the people said. (Bloomberg)

North-West Telecom Profits

North-West Telecom, which operates the fixed-line phone network in the Leningrad region, said Wednesday that its 2006 profit fell 10 percent.

Net income fell to 1.27 billion rubles ($49.9 million) under international accounting standards, the company said. Sales increased 0.5 percent to 20.6 billion rubles. (Bloomberg)

Sibir Output Climbs

Sibir Energy, the oil company controlled by billionaire Shalva Chigirinsky, said crude production at its joint venture with Shell had climbed to 86,000 barrels per day, CEO Henry Cameron said in a statement Wednesday.

Sibir's total output, including its half of the Salym venture's production, now stands at 50,000 bpd, Cameron said. (Bloomberg)

Power Machines Sales Down

Turbine producer Power Machines saw its net loss widen last year as sales declined and export contracts in India and Vietnam proved unprofitable, the company said in a statement on its web site Tuesday.

Losses grew last year to $132.2 million, or 1.8 cents per share, from $40.5 million, or .6 cents per share, in 2005, the company said. Sales dropped by 13 percent to $579.1 million from $667.2 million. (Bloomberg)