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

. Last Updated: 07/27/2016

Business in Brief

Tax Break Idea Played Down

Russia played down on Tuesday global oil majors' hopes that it would offer tax breaks to develop offshore fields, and said Russian state firms might want to team up with Western partners to tap new blocks.

Natural Resources Minister Yury Trutnev said he saw no reason to cut mineral extraction tax or export duties for companies preparing to extract large offshore reserves. (Reuters)

Gref on Gazprom Costs

Gazprom should cut management costs to preserve its capital expenditure program for this year, Economic Development and Trade Minister German Gref said Tuesday.

"We also asked them to tweak their revenue forecast," he said. Gref is a member of Gazprom's state-controlled board of directors, which last week decided against clearing the management's proposal to revise the firm's 2007 financial plan. (Reuters)

Standart Case Postponed

The Basmanny District Arbitration Court deferred its decision Tuesday in Russky Standart bank's case against RusRating.

The bank is suing the rating agency and its senior analyst, Yulia Arkhipova, for $20 million over comments Arkhipova made in the press to explain her downgrade of the bank in December. The bank is claiming that the comments damaged its business reputation. A new hearing for the case was scheduled for Sept. 19. (MT)

UAC May Sell Stock

Unified Aircraft Corporation, the country's biggest aerospace company, may sell shares to the public next year, Economic Development and Trade Minister German Gref said Tuesday.

An initial public offering may be held after the company's restructuring, Gref told reporters. Unified Aircraft, which is uniting the country's main aircraft designers and manufacturers, is part of President Vladimir Putin's effort to create an aerospace rival to Boeing and European Aeronautic Defense and Space's Airbus unit. (Bloomberg)

Vekselberg Eyes Highveld

Viktor Vekselberg may buy a manganese-producing unit from South Africa-based Highveld Steel & Vanadium, which is controlled by Evraz Group, Vedomosti reported Tuesday.

United Manganese of Kalahari, a joint manganese venture established in 2005 by Vekselberg's Renova and local companies, may soon conclude talks to buy Highveld Transalloys, the paper said, citing unidentified people close to Renova and Evraz. (Bloomberg)

Technopromexport May Sell Shares

Russia may sell as much as $300 million in shares of Technopromexport, a state-run maker of power plant equipment, to raise funds to restart a Soviet-era hydropower plant, an official said Tuesday.

The government is seeking money for the Krapivsky hub in the coal-rich Kemerovo region, and could part with a stake in Technopromexport to raise the cash, said Igor Grechyukhin, head of the Economic Development and Trade Ministry's property, land and natural resources use department. (Bloomberg)

Boeing Seeks Titanium Deal

Titanium producer VSMPO-Avisma is in talks to extend a supply contract with Boeing until 2015, a spokesman for the company said Tuesday.

"Our CEO, Vladislav Tetyukhin, flew to Seattle last week for talks," said Artyom Kislichenko, a VSMPO-Avisma spokesman. (Bloomberg)

Latvia Pipeline Theft

RIGA, Latvia -- Latvian police discovered a 1.8-kilometer pipe used to siphon off oil products from a pipeline that transports Russian products to the Baltic port of Ventspils, the Baltic News Service reported Tuesday.

The police found a diesel tank near the city of Bauska in southern Latvia, a company spokesperson said, the news agency reported. (Bloomberg)

Coca-Cola to Make Kvas

Coca-Cola has applied to register trademarks for kvas and plans to produce the beverage, Vedomosti reported Tuesday.

The company is seeking manufacturing facilities to produce the drink in the country, the newspaper said, citing an unidentified spokesman for Coca-Cola in Russia. (Bloomberg)

For the Record

LONDON -- Evraz Group, a steelmaker part-owned by Roman Abramovich, said Tuesday that its production of the alloy declined 0.5 percent in the second quarter. (Bloomberg)

Supermarket chain Magnit said first-half sales rose 54 percent as the number of its stores climbed to 2009, the company said Tuesday. (Bloomberg)

LONDON -- Gazprom hired banks for its sale of bonds in dollars, according to an e-mailed statement sent by Morgan Stanley, one of the banks organizing the sale. (Bloomberg)