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. Last Updated: 07/27/2016

Business in Brief

Gazprom Denies Eni Talk

Gazprom on Tuesday denied media speculation that it was to take over Italy's energy firm Eni.

S&P Marketwatch quoted speculation from various financial sources that a buyout was possible. (Reuters)

Vekselberg to Build Town

Billionaire Viktor Vekselberg's development company plans to invest 240 billion rubles ($9.4 billion) in its third major construction project near the Ural Mountains, Vedomosti reported Tuesday.

Renova-Stroi Group will build a "satellite town" for 116,000 inhabitants outside the city of Chelyabinsk by the end of 2024, Vekselberg told the newspaper. The town is Renova-Stroi Group's third development project in the Urals. (Bloomberg)

Tax Gain Boosts OGK-5

OGK-5, the power generator owned in part by Enel, on Tuesday reported net profit of 3.22 billion rubles ($125 million) last year following a tax gain.

OGK-5 had profit of 76 million rubles in 2005 to international financial reporting standards, the utility said in a statement. Revenue more than doubled to 24.8 billion rubles from 10.1 billion rubles the previous year, OGK-5 said. OGK-5 had a deferred tax benefit of 3.3 billion rubles last year, the utility said. (Bloomberg)

Sistema Net Grows Fivefold

The AFK Sistema conglomerate said Tuesday that first-quarter profit surged more than fivefold, helped by a gain from selling its insurance unit.

Net income climbed to $746 million, from $130 million a year earlier, Sistema said in a statement. (Bloomberg)

Eurasian Bank Bonds

Eurasian Development Bank, a joint venture between Russia and Kazakhstan, said Tuesday that it planned to sell as much as $3 billion of bonds over the next three years to finance projects in both countries.

The lender plans to sell from $150 million to $300 million of five-year bonds this year and as much as $3 billion in total over the next three to five years, said Nazira Satbekova, head of borrowing at the bank. (Bloomberg)

Ukraine Studies Gas Storage

BUDAPEST -- Ukraine and Hungary are studying whether it will be possible to build a gas storage unit in Ukraine to supplement facilities here, Hungarian Prime Minister Ferenc Gyurcsany said Tuesday.

"An expert group is investigating the possibility of creating a 1 billion cubic meter underground gas storage facility for Hungary in Ukraine," Gyurcsany told a news conference with Ukrainian President Viktor Yushchenko. (Reuters)

Ukraine Gas Storage Up

Naftogaz Ukrayny, Ukraine's state oil and gas company, increased its natural gas storage 39 percent in the first half of the year compared with the same period a year ago, in an effort to avoid a shortfall this winter.

Naftogaz stored 8.2 billion cubic meters of gas in the first half of the year, the company said Tuesday. (Bloomberg)

X5 Sales Increase 18%

X5 Retail Group said Tuesday that its second quarter like-for-like sales rose 18 percent in ruble terms, and by 24 percent in its reporting currency, the dollar.

Breaking down the ruble figure, traffic was up 10 percent and basket size up 8 percent, X5 said in a statement issued through the London Stock Exchange. All figures were expressed in year-on-year terms. (Reuters)

Ramenka Lending

Migros Turk, Turkey's biggest supermarket chain, plans to borrow $67.5 million to finance investment at its Russian unit Ramenka.

Ramenka will get five-year loans of $22.5 million from WestLB in London and $45 million from ABN Amro, Migros Turk said in a filing with the Istanbul Stock Exchange on Tuesday.

The company did not give details of the loan's terms. Ramenka, which owns the Ramstore chain, is co-owned by Migros Turk and Turkish builder Enka Insaat Sanayi & Ticaret. (Bloomberg)

Radioactive Retirement

Vitaly Sadovnikov retired as director of state company Mayak that processes radioactive waste in the Chelyabinsk region, the Federal Atomic Energy Agency said Tuesday.

Agency chief Sergei Kiriyenko appointed Sergei Baranov as a temporary replacement. Baranov most recently worked as director of Mayak's Plant No. 156. (MT)

Norwegians Eye Fish Stake

Norway's fishing group Austevoll Seafood is considering buying 20 percent of Russia's largest fish trading firm, Russkoye More, the Russian firm said in a statement Tuesday.

It said the two firms had signed a memorandum of intent, but the deal has yet to be approved by state officials. (Reuters)