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. Last Updated: 07/27/2016

Business in Brief

Moskovia Buys 24 Planes

Moskovia, an airline controlled by state arms dealer Rosoboronexport, has signed an agreement with leasing company Ilyushin Finance to buy up to 24 planes, a spokesman for Ilyushin Finance said Thursday.

Moskovia has signed a preliminary agreement to buy six cargo planes and 18 passenger planes in a bid to meet its target of transporting 1.5 million passengers per year in four years, Kommersant reported Thursday, citing Moskovia general director Mikhail Alekseyev. (Bloomberg, MT)

Russneft Fails to Elect Head

Oil firm Russneft failed to elect a new president on Thursday as doubt surrounded whether its fugitive former owner, Mikhail Gutseriyev, had closed a deal to sell the firm to new owners.

"The shareholders' meeting did not take place because of a lack of quorum. We will announce the new date of the [meeting] at a later stage," Russneft spokesman Eduard Sarkisov said.

Russneft's vice president and a close ally of Gutseriyev, Oleg Gordeyev, had been registered as the only candidate to replace Gutseriyev as the new president. (Reuters)

MMK Wins Gazprom Order

Gazprom signed an accord with Magnitogorsk Iron & Steel Works for the country's third-biggest steelmaker to supply it with steel plate and pipes, the gas company said in a statement Thursday.

The agreement will run through 2015, Gazprom said. The agreement was signed by acting Gazprom CEO Alexander Ananenkov and Magnitogorsk's chairman and owner, Viktor Rashnikov. (Bloomberg)

MMK Plans Car-Parts Plant

ST. PETERSBURG -- Magnitogorsk Iron & Steel Works will invest up to 3 billion rubles ($117 million) in a stamping plant to supply carmakers in St. Petersburg, officials said Thursday.

Magnitogorsk will process 125,000 tons of steel per year at the plant by 2010 and could subsequently raise this to 300,000 tons, the St. Petersburg administration's economic committee said in a statement.

The committee's deputy chairman, Sergei Fiveisky, said the project would be a potential supplier to foreign carmakers with operations in the city, including Toyota, Nissan, General Motors and Suzuki. (Reuters)

CTC Eyes Kazakh Channel

CTC Media is in talks to buy Kazakhstan's fourth-largest channel, Kommersant reported Thursday, citing unidentified persons familiar with the negotiations.

CTC Media is in talks to acquire Channel 31, which may be worth $150 million, the newspaper said. Video International, an advertising agency that works with CTC Media, also plans to enter the Kazakh market, the newspaper said. (Bloomberg)

Acron Says Net Rose 21%

Acron, a producer of nitrogen-based fertilizers, said Thursday that its first-half profit increased 21 percent as price rises outpaced inflation and production costs.

Net income advanced to 2.2 billion rubles ($90 million) from 1.8 billion rubles a year earlier, the company said in a statement on its web site. Sales rose 18 percent to 14.3 billion rubles from 12.2 billion rubles, based on international financial reporting standards. (Bloomberg)

Russian Copper Issues Bond

YEKATERINBURG -- Russian Copper Company said Thursday that it planned to issue a five-year bond worth 5 billion rubles ($195 million).

The bond will be issued by RCC's financial arm, RCC-Finance, which currently has one outstanding bond worth 3 billion rubles and due in April 2010. (Reuters)

Russia, Australia Power Deal

Russia will soon sign a deal with Australia on the civilian use of nuclear energy in a step that could allow the world's biggest mining companies to export Australian uranium to Russia, officials said Wednesday.

"The agreement will be signed during President [Vladimir] Putin's trip to Australia," a Russian official close to the situation said Wednesday.

Australia's minister of foreign affairs, Alexander Downer, said earlier this month the deal would be signed during Putin's visit to the Asia Pacific Economic Cooperation summit in September. (Reuters)

Mazeikiu Refinery Closes

VILNIUS, Lithuania -- Mazeikiu Nafta, the only oil refinery in the Baltic states, will close for repairs Sept. 22, its first full shutdown for maintenance in four years, CEO Marek Mroczkowski said Thursday after a meeting with the Lithuanian prime minister, Gediminas Kirkilas.

The repairs will cost as much as $80 million and last about six weeks, Mroczkowski said. Maintenance will include changing some equipment, he said. (Bloomberg)