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. Last Updated: 07/27/2016

Business in Brief

Norilsk Has Most of OGK-3

Metals giant Norilsk Nickel said Tuesday that it had increased its stake in power firm OGK-3 to 53.83 percent from 46.2 percent after buying shares from minority shareholders.

Norilsk received offers from OGK-3 shareholders to buy shares worth 57.93 billion rubles ($2.3 billion) so that Norilsk's stake could rise to 73.49 percent. But it agreed to buy shares for 15.54 billion rubles, a Norilsk statement said. (Reuters)

Estonian Poultry Banned

Russia has banned Estonian poultry imports after Newcastle disease was discovered in the Baltic nation, officials said Tuesday.

"Following the outbreak of Newcastle disease we decided to temporarily ban imports of live poultry, eggs, poultry meat and products, fodder and second-hand poultry equipment from Estonia," a Federal Service for Veterinarian and Vegetation Sanitary Supervision official said, Interfax reported. (MT)

Russia May Tap Grain Stock

The government may tap its grain reserves to stabilize prices "soon," Economic Development and Trade Minister German Gref said Tuesday, RIA-Novosti reported.

The government plans to sell grain at fixed prices and below market rates, Gref said, the agency reported. (Bloomberg)

Mitsubishi Mulls Plant Sites

Mitsubishi plans to sign agreements with the Economic Development and Trade Ministry to build automobile plants in the country by Sept. 15, Dmitry Levchenkov, deputy head for the investment policy department at the ministry, said Tuesday, Interfax reported.

Levchenkov told reporters in Vladivostok that Mitsubishi had yet to decide on the venue for the plant but that St. Petersburg was being seriously considered. (MT)

Parts Maker Deals Sought

The Economic Development and Trade Ministry plans to sign around 15 production agreements with a number of international auto-parts manufacturers by Oct. 30, Dmitry Levchenkov, deputy head for the investment policy department at the ministry, said Tuesday, Interfax reported.

The companies include Johnson Controls, which is seeking to expand its presence in the country, as well as Italian, Japanese and German firms, Levchenkov said. (MT)

China Nuclear Plant Order

Atomstroiexport, the country's reactor construction company, expects to commission the second unit of the Tianwan nuclear power plant in China by September, the company said Tuesday, RIA-Novosti reported.

The plant, which is being built in the port city of Lianyungang in eastern China under a deal signed in 1992, will include VVER-1000 reactors and K-100-6/3000 generators, the agency said. (MT)

Kola Mine Upgrade Planned

Metals producer Norilsk Nickel is planning to complete upgrading its metallurgy production facilities at its Kola mining company subsidiary by 2010, Kola said Tuesday, Prime-Tass news agency reported.

The upgrades, which are expected to cost $175 million, are aimed at increasing efficiency in mining for precious metals and decreasing emissions, the agency said. (MT)

APEC Venue Confirmed

The Asia-Pacific Economic Cooperation summit in 2012 will be held on Russky Island near Vladivostok, Economic Development and Trade Minister German Gref said Tuesday, Interfax reported.

"Today we confirmed that the summit will definitely take place on Russky Island," he said.

Alternative venues had included Sedanka and Shamora in the Primorye region, Interfax said. (MT)

Polymetal Gets Mine Permit

Precious metals miner Polymetal said Tuesday that it had won an auction for a license to mine gold at a deposit in the Ural Mountains, which is estimated to contain 1 million ounces of the metal.

The Tamunier deposit is located 560 kilometers north of Yekaterinburg. (Reuters)

UralSib Buys Into Generator

UralSib said in a statement Tuesday that it bought an 8.22 percent stake in the Stavropolskaya electric power generating company, Prime-Tass news agency reported Tuesday.

Hydro-OGK, a subsidiary of national utility Unified Energy System, holds a 55 percent stake in the Stavropolskaya generating firm. (MT)

RenCap Gets Kenya License

NAIROBI, Kenya -- Renaissance Capital investment bank has been granted a license to operate a business in Kenya, the company's chief executive officer said Tuesday.

Steve Jennings, the company's CEO, made the announcement at a news conference in Nairobi. (Bloomberg)

S7 First-Half Profit Soars

First-half net profits at S7 rose 15 percent to 59.6 million rubles ($2.3 million) according to Russian accounting standards, the company said Tuesday.

Net profits for the second quarter saw a ninefold increase compared with the first quarter, it said. (MT)

Cherkizovo Production Up

Cherkizovo Group, the country's largest meat producer, said Tuesday that production increased in the first half, while processing decreased.

Pork output doubled compared with the same period last year after new facilities opened in Lipetsk, the company said. Chicken output grew by 43 percent, the company said. (Bloomberg)

Gazprom Bonds in 2008

Gazprom plans to issue five bonds worth a total 35 billion rubles ($1.37 billion) next year, Interfax reported Monday, citing a company announcement.

Gazprom has opened a tender for organizers of the sales, the agency said. (Bloomberg)

Kazakh Economy Expands

ALMATY, Kazakhstan -- Kazakhstan's economy expanded an annual 10.2 percent in the first half of the year as an oil and gas boom fueled other industries including construction, the Economy Ministry said Tuesday.

The country's $80 billion economy has grown an average 10 percent per year since 2000. (Bloomberg)

PetroKazakhstan Output

ALMATY, Kazakhstan -- PetroKazakhstan, a unit of China's CNPC, said Tuesday that oil production in the first half of 2007 was little changed from a year earlier.

Output including the company's 50 percent stake in KazGerMunai and TurgaiPetroleum rose 0.3 percent to 3.37 million tons, or 144,401 barrels per day, the company said. (Bloomberg)