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. Last Updated: 07/27/2016

Business in Brief

Russky Standart Cleared

The Federal Anti-Monopoly Service on Monday said Russky Standart was not guilty of failing to disclose fees and interest rates on its consumer loans.

During a July investigation requested by the Prosecutor General's Office, the service scrutinized the bank's advertising materials and loan contracts and found them to be in full compliance with disclosure laws, it said Monday. It also said effective rates on the bank's loans have dropped by 23 percent to 50 percent in the last six months. (MT)

Deripaska May Bid for Field

Oleg Deripaska may bid for the Elga coalfield in the republic of Sakha in a September tender, Kommersant reported Monday.

Basic Element, Deripaska's holding company, has begun talks to buy coal company Yakutugol and Elga, Kommersant said, citing an unidentified person close to Yakutugol. (Bloomberg)

Kalashnikovs in Venezuela

Russia will start building two plants in October to make Kalashnikov assault rifles in Venezuela, the first country to win a production license for the guns since the fall of the Soviet Union, Vladimir Grodetsky, head of state-run arms maker Izhmash, said Monday.

Production of the AK-103 in Venezuela is scheduled to begin "by the end of 2009 or the start of 2010," Grodetsky said. One plant will produce AK-103 assault rifles and the other will produce .762 caliber bullets, Grodetsky said. (Bloomberg)

Russia to Settle Iraqi Debt

Russia expects to sign an agreement on writing off most of Iraq's $10 billion debt by the end of this year, Deputy Finance Minister Sergei Storchak said Monday.

Russian officials also hope to resume talks on North Korea's debt this year, Storchak said. (Bloomberg)

Novatek Buys Into Explorers

Gas producer Novatek said Monday that it had acquired a 25 percent interest in each of three companies holding exploration licenses in the northern Yamal-Nenets autonomous district for an undisclosed sum.

Novatek bought the stakes in Oiltechproduct-Invest, Petra Invest-M and Tailiksneftegas, developing gas fields in the northern region, which accounts for over 90 percent of the country's natural gas output and 20 percent of the world's production. (Reuters)

Altimo Buys in Cambodia

Altimo, billionaire Mikhail Fridman's telecommunications company, said late Friday that it bought a provider in Cambodia as it plans to expand in growing markets.

Altimo bought 90 percent of Sotelco, which provides services using the global system for mobile communications standard in Cambodia, the company said in a statement. (Bloomberg)

Intracom Wins Contract

ATHENS -- Intracom Telecom, which is majority owned by Russian microelectronics maker Sitronics, won a $1.2 billion contract to install a fiber optics network in Saudi Arabia, Greek newspaper Imerisia said Monday, without citing anyone.

The contract was awarded by Integrated Telecom, a rival of Saudi Telecom, the newspaper said. ITC wants the network to reach all buildings and residences in Saudi Arabia, the report said. (Bloomberg)

Novolipetsk Profit Drops

Novolipetsk Steel, the country's fourth-biggest steelmaker, said Monday that profit declined 2.8 percent in the second quarter as costs for raw materials rose.

Net income fell to 10.67 billion rubles ($419 million) from 10.98 billion rubles in the same period last year, the company said on its web site. Sales advanced 9.3 percent to 37.91 billion rubles, in results calculated to Russian standards. (Bloomberg)

Nuclear Plant Unit Shut

KIEV -- Ukraine shut down Unit 1 at the Zaporizhzhya nuclear power plant Monday for unscheduled repairs, Interfax reported, citing the plant's press service.

Radiation levels are not abnormal and the plant plans to complete the repairs on the power-generating unit by Aug. 12, Interfax reported.

Ukraine operates 11 nuclear reactors, three of which are shut down for scheduled repairs, the country's Energy and Fuel ministry reported Wednesday. (Bloomberg)

Elektrotsink Output Rises

YEKATERINBURG -- Elektrotsink, the country's second-largest zinc producer, produced 45,949 tons of the anti-corrosive metal in the first half of 2007, 2.3 percent more than a year ago, the company's owner said Monday.

Urals Mining and Metals said in a statement that lead output rose by 2.8 percent year-on-year to 18,700 tons.

The 100,000-ton capacity zinc plant is located in the city of Vladikavkaz. (Reuters)