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. Last Updated: 07/27/2016

Business in Brief

Kashagan Date Set



ALMATY, Kazakhstan -- Kazakhstan has given Eni until Oct. 22 to negotiate a "friendly" deal on the development of Kashagan, the world's biggest oil discovery in three decades, after Tuesday calling Eni's development plan unacceptable.

"The sides have until Oct. 22 to negotiate a friendly settlement," Prime Minister Karim Masimov said Wednesday, a day after holding talks with Eni CEO Paolo Scaroni. (Bloomberg)




Sakhalin Plan Ready Soon



Gazprom will present an environmental-protection plan for its Sakhalin-2 project at the end of September, Sakhalin Governor Alexander Khoroshavin said Wednesday.

Gazprom will give the Natural Resources Ministry an extensive plan for the lifetime of the Sakahlin-2 development, according to a statement posted on the web site of the Sakhalin governor. (Bloomberg)




Kovykta Gas Sale Held Up



Gazprom and TNK-BP will delay the closure on the sale of the Kovykta gas field, the largest in Siberia, until Dec. 1, Gazprom said in a statement Wednesday.

Gazprom CEO Alexei Miller and TNK-BP's head of gas projects, Viktor Vekselberg, are extending talks as they seek to agree on a price and how to structure the transaction, Gazprom said. (Bloomberg)




Novatek Structure Changes



Novatek, the country's second-largest gas producer, disclosed on Wednesday several major changes in its ownership structure but did not reveal the new holders of its stock.

The company said in a regulatory filing that state bank Vneshekonombank has sold its 5.61 percent stake in the company.

It also said the Levit company, which belongs to Novatek's core shareholders, including CEO Leonid Mikhelson, cut its stake in Novatek to 7.31 percent from the previous 26.66 percent. (Reuters)




Hydro-OGK, Sun Venture



Hydro-OGK and India's Sun Group are in talks to build hydro power plants with total installed capacity of up to 20 gigawatts, Sun Group representative said Wednesday.

"These are huge volumes," said a Sun Group representative, who spoke on condition of anonymity. (Reuters)




Eurocement to Build Plants



Eurocement Group, which produces about 40 percent of the country's cement, plans to spend $2.35 billion on building four plants in the country, Kommersant reported Wednesday.

Eurocement will sign agreements for the plants, which will produce 5 million tons of cement per year, by the end of 2007, said company spokesman Oleg Kuzmin, the newspaper reported. (Bloomberg)




VimpelCom in Chechnya



VimpelCom said Wednesday that it started selling mobile phone services in Chechnya.

VimpelCom will spread the services to all Chechnya's cities by year-end, the company said in a statement.

Chechnya, devastated by more than 10 years of war, has a population of more than 1 million. (Bloomberg)




Kimberly-Clark Plant



Kimberly-Clark said Wednesday that it planned to build its first manufacturing facility in Russia to expand its business in the country and in Eastern Europe.

The company said the facility, expected to start up in early 2009, would produce personal care and tissue products under the Huggies and Kleenex brands. The project will create about 150 new jobs by the middle of 2009, the company said. (Reuters)




Sitronics Creates Unit



Sitronics, Vladimir Yevtushenkov's technology company, will set up a microelectronics unit to profit from growing government orders, the company said Wednesday in a statement.

Sitronics plans to set up a technology center in Zelenograd to research and make microelectronic products, the company said. (Bloomberg)




Daimler Gets Bank License



DaimlerChrysler's Russian banking unit received a license from the Central Bank as foreign carmakers expand operations in the country, Interfax reported Wednesday.

DaimlerChrysler Bank Rus was registered in July, the agency said, citing the Central Bank. (Bloomberg)




Enka to Expand Retail



ISTANBUL -- Enka Insaat & Sanayi, the Turkish construction company that took over supermarket chain Ramenka on Tuesday, plans to expand its retail operations in Russia, Vatan newspaper reported Wednesday.

The company will build more shopping centers and open more Ramenka stores in Russia, Enka chairman Sinan Tara said, the newspaper reported. (Bloomberg)




Ukraine Nixes Privatization



KIEV -- President Viktor Yushchenko has suspended the Ukrainian government's privatization of the Odessa Pre-port chemicals plant, his web site said Wednesday.

About eight companies from Ukraine, Russia and Canada are interested in the plant, according to the country's privatization agency, which expects the company to fetch far more than the $500 million starting price. (Reuters)




Campbell Plans Ad Blitz



Campbell Soup Company, the world's largest soup maker, plans a "significant" advertising campaign in Russia as it prepares to enter a market it says is the world's largest after China, Andrei Golubovsky, Campbell's marketing director for Russia, said Wednesday.

Campbell will spend a substantial amount of money buying television and print ads before and after its products hit supermarket shelves in October, Golubovsky said. (Bloomberg)




Kazakh Trade Surplus Falls



ALMATY, Kazakhstan -- Kazakhstan's foreign trade surplus shrank to $7.6 billion in January to July 2007 from $8.6 billion in the same period of last year, the State Statistics Agency said Wednesday.

The agency said the country's exports rose 23.5 percent in the first seven months of the year, while imports grew 48.6 percent. (Reuters)




Gazmetall Seeks $1Bln Loan



Gazmetall started selling $1 billion of loans to refinance its debt, Interfax reported Wednesday.

The five-year loan will be organized by BNP Paribas and ABN Amro Holding, the agency said. The report cited Maxim Gubiyev, director of Metalloinvest, which is the holding company of Gazmetall owner Alisher Usmanov. The syndication may be completed by October, Interfax said. (Bloomberg)