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. Last Updated: 07/27/2016

Business in Brief

Bashkir Payouts Approved

Six energy firms based in the oil-rich republic of Bashkortostan approved a first-half dividend totaling 10 billion rubles ($390 million), Interfax reported Tuesday, citing an unidentified shareholders' representative.

The companies are the Ufa Refinery, Novoufimsky Refinery, Ufaneftekhim, Ufaorgsintez, oil-producer Bashneft and the oil-products retail company Bashkirnefteprodukt, the agency said. (Bloomberg)

Vietnam to Prolong Venture

Vietnam and Russia have signed an agreement to prolong their Vietsovpetro oil joint venture beyond 2010 on a different legal basis, Vietnam's prime minister, Nguyen Tan Dung, said Tuesday.

The joint venture between Vietnam's state oil monopoly, Petrovoetnam, and oil firm Zarubezhneft was created in 1991. (Reuters)

RusAl to Spend $11Bln

United Company RusAl will spend $10.9 billion building new plants and upgrading existing ones by 2015, spokeswoman Vera Kurochkina said Tuesday.

RusAl will spend $7.4 billion on new facilities and $2.5 billion on new equipment at existing refineries and plants, spokeswoman Kurochkina said. (Bloomberg)

Lisin Buys Stake in Zenit

Billionaire Vladimir Lisin bought 14 percent of Bank Zenit, two months after his Novolipetsk Steel sold its own banking arm to the lender, Zenit said Tuesday.

Lisin bought the stake through his Silener Management investment vehicle, Zenit said. (Bloomberg)

Svyaz Charter Ready Soon

A government commission will finish drafting a new charter for Svyazinvest, the fixed-line phone monopoly, in "the next few days," IT and Communications Minister Leonid Reiman said Tuesday.

The charter will not differ radically from the previous version, Reiman said. (Bloomberg)

Nazarbayev Visits Ashgabat

Kazakh President Nursultan Nazarbayev was due to visit Turkmenistan on Tuesday to discuss the construction of a railway line connecting the two countries and extending to Iran, Interfax-Kazakhstan news agency reported.

"I will visit Turkmenistan, where we will agree on the construction of a railway through Kazakhstan and Turkmenistan to Iran with access to the Persian Gulf," Nazarbayev said at a stone-laying ceremony for a tourist resort complex in Aktau in western Kazakhstan. (MT)

Norilsk's Head of Mining

Norilsk Nickel, the world's biggest producer of the metal, appointed Peter Breese head of international mining and metallurgical operations after buying Canada's LionOre Mining International, the company said Tuesday.

Reese, who was LionOre's chief operating officer, will work under deputy general director Tav Morgan as part of his mining and metallurgical business unit, the company said. (Bloomberg)

Norilsk Appoints Purdy

MELBOURNE, Australia -- Norilsk Nickel appointed Ian Purdy as the managing director of its Australian unit, the company said Tuesday.

Purdy was the director of finance and strategy at the Australian unit of LionOre Mining International, Norilsk said in a statement. (Bloomberg)

Interros Seeks Realty Stock

Interros, the holding controlled by billionaire Vladimir Potanin, will bid for more shares in the stock sale of real estate company Open Investments later this month, Interros said Tuesday.

The holding company, which controls about 60 percent of Open Investments, will exercise its pre-emptive right to buy additional shares, Interros said. (Bloomberg)

Integra Posts Net Loss

Oil-field services firm Integra said Tuesday that it incurred a net loss in the first half of 2007 of $50.3 million, a tenfold increase on the same period last year.

Integra said in a statement that its sales, calculated under the international financial reporting standards, increased by 176.6 percent to $487.9 million in the period, from $176.4 million in the first six months of last year. (Reuters)

Celtic Gets Option on Field

London-listed miner Celtic Resources has acquired an option to purchase the Lobash gold and copper deposit in northwest Russia, the company said Tuesday.

Celtic, 22 percent owned by steelmaker and miner Severstal, said in a statement that it would complete a drilling program to confirm a minimum 2.6 million ounces, or 76 tons, of proven gold resources. (Reuters)