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. Last Updated: 07/27/2016

Business in Brief

Trutnev on Staff Changes

Natural Resources and Environment Minister Yury Trutnev said Tuesday that there would be a staff shakeup in his ministry, Interfax reported.

"There will personnel changes in the ministry, I can tell you that for sure," Trutnev said, the agency reported. He added that he had in mind people who were part of the ministry before its reformation Monday. (MT)

Chubais May Leave CIS Post

Sergei Shmatko, head of the newly formed Energy Ministry, may replace Unified Energy System CEO Anatoly Chubais as head of the CIS Electricity Council, a source on the council told RIA-Novosti on Tuesday.

Chubais has headed the council, formed in 1992 to coordinate electricity deliveries among members of the Commonwealth of Independent States, since 2000. "It could happen at the next meeting of the council, in Moscow. It's possible he'll be replaced by Shatmko," the source said. (MT)

Ukraine-Azeri Crude Talks

BAKU, Azerbaijan -- Ukraine has offered Azerbaijan a share in its refinery business in exchange for Azeri crude, Azeri state oil firm Socar said Tuesday.

"Ukraine has offered us various options involving its refineries, including buying shares and creating a joint venture," Socar vice president Elshad Nasirov said. (Reuters)

Vekselberg Reps at Oerlikon

ZURICH -- Oerlikon shareholders handed control of the world's largest maker of spinning machines to billionaire Viktor Vekselberg on Tuesday by electing his representatives to the board.

A proposal that would have forced any shareholder with a stake of more than one-third to bid for the rest of the company was rejected at a shareholders' meeting Tuesday. (Bloomberg)

SUEK Q1 Output Up 13%

Siberian Coal and Energy Company, the country's largest coal producer, said Tuesday that it increased output of the fuel 13 percent in the first quarter.

The company, also known as SUEK, produced 26.8 million tons of coal in the first quarter, it. Sales grew 20 percent to 28.7 million tons. (Bloomberg)

For the Record

The Natural Resources and Environment Ministry said Tuesday that it had delayed the tender for the Udokan copper field by a month to give bidders more time. (Bloomberg)

Bank of Moscow was granted a license to operate in Serbia, the country's central bank said Tuesday. (Bloomberg)

Rosneft may lose a license to develop the Veninsky block of the Sakhalin-3 oil and gas project because of pollution problems, RIA-Novosti reported Tuesday. (Bloomberg)

Supermarket chain Magnit said Tuesday that first-quarter profit climbed 71 percent on new stores and shoppers' higher incomes. (Bloomberg)

Chelyabinsk Zinc, the producer of three-fifths of the country's zinc, surged 6.3 percent in London after a report that an earthquake in China disrupted zinc smelting. (Bloomberg)

Billionaire Mikhail Prokhorov may pay $700 million in taxes on the sale of his shares in Norilsk Nickel, Vedomosti reported Tuesday. (Bloomberg)

MegaFon said Tuesday that it might invest up to 3 billion euros ($4.7 billion) in Iran's telecoms market. (Bloomberg)