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. Last Updated: 07/27/2016

Business in Brief

UES 2007 Profit Rose 11%

Unified Energy System said Wednesday, the day of its final annual shareholders meeting, that it increased profit 11 percent last year as it started selling off units before ceasing to exist this July.

Net income rose to 165 billion rubles ($7 billion) from about 149 billion rubles the previous year, the company said in a statement. Sales climbed 18 percent to 822 billion rubles, the company said. (Bloomberg)

UAC Sales Reach $4.2Bln

The United Aircraft Corporation, Russia's state holding company for aircraft producers and designers, said Wednesday that sales reached 100 billion rubles ($4.2 billion) last year.

The combined profit of companies that make up UAC, including Irkut, was 8.5 billion rubles, the company said. It did not give figures from the previous year. (Bloomberg)

TMK Strikes Turkmen Deal

TMK, the country's largest pipe producer, said Wednesday that it signed a two-year cooperation agreement with Turkmenistan's state oil company, Turkmenneft.

TMK chairman Dmitry Pumpyansky and his Turkmenneft counterpart, Gariyakdy Tashliev, signed the accord in the Turkmen capital Ashgabat, TMK said. (Bloomberg)

Oil, Gas Exploration Funds

PARIS -- Russia will double funding for oil and gas exploration within the next three years to revive stagnating output, a Natural Resources and Environment Ministry official said Wednesday.

The government, which now spends 20 billion rubles ($847 million) per year to find new deposits, may set up a state exploration company, said Sergei Fyodorov, director of the ministry's subsoil policy department. (Bloomberg)

UES Sells Stake in Retailer

Unified Energy System said Wednesday, the same day as its final annual shareholders meeting, that it sold a controlling stake in Moscow's biggest heat and electricity retailer for 11.3 billion rubles ($479 million).

UES auctioned off its 51 percent of Mosenergosbyt shares at the starting price to Korportativno-Trastovy Proekty, the company said in a statement. (Bloomberg)

Sechin Supports Tax Change

Deputy Prime Minister Igor Sechin supports tax changes aimed at boosting car manufacturing, Kommersant reported Wednesday, citing unidentified government officials.

The changes, proposed by Severstal-Avto, seek to curb used-car purchases, the newspaper said. The proposed measures include raising the import duty for foreign cars that are three to five years old to the same level as new car imports, Kommersant reported. (Bloomberg)

For the Record

Power Machines won a 40 billion ruble ($1.7 billion) contract to supply nuclear power equipment to state energy company Atomenergoprom. (Bloomberg)

Russian oil exports via pipeline may decline to 250 million tons this year as output growth slows, Transneft chief executive Nikolai Tokarev said Wednesday. (Bloomberg)

The government budget surplus will probably reach 1.94 trillion rubles ($80 billion) this year, Finance Minister Alexei Kudrin said, Interfax reported Wednesday. (Bloomberg)