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. Last Updated: 07/27/2016

Business in Brief

VimpelCom Buys Sotelco

VimpelCom, the country's second-largest mobile-phone company, said Monday that it bought a wireless operator in Cambodia, part of a drive to expand to sustain growth.

VimpelCom said it paid $28 million for 90 percent in Sotelco, which provides services using the global system for mobile communications in Cambodia. The seller, billionaire Mikhail Fridman's telecoms company Altimo, owns 44 percent of VimpelCom. (Bloomberg)

Rosenergoatom Output Up

Nuclear plant operator Rosenergoatom said Monday that it increased electricity output 4.1 percent in the first six months of 2008.

Output rose to 82.1 billion kilowatt hours of power, and capacity utilization increased to 80.9 percent, Rosenergoatom said. (Bloomberg)

Deripaska May Appeal

LONDON -- Oleg Deripaska said Monday that he was given permission to appeal a London court decision that allows a former business partner to sue him in Britain.

Justice Christopher Clarke said earlier this month that England was a better forum for a lawsuit filed by Michael Cherney due to risks in Russia. Clarke on Monday granted Deripaska's application to appeal that ruling, a spokesman for Deripaska said. (Bloomberg)

Peter Hambro's H1 Output

LONDON -- Peter Hambro Mining, the second-largest gold producer in Russia, on Monday posted a 9.5 percent gain in first-half output and said it still expected to mine as much as 400,000 ounces this year.

Production increased to 147,000 ounces in six months to June 30, Peter Hambro said. (Bloomberg)

Gazprom Neft Q1 Profit Up

Gazprom Neft said Monday that first-quarter profit more than doubled as higher prices offset lower output.

Net income advanced to $1.4 billion from $672 million a year earlier under generally accepted accounting principles, the company said. Revenue surged 90 percent to $7.9 billion. (Bloomberg)

TGK-1 '07 Profit Doubled

ST. PETERSBURG -- TGK-1, a power generator based in St. Petersburg, said Monday that profit in 2007 more than doubled as heating and electricity rates increased in northwestern Russia.

Net income advanced to 2.4 billion rubles ($103 million) from 1.15 billion rubles a year earlier, the utility said. Revenue at TGK-1, part-owned by Gazprom, increased 22 percent to 28 billion rubles. (Bloomberg)

For the Record

Foreign firms, including at least three listed on European exchanges, have bought agricultural land in Russia, Vedomosti said Monday. (Bloomberg)

Regional firms are buying up Norilsk Nickel shares, possibly to benefit its two main owners, Interros and RusAl, Kommersant said Monday. (MT)

Imperial Energy, a British oil explorer developing deposits in Russia, on Monday gained a production license in the Tomsk region. (Bloomberg)

Alrosa on Monday posted a 6 percent drop in full-year profit after Russian diamond sales fell. (Bloomberg)

Russian Railways plans to spend 140 million euros ($222 million) in North Korea in an effort to open a new land corridor. (Bloomberg)