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. Last Updated: 07/27/2016

Business in Brief

Tymoshenko Seeks Gas Deal

KIEV -- Ukrainian Prime Minister Yulia Tymoshenko will travel to Moscow on Thursday to negotiate an accord on gas supplies for next year, a move that would ensure stability of flows to Europe.

"I hope I will be able to reach an agreement with the Russian prime minister, Russian government and Gazprom so that this week I will be able to visit Moscow in order to sign all necessary gas-supply documents," Tymoshenko said Monday. (Bloomberg)

Transneft Q1 Profits Rise

Transneft said Monday that first-quarter profit rose 40 percent after it raised transit fees and acquired the oil-product network.

Net income advanced to 22.6 billion rubles ($890 million) from 16.1 billion rubles a year earlier, the company said. Revenue increased 17 percent to 63.6 billion rubles.

Transneft took control of oil-product pipeline operator Transnefteprodukt at the end of last year and revenue from transporting refined products hit 2.62 billion rubles in the quarter. (Bloomberg)

Trade Surplus Increases

The country's trade surplus rose to $138.1 billion in the first eight months of the year compared with the same period in 2007 as the world's biggest energy exporter benefited from higher oil and gas prices.

The surplus increased from $81.3 billion, the Economic Development Ministry said Monday. (Bloomberg)

Rosneft to Cut Gas Flaring

Rosneft said Monday that it signed a deal with the World Bank to cut planet-warming emissions by reducing flaring.

Rosneft will cut the equivalent of 5.3 million tons of carbon dioxide emissions in 2008 to 2012, which can then be sold as carbon offsets to European countries trying to meet climate targets.

Rosneft will achieve the emissions cuts by harnessing associated gas at the Komsomolskoye oil field in the far northern Yamal-Nenets autonomous district, the company said. (Reuters)

Generators Mull Share Sales

Power producers OGK-2 and OGK-6 will discuss share sales worth a total of 70 billion rubles ($2.77 billion) at their next board meetings, a source close to the firms said Monday.

Both of the firms are effectively controlled by Gazprom, which has said it would be ready to buy all the new shares itself if demand is weak. OGK-2 will discuss a 40 billion ruble floatation at its board meeting Oct. 10, while OGK-6 will discuss selling 30 billion rubles in shares at the next board meeting, which has not yet been scheduled, the source said. (Reuters)

LUKoil Boosts TGK-8 Stake

LUKoil said Monday that it increased its stake in TGK-8.

A unit acquired 31.3 percent of TGK-8, which has power plants in southern Russia, taking the group's total stake to 95.4 percent, the crude producer said. (Bloomberg)

Chechnya Plans Power Plant

Chechnya plans to build a 950-megawatt hydroelectric plant and seeks the involvement of RusHydro, the world's biggest publicly traded hydropower producer, Interfax reported Monday.

The republic sent a proposed cooperation agreement to RusHydro including the plant project on the Argun River, the news service said, citing an official at the regional Industry and Energy Ministry. (Bloomberg)