Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Business in Brief

Gazprom, Romania in Deal

BUCHAREST, Romania -- Romania's Romgaz has set up a joint venture with Gazprom for underground gas storage facilities that will boost the country's ability to build gas stocks, the economy minister said Monday.

Romgaz and Gazprom each own 50 percent of the joint venture, which will store gas and sell it directly, said minister Adriean Videanu. Romania signed a memorandum on Friday and sent it to Moscow on Monday, he said.

Videanu said that under the deal some 5 to 6 billion square meters of gas could be stored in Romania.

Two billion square meters alone will be stored at the deposit in Roman Margineni in northeast Romania, he said. (AP)

Manufacturing Levels Off

Russia's manufacturing industry contracted at the slowest pace in seven months in May as a decline in new export orders eased and companies cut staff at a weaker pace, VTB Capital said Monday.

VTB's Purchasing Managers' Index rose to 45.3 last month from 43.4 in April, the bank said. A reading below 50 signals a contraction. (Bloomberg)

EBRD Loans $57M for Mall

The European Bank for Reconstruction and Development said it may provide a 40 million euro ($57 million) loan to property developer SibStroiInvest to build a shopping and entertainment center in Novosibirsk, the EBRD said on its web site Monday.

The development bank's board will decide on the plan on June 30. The bank may involve other lenders in the financing, it said. (Bloomberg)

Timan May Be Seized

Timan Oil & Gas may be seized for debts after an owner received a notice of default, the company said Monday.

Timan said Credit Suisse had sold 13.88 percent of the company and a series of options to Redbell, controlled by businessman Vitaly Belik.

They included a cash option for a stake equivalent to about 8.5 percent and a put and call option on 13.88 percent allowing the holder to resell it to a group of investors led by Chief Executive Alexander Kapalin.

The option holder would be awarded an additional 48.3 percent stake in Timan if the option was not honored. (Reuters)

OGK-3 May Sell Back Assets

OGK-3 has offered to sell back assets bought from billionaire Vladimir Potanin last October, Vedomosti said, citing an unidentified OGK-3 official.

The Audit Chamber, an independent body for state financial control, recommended that the utility recoup the 29 billion rubles ($947 million) it spent buying Potanin's stakes in Rusia Petroleum, which holds a license to the Kovykta gas field, and Plug Power, the newspaper said. (Bloomberg)

For the Record

President Dmitry Medvedev proposed extending the term of Central Bank Chairman Sergei Ignatyev for four more years, RIA-Novosti reported. (Bloomberg)

Russian Railways got a loan of 10.8 billion rubles ($353 million) from Sberbank, the lender said in an e-mailed statement Monday, without providing more details. (Bloomberg)