Install

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

. Last Updated: 07/27/2016

Business in Brief

Nabiullina Sees $54 Oil
Economic Development Minister Elvira Nabiullina said Monday that the price of Urals crude was set to average $54 per barrel, up from the $41 that underlies this year’s federal budget.
She reiterated that the gross domestic product was expected to grow by 1 percent next year and said it could grow by 2.6 percent in 2011 and 3.8 percent in 2012 under a base-case scenario.
(MT)


Gazprom Investment Cut
The government approved a 16 percent reduction Monday in Gazprom’s investment program after demand dropped amid the global recession.
Spending will reach 775 billion rubles ($24 billion), compared with a previous estimate of 920 billion rubles, Prime Minister Vladimir Putin said. Economic Development Minister Elvira Nabiullina told reporters that the decision had been approved.  
(Bloomberg)


State Cuts Industry Tariffs
The government on Monday approved an increase in state-regulated gas prices for industrial users by 15 percent, Economic Development Minister Elvira Nabiullina said.
The government also endorsed an increase of 5 percent in electricity prices for industry and 9.4 percent for railway cargo, she said. 
(Bloomberg)  
Baturina Held Sibir Stake?


LONDON — Shalva Chigirinsky claimed that Yelena Baturina, wife of Mayor Yury Luzhkov, held 50 percent of his stake in Sibir Energy in return for assisting him with “bureaucratic issues,” the Financial Times reported Monday, citing the filing of a witness statement. The statement was filed at London’s High Court as part of a legal battle over rights to Chigirinsky’s 23.5 percent stake in Sibir.
Separately, Sibir said Monday that it has received about £17 million ($27 million) from the sale of a London house that will help to pay Chigirinsky’s debt. 
(Bloomberg, Reuters)


New BasEl Cement Head
Vasily Kislov, a former deputy technical director at BasEl Cement, has been appointed general director of the company’s unit in Pikalyovo, Interfax reported Monday.
A court disqualified former director Anatoly Maslikov from holding the position because of unpaid wages. Interfax reported that Kislov offered Maslikov the post of managing director.
(MT)


Tanker Spills Oil in Volga
A tanker spilled about 2 tons of oil products into the Volga River near Syzran, in the Samara region, after running aground, the Emergency Situations Ministry said Monday.
“The spill stretched about 12 kilometers long and 35 meters wide,” said Oleg Zugeyev, a local spokesman for the ministry. The leak has been controlled, he said.
(Bloomberg)



For the Record
Deputy Prime Minister Alexander Zhukov said the number of officially unemployed people fell 0.3 percent in the week through Wednesday to 2,145,000. Overdue wages fell by 1.5 billion rubles in June, he said. (Bloomberg)

Alrosa said Monday that it appointed Russian Railways vice president Fyodor Andreyev to replace Sergei Vybornov as CEO after sales wilted. 
(Bloomberg)