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. Last Updated: 07/27/2016

Business in Brief

RusAl Needs More Time
United Company RusAl may need to extend its debt standstill agreement past the July 28 deadline to resolve bureaucratic matters, three sources familiar with the matter said Thursday.
A banking industry source on Thursday said if no agreement was reached next week, the standstill agreement would be extended until late September.
(Reuters)


Investors Rush to Gazprom
Gazprom bonds surged in the first day of trading as investors rushed to buy the euro-denominated notes.
Gazprom’s 850 million euros ($1.2 billion) of 8.125 percent bonds due 2015 traded at about 102.2 cents on the euro to yield 7.6 percent, up from an issue price of 100 cents, ING Groep prices on Bloomberg show.
The state gas export monopoly’s new 8.125 percent dollar bonds rose to 100.9 cents on the dollar to yield 7.9 percent, Renaissance Capital prices show.
(Bloomberg)


Forex Reserves Fall
Russia’s international reserves fell for a third week, the longest stretch of declines since November.
The value of the stockpile, the world’s third largest after China’s and Japan’s, slid $2.8 billion in the week ending July 17 to $398.1 billion after falling a revised $8.2 billion, the biggest drop in almost six months, to $400.9 billion a week earlier, the Central Bank said Thursday.
(Bloomberg)


Belarus to Pay $50M Debt
Belarus plans to pay $50 million of its $252 million debt to Gazprom for gas supplies next month, Belarus First Deputy Prime Minister Vladimir Semashko said, Interfax reported.
The country intends to start repaying the debt stemming from the difference between the average annual gas price it paid this year and the price that Gazprom charges under contracts, Semashko said.
(Bloomberg)


Potash Firms to Pay $207M
Russian potash producers Uralkali and Silvinit agreed to pay 6.45 billion rubles ($207 million) to the government for the construction of a 53-kilometer railroad to bypass a sinkhole near Berezniki, the Finance Ministry said Thursday on the web site.
Uralkali will pay 5.45 billion rubles, and Silvinit will pay 1 billion rubles, the ministry said.
(Bloomberg)


Nuclear Investment Plan
Russia approved an investment plan for 128 billion rubles ($4.1 billion) to upgrade its nuclear energy industry through 2020, Rosatom CEO Sergei Kiriyenko said, Vedomosti reported Thursday.
The government will allocate 110 billion rubles and Rosatom will finance the remaining 18 billion rubles from its own funds, the newspaper said, citing a government source. 
(Bloomberg)


For the Record
Russia plans to abolish import tariffs on cargo aircraft, including Boeing Co.’s 747 freighter models, RIA-Novosti reported, citing unidentified government officials.
(Bloomberg)

The European Investment Bank will help finance the 7.9 billion euro ($11.24 billion) Nabucco pipeline to ensure the project is viable, the EIB said on Thursday. 
(Reuters)