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. Last Updated: 07/27/2016

Business in Brief

Mitvol Gets New Deputy

Oleg Mitvol, prefect of the Northern Administrative District, will have to work with a former rival from the Federal Inspection Service for Natural Resources Use.

City Hall appointed Ivan Klemenkov, who served as one of the deputy heads at the environmental watchdog with Mitvol, as the his deputy, RIA-Novosti reported Thursday.

Klemenkov quit his job during a protracted dispute between Mitvol and the chief of the environmental agency. His resignation enabled Mitvol to keep his own job when one of the deputy positions was eliminated. (MT)

Trade Surplus Narrows

Russia’s trade surplus in the first half of the year shrank to $52.9 billion as the price of oil fell, the Federal Customs Service said in an e-mailed statement Thursday.

The surplus shrank from $109.9 billion in the same period last year, the service said. Exports fell 46.9 percent to $124.6 billion, while imports declined 42.6 percent to $71.7 billion. (Bloomberg)

LUKoil Gets $1.2Bln Loans

LUKoil signed $1.2 billion of loans with 12 overseas banks, according to two people with knowledge of the deal.

The three-year deal makes LUKoil one of seven Russian companies to borrow from foreign lenders this year, according to Bloomberg data.

LUKoil is paying interest of 400 basis points more than the London interbank offered rate for the loan, said the people, who declined to be identified before an announcement. (Bloomberg)

Razgulyai to Boost Exports

Razgulyai plans to boost grain exports 25 percent this year and expects prices to remain steady, the company’s chairman said Thursday.

The company, which estimates its share of Russian grain exports at 9 percent, may ship 1.5 million tons in the marketing year that started July 1, from 1.2 million tons a year earlier, chairman Igor Potapenko said. (Bloomberg)

Naftogaz Posts H1 Loss

Naftogaz Ukrainy posted a loss in the first six months of this year as it paid more for gas from Russia while the government kept the price it can charge users unchanged, it said Thursday.

Naftogaz’s net loss was 1.987 billion hryvna ($250 million) under Ukrainian accounting standards in the first six months of the year, compared with net income of 3 billion hryvna in the same period a year ago, it said. (Bloomberg)

MOL, Russneft Reach Deal

MOL, Hungary’s largest refiner, agreed with Russneft to build a gas turbine in Siberia to stop flaring the fuel and meet the terms of a crude oil production license.

The generator will use 95 percent of the associated gas produced at the Zapadno-Malobalykskoye field, operated jointly by MOL and Russneft, the two companies said Thursday. (Bloomberg)

 For the Record

  • Russia’s international reserves fell by $400 million to $402 billion in the week to July 31, the Central Bank said Thursday.(Bloomberg)
  • Rosbank said it plans to sell 30 billion rubles ($958 million) of bonds. (Bloomberg)