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. Last Updated: 07/27/2016

Business in Brief

Iceland Didn’t Reject Loan

Iceland didn’t reject a 4 billion euro ($5.7 billion) loan from Russia after the island’s biggest banks collapsed last October, former finance minister Arni Mathiesen said in an interview published Thursday.

“As far as I’m aware, loan negotiations are still underway,” Mathiesen told the newspaper. “We didn’t reject any loans from Russia.”

Russia’s ambassador to Iceland, Viktor Tatarintsev, said Wednesday the island had declined to take the loan offered by his government, turning instead to the International Monetary Fund. (Bloomberg)

Turkmens to Start Pipeline

ASHGABAT — Turkmenistan will start new gas pipeline to Iran in December this year to diversify exports, Turkmen state media said Thursday.

Turkmenistan, which produces over 75 billion cubic meters of gas a year, used to sell about 50 bcm to Russia and just 8 bcm to Iran. Exports to Russia were halted in April after a pipeline explosion. The pipeline is operational now but Moscow demanded a review of the sales terms. (Reuters)

United Grain to Buy Milk

United Grain may handle government purchases of milk from farmers in order to prop up prices, Agriculture Minister Yelena Skrynnik said Thursday, Kommersant reported.

Russia may buy a certain type of pasteurized milk from farmers from April through August, Kommersant reported. Government purchases may replace direct subsidies for producers, the newspaper said. (Bloomberg)

Miners to Delay Study

Kinross Gold and Polyus Gold plan to delay the start of a full feasibility study of the Nezhdaninskoye deposit in Siberia to consider cheaper options, Polyus said Thursday.

The two companies have a “technical alliance” to assess Nezhdaninskoye and that may extend to other projects in Russia, it said. Kinross, which also owns 75 percent of the Kupol gold deposit, will spend $20 million on the alliance in the next two years from November 2009. (Bloomberg)

Workers Paid in Pelmeny

A tractor plant in Minsk will pay its workers with pelmeny and other food from the factory’s cafeteria instead of cash, Khartia 97 reported Thursday.

The food will be sold to employees at cost and billed to their future earnings, the news portal reported. (MT)

Timchenko Can Buy Firm

A company close to Gennady Timchenko’s Volga Resources got regulatory approval to increase its holding in pipeline builder Stroitransgaz to 79.6 percent, Sergei Noskovich, a spokesman for the regulator, said Thursday. The Federal Anti-Monopoly Service cleared the purchase of a 10 percent stake in Stroitransgaz by Yubaska Holdings. (Bloomberg)

For the Record

  • Uralkali said Thursday that second-quarter exports declined 75 percent from a year earlier on a drop in demand. (Bloomberg)
  • Sibir Energy said Thursday that Stuard Detmer has stepped down as CEO and will be replaced by Igor Tsibelman, first deputy CEO. (Bloomberg)