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July 27 (Reuters) – Russia’s third-largest oil producer, TNK-BP International (TNBPI.RTS), on Tuesday said net profit rose 21 percent to $2.43 billion for the first half of 2010, up from $2.01 billion in the same period of 2009.
TNK-BP International, half-owned by BP (BP.L), is the parent company of Moscow traded TNK-BP Holding (TNBPI.RTS).
(Reporting by Vladimir Soldatkin)
July 23 (Reuters) – The world’s top aluminium producer Russia’s UC RUSAL (0486.HK) (RUAL.PA) said on Friday it had restarted operations at its Windalco Ewarton alumina plant in Jamaica mothballed in 2009 due to the economic crisis.
RUSAL said in a statement it plans to refine by the end of the year around 321,000 tonnes of alumina, an intermediate product for aluminium smelting, at the refinery, which has an annual capacity of 650,000 tonnes. (Reporting by Aleksandras Budrys)
LONDON, July 22 (Reuters) – Russian miner Petropavlovsk (POG.L) expects annual output to be at the lower end of the previously announced 670,000-760,000 ounce range after first-half gold production fell 26 percent on planned work at its Pioneer mine.
Gold production fell to 166,300 ounces from 224,600 ounces in the year-earlier period.
The London-listed company also announced that it acquired new mining licences in the Amur and Krasnoyarsk region of Russia.
The miner, which is considering a Hong Kong listing for its iron ore assets, last month launched its first Kuranakh iron ore mine. [ID:nLDE65N0WI]
The first product sales from Kuranakh are expected in August, it said on Thursday.
On June 7, Petropavlovsk said Hong-Kong based investors had agreed to take a $60 million equity stake in the group’s non-precious metals division, valuing the iron ore operations at $860 million. [ID:nLDE65G16Q]
(Reporting by Julie Crust; editing by Victoria Bryan)
July 14 (Reuters) – The Russian and Iranian energy ministries signed a “road map” on Wednesday outlining long-term energy cooperation and said they would aim to set up a joint bank to help fund bilateral projects.
The text of the pact said the two countries would aim to increase cooperation in transit, swaps and marketing of natural gas as well as sales of petroleum products and petrochemicals.
(Reporting by Jessica Bachman, writing by Dmitry Zhdannikov; editing by Melissa Akin)
July 13 (Reuters) – Russian private oil major LUKOIL (LKOH.MM) is close to winning tax breaks from the government for developing its Caspian Sea oil fields to allow it to save up to $460 million in taxes in 2011, a newspaper reported on Tuesday.
Business daily RBC Daily quoted industry sources as saying LUKOIL, Russia’s No. 2 oil producer, had reached a preliminary deal with the Finance Ministry that its oil production in the Caspian Sea would have lower export duties.
The system of tax breaks would be similar to the earlier applied scheme for East Siberian fields where producers pay 45 percent of regular export duties when the price of crude exceeds $50 per barrel.
Tax breaks are meant to help producers develop new fields and allow Russia, the world’s largest oil producer, to maintain its output.
LUKOIL spokesman Dmitry Dolgov said tax-break talks continued after the company asked the government to lower taxation for its two key deposits in the Caspian Sea, Korchagina and Filanovskogo. (Reporting by Dmitry Zhdannikov; editing by Sue Thomas)
July 12 (Reuters) – Kazakhstan on Monday annulled the sale of shares in KazakhGold (KZGq.L) to Russia’s Polyus Gold (PLZL.MM), potentially putting in jeopardy the plans for a merger of the two groups to create a gold-mining giant.
“Due to newly discovered information regarding violations of the law on mineral resources during the purchase of the stake in KazakhGold by the Russian company Polyus Gold, the competent authority has cancelled the previously taken decisions to allow the sale of KazakhGold shares,” the Kazakh Industry Ministry said in a statement.
“For the same reason, there is a ban on the additional share issue by KazakhGold.” (Reporting by Masha Gordeeva; Writing by Toni Vorobyova; Editing by Maria Kiselyova)
July 6 (Reuters) – Russia’s International Industrial Bank (IIB) restructured 32 billion rouble ($1 billion) debt to the central bank, easing concerns on its ability to repay a 200 million euro Eurobond, business papers reported on Tuesday.
Industrial magnate Sergei Pugachev, the bank’s controlling shareholder, pledged his stakes in two shipyards as collateral for the central bank’s loans, and may secure an additional $400-600 million in loans from state-controlled lender VTB (VTBR.MM), Vedomosti reported, citing banking sources.
“The loan (to the c.bank) has been rescheduled to the middle of January 2011, the bank should pledge collateral in two weeks,” a source close to the central bank told Kommersant, another business daily.
Reuters could not reach IIB for immediate comment.
IIB [IIBNK.UL], also known as MezhPromBank, is ranked among Russia’s top 30 in terms of assets, but the main part of its business is connected to Pugachev’s shipbuilding-to-mining empire.
The bank needs to repay the Eurobond on July 6 and a source close to the bank has earlier said it plans to pay the debt from own funds [ID:nLDE65F1I6] ($1=31.17 Rouble) (Reporting by Dmitry Sergeyev; Editing by Anshuman Daga)
July 5 (Reuters) – Russia has a good chance to remove all remaining obstacles to its membership in the World Trade Organisation within weeks, First Deputy Prime Minister Igor Shuvalov said on Monday. (Reporting by Denis Dyomkin, writing by Dmitry Zhdannikov)
July 1 (Reuters) – Russia’s biggest lender, state-owned Sberbank (SBER03.MM) placed a 5-year, $1 billion bond with coupon set at 5.499 percent, a trading source told Reuters on Thursday.
Sberbank was not immediately available for comments.
On Wednesday, a source told Reuters that Sberbank has set the guidance at 350 basis points over mid-swaps. [ID:nLDE65T0P9]
(Reporting by Dmitry Sergeyev, writing by Vladimir Soldatkin; editing by Toni Vorobyova)
June 25 (Reuters) – Russian state-owned bank VEB will run a roadshow for its benchmark Eurobond from June 28 to June 30 in the United States and Europe, a banking source told Reuters late on Thursday.
Financials
VEB, an investment vehicle of the Russian government, had earlier said it would likely place the bond in mid-2010 with a potential size of around $1 billion.
The bank picked Barclays Capital, Citi, HSBC, Societe Generale, ING Bank, VTB Capital and Troika Dialog to arrange the deal.
(Reporting by Oksana Kobzeva; Writing by Dmitry Sergeyev; Editing by Kim Coghill)
June 24 (Reuters) – Russian construction company LenspecSMU is planning an initial public offering (IPO) next spring and hopes to raise $500 million, a source in financial markets told Reuters.
The St Petersburg-based firm has picked Credit Suisse, Renaissance Capital and VTB Capital to organise the placement, the source said.
Two other financial market sources confirmed the IPO plans of the company. In December LenspecSMU had said it could place 25-30 percent of shares via an IPO and that the company had been valued at $1 billion. (Reporting by Olga Popova; Writing by Toni Vorobyova)
June 24 (Reuters) – Russian retailer Dixy (DIXY.MM): * Revenues up 15 pct y/y in the first five months of 2010, to 25.69 billion roubles * In dollar terms revenue increased by 28.5 pct to $860.7 million
June 24 (Reuters) – Russia’s Prime Minister Vladimir Putin called on Thursday on Belarus to hold new talks on gas transit after the head of Russia’s Gazprom told him a gas dispute with Minsk had yet to be solved.
Stocks | Global Markets | Energy
Alexei Miller, chief executive of Russia’s gas export monopoly, said Minsk was still demanding payment for gas transit in the amount which was not in line with the existing contract.
Earlier on Thursday, Gazprom said it had restarted gas supply to Belarus in full after Minsk repaid its debt for gas deliveries [ID:nnLDE65N06D.] (Reporting by Gleb Bryanski, writing by Dmitry Zhdannikov, Editing by Lidia Kelly)
June 24 (Reuters) – Russia’s gas export monopoly Gazprom (GAZP.MM) said on Thursday it has restarted gas supply to Belarus in full, Russian news agencies reported.
Stocks | Energy
News agencies said Gazprom’s chief executive Alexei Miller told Russian President Dmitry Medvedev in a telephone conversation that supplies had been resumed after Belarus paid its debt for gas deliveries in full.
June 22 (Reuters) – Fitch Ratings said on Tuesday that a number of Russian companies may face debt restructuring problems in 2011-2012.
“The peak of credit taking came in 2008 and so the peak of refinancing falls in 2011-2012, and something will have to be done with the peak,” Nikolai Lukashevich, senior director and Fitch’s Head of Russian/CIS Corporates, said at a conference. “From the point of view of crisis impact, it cannot be said that the situation is fully resolved.”
(Reporting by Oksana Kobzeva; Writing by Lidia Kelly; Editing by Alfred Kueppers)
June 22 (Reuters) – Russia’s gas export monopoly Gazprom (GAZP.MM) said on Tuesday that it can further cut gas supplies to Belarus on Wednesday if there is no solution to the ongoing pricing dispute.
Energy
“Tomorrow, if there are no real steps from the Belarussian side, it can be expected that there will be further cuts,” said Sergei Kupriyanov, Gazprom’s spokesman.
June 22 (Reuters) – Russia’s gas export monopoly Gazprom (GAZP.MM) said on Tuesday Belarus has warned it would start taking gas from transit pipelines to Europe if Russia extended supply cuts in its pricing dispute with Minsk.
Energy
(Reporting by Dmitry Zhdannikov, Editing by Alfred Kueppers)
June 22 (Reuters) – Russia’s gas export monopoly Gazprom (GAZP.MM) has extended gas supply cuts to Belarus to 30 percent on Tuesday from 15 percent on Monday, Gazprom’s chief executive Alexei Miller told state television Vesti-24.
Energy
Russia imposed cuts from Monday pressing its neighbour to pay a $192 million debt for deliveries and raising the possibility of a reduction in flows to Europe. [ID:nLDE65K031] (Reporting by Dmitry Zhdannikov, Editing by Alfred Kueppers)
June 22 (Reuters) – Russia’s gas export monopoly Gazprom (GAZP.MM) has extended gas supply cuts to Belarus to 30 percent on Tuesday from 15 percent on Monday, Gazprom’s chief executive Alexei Miller told state television Vesti-24.
Energy
Russia imposed cuts from Monday pressing its neighbour to pay a $192 million debt for deliveries and raising the possibility of a reduction in flows to Europe. [ID:nLDE65K031]
(Reporting by Dmitry Zhdannikov, Editing by Alfred Kueppers)
(Reuters) – Following are key facts about Russian Deputy Prime Minister Igor Sechin who oversees the oil, gas and metals industries of the world’s biggest energy producer.
Stocks | Global Markets
Sechin, a close ally of Prime Minister Vladimir Putin and chairman of Russian oil giant Rosneft (ROSN.MM), gave a 90-minute interview to Reuters at the weekend.
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