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BP gets support in Russia
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.jpg) Deputy Prime Minister Igor Sechin expressed his support for BP chief Robert Dudley during his trip to the Russian capital in early August 2010. Mr. Dudley was on the trip together with the retiring company CEO Tony Hayward.
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Yamal LNG to be 49% foreign-owned
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.jpg) Companies from outside of Russia will participate in the Yamal liquefied natural gas project, according to Yevgeny Kot, director for LNG project development for NOVATEK. Russian companies will have a 51-percent stake in the venture.
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Capital outlays for Mechel below USD 1.4 billion
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.jpg) The Russian coal and steel giant Mechel decided to lower its outlays for capital projects to under USD 1.4 billion, according to the company’s Senior Vice President for Finances Stanislav Ploschenko.
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Magnitogorsk Steel Works:a better outlook
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.jpg) Moody’s altered the outlook of the rating for Magnitogorsk Steel Works from Ba3 “stable” to “positive.” The company’s national scale rating is Aa3.ru. The agency’s decision was based on the 2009 performance of the steel company.
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Raspadskaya coal production down 25%
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.jpg) In the first half of 2010, coal company Raspadskaya saw a considerable reduction in production activity following one of the largest mining accidents in Russia. Altogether OJSC Raspadskaya was able to produce 4.778 million tons of raw coal.
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NorNickel shareholders are not at odds
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.jpg) According to Vladimir Potanin, the director of the Interros group, there are no points of contention between the shareholders of Norilsk Nickel. “There are only different approaches,” Mr. Potanin is reported to have said.
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Basic Element: agribusiness up 100%
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.jpg) The agricultural arm of Basic Element, formed after the Russi-Asiatic Investment Company was transferred into the holding group of Oleg Deripaska, plans to register its 2010 profits at RUR 270 million, compared to RUR 143 million in 2009.
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Eldorado’s losses at RUR 15.6 billion
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.jpg) Eldorado, one of the largest retailers of consumer electronics in Russia, did not perform well in 2009, amidst widespread financial problems in the country prompted by the onset of the global economic crisis.
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Gazprom Neft and the city of Moscow to renovate refinery
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.jpg) The City of Moscow together with Gazprom Neft embarked on a project to renovate the Moscow Oil Refinery. In July, officials took part in the symbolic launch of reconstruction works at the refinery’s unit for isomerization of light naphtha.
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Zarubezhneft and Petrovietnam to join efforts
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.jpg) Nikolai Brunich, Director General of Zarubezhneft, and Phug Dinh, the Chief Executive Officer of Petrovietnam, entered into several cooperation agreements for developing cooperation on projects in the petroleum industry.
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Lukoil to keep investment grade
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.jpg) Russia’s private oil company Lukoil will keep its current investment ratings, according to analysts at two credit agencies. In the end of July, Standard & Poor’ announced it intends to reassess the long-term corporate rating of Lukoil, currently held at BBB- with a “negative” outlook.
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Severstal to sell U.S. assets
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.jpg) Severstal NA will sell 4 metal service centers that it currently operates in the United States to Aurora Resurgence. The designated buyer is a privately-owned equity fund based in Los Angeles, California.
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RUSAL’s unexpected results
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.jpg) Oleg Deripaska, the Chief Executive Officer of the RUSAL aluminum production giant, received a bonus in the form of 0.33 percent of the company’s shares of stock (valued at USD 70 million) after RUSAL’s initial public offering on the Hong Kong Stock Exchange.
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Uralkali: profit decreased 44%
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.jpg) The profit of Uralkali in the second half of 2009 fell by 44 percent under IFRS. In accordance with Russian accounting standards, the potash producer experienced RUR 3.943 billion in net losses during the last quarter of 2009.
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Chemical industry overview: rebound after crisis
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.jpg) Although Russia’s chemical sector has been hit by the global economic downturn and falling oil prices, in the longer term, its advantaged feedstock position should ensure healthy growth prospects.
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Norilsk Nickel increases nickel output
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.jpg) In the first quarter of 2010, Norilsk Nickel increased the output of its principal commodity, nickel, by 1 percent. Norilsk Nickel, which is the largest producer of the metal in the world, produced 70 thousand metric tons of nickel in the first three months of the year.
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Losses for TMK in 2009
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.jpg) TMK, a Russian company that is one of the largest producers of pipes for the oil and gas sector worldwide, ended 2009 with a loss of USD 324 million (International Financial Reporting Standards). In the first quarter of 2010, the company’s revenue increased to about USD 1.3 billion.
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ECOSORBER
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.jpg) The Megasorb sorbent is a non-woven polymer web fabricated with the use of the Strutto technology. The thickness of the web is 25 mm, and web width is 2.0 m. The specific density is 0.02 g/cm3. Oil sorption capacity in one cycle is 36 kg by 1 kg of sorbent.
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Rosneft: planned production for 2010 at 117.6 MT
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.jpg) The largest Russian oil company OJSC Rosneft plans to increase the recovery of oil and gas condensate by 4.4 percent in 2010 compared to the results of 2009. The total volume of production should reach 117.6 million tons.
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Magnitogorsk Iron and Steel Works: net profit is up
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.jpg) For the fourth quarter (actual results not yet released as of the date of publication), Magnitogorsk Iron and Steel Works was expecting to see revenues increase by another 15 percent. The company’s investment program for 2010 comes with a price tag of USD 1.7 billion.
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OIL Traders International
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.jpg) OIL Traders International, LLC. is engaged in international petroleum trading and often does business with Russia. All of the company’s clients in the United States are end consumers of fuel. Largest American airlines, cargo transporters, and trucking companies have great demand for oil and petroleum products originating in Russia.
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Russia’s gas giant Gazprom is past the crisis
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.jpg) The chief executive officer of Russia’s largest oil and gas corporation Gazprom Mr. Alexei Miller gave an upward revision of forecasts for the company’s production for 2009. Gazprom now expects to finish the year with 500 to 510 billion cubic meters of gas produced.
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Shell to produce lubricants in Russia in 2010
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.jpg) Shell intends to commence the production of lubricants and motor oil at a plant in the town of Torzhok, Tver region. The plant’s director Inna Lobanova confirmed that production is planned to start at the end of 2010.
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Alrosa: shining again
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.jpg) For the 2008 fiscal year Alrosa, the largest Russian diamond producer, reported a loss of more than RUR 32.5 billion. The shortfall is blamed on the international economic crisis and the devaluation of the Russian currency. The company’s profit for the year stood at RUR 16 billion.
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VimpelCom defies forecasts
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.jpg) VimpelCom’s profit rose by 3.4 percent, reaching RUR 22.6 billion in the second quarter of the year compared to the results from the same period in 2008. The revenue from sales increased nearly 12 percent to RUR 69 billion.
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Zlatoust Weapons Company
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.jpg) Zlatoust Arms Company Ltd. (OOO “Zlatoustovskaya Oruzheynaya Kompaniya”) was established in May 2001 in Zlatoust, Chelyabinsk region. The company is one of the fastest-growing knife companies in Russia.
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Polyus Gold acquires KazakhGold
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.jpg) Polyus Gold (Open Joint Stock Company, OJSC) is the leading gold producer in Russia and Kazakhstan and the only Russian company among the world’s largest gold producers. In late August, the biggest producer of gold in Russia Polyus Gold completed the acquisition of Kazakhstan’s KazakhGold company.
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Evraz: USD 0.9 bln. in losses
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.jpg) As a consequence of the worsening economic climate, Evraz’s bottom line for the first half of the current year was USD 999 million in the negative. Such significant losses are much higher than what was originally estimated.
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Latest news
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source: RIA novosti
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