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National Economic Trends -
Russia's international reserves up $1.4 bln to $403.4 bln in week
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Russia's gold/forex reserves go up on July 31-Aug 7
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Regulators Intervene To Bolster the Ruble - The Central Bank waded into the currency market for the second day running on Wednesday to keep the ruble from wilting further amid weak oil prices and disappointing economic data, traders and analysts said. The regulator sold between $100 million and $200 million after a larger intervention on Tuesday of around $500 million, traders said. The last time the Central Bank noticeably stepped in to defend the ruble was on July 10 and 13.
Business, Energy or Environmental regulations or discussions -
Bill Gives Priority to Gas Power - The government submitted a bill that would give priority access to the wholesale electricity markets to electricity stations that are fueled by associated gas, the Energy Ministry said Wednesday.
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Russia considers postponing duty increase - According to representatives of the Finnish ministry of foreign trade, Elvira Nabiullina, Russian minister for economic development and the industry, said during her meeting with Paavo Väyrynen, Finnish minister for foreign trade and development, that the Russian government would decide on the possible postponement during the next one or two months.
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VEB Commits $200 Million to Macquarie-Renaissance Fund
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Standard Bank Says Russian Deal With Troika Dialog On Track
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Russia to Start 'Clunkers' Plan - Russian lawmakers plan to support the country's domestic-car industry with a trade-in program similar to the "cash for clunkers" plans that have lifted auto sales in Europe and the U.S.
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$1Bln in Emergency Loans Almost Gone, AvtoVAZ Says
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Russian truck maker KamAZ posts $50 mln half-yearly loss
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New Airline to Start $8 Flights to 4 Cities - New low-cost airline Avianova will begin flying out of Vnukovo Airport to four Russian cities on Aug. 27, with one-way tickets starting at 250 rubles ($7.70), Avianova director Vladimir Gorbunov said Wednesday.
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Moody's Interfax assigns Aa1.ru rating to Oblast of Samara's RUB2.4 bn bond
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IKEA Starting Plant Construction in Tyumen Oblast
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Jabil Russia postpone Sony production until September - Jabil was supposed to start producing for Sony already in August. However due to a number of technical issues the production start has been moved to autumn. Jabil intends to assemble LCD TVs in Russia. Lower import duties have created favourable conditions for the development of assembly production in the country.
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Pork production in Russia continues to decline 13 Aug 2009
Activity in the Oil and Gas sector (including regulatory) -
Rosneft Snaps Up License to Explore Offshore Shelf of Abkhazia
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Hungarian MOL Takes Steps to Keep Production License in Russia
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Sibir Energy chairman, CEO step down
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Alfa Laval Wins SEK 110 Million Energy Efficiency Order from One of the Biggest Refineries in Russia
Gazprom -
Yamal Authorities Suggest Reviewing Gazprom’s Tax Payments
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Full Text Articles Basic Political Developments
Merkel to Hawk Shipbuilder
http://www.themoscowtimes.com/article/1009/42/380648.htm
German Chancellor Angela Merkel and President Dmitry Medvedev will discuss the future of the Wadan Yards, a shipbuilder in northern Germany, when they meet for talks in Sochi on Thursday, government spokesman Ulrich Wilhelm told reporters in Berlin on Wednesday.
The German government and the state government of Mecklenburg-Western Pomerania consider the possibility of a new Russian investor as an “interesting approach,” Wilhelm said. (Bloomberg)
Iceland Said to Reject Loan
http://www.themoscowtimes.com/article/1009/42/380648.htm
Iceland rejected a 4 billion euro ($5.7 billion) loan from Russia in October and decided to turn to the International Monetary Fund instead, Russia’s ambassador to the island Victor I. Tatarintsev said.
“I think that if your government would have approved to take our loan, the situation in Iceland would have been quite another one,” Tatarintsev said in a video interview with Netvarpid.is, posted on the news portal’s web site. Taking the loan would have meant “no big crisis” for Iceland, he added. (Bloomberg)
The fight for the Shtokman base
http://www.barentsobserver.com/the-fight-for-the-shtokman-base.4618142-116320.html
2009-08-13
The developers of the Shtokman field in the Barents Sea have announced a tender for the project logistics base. Analysts believe a Shtokman base in the nearby Norway would not only facilitate smooth field development, but also stimulate general Norwegian-Russian relations and revitalize plans for a joint cross-border industrial zone in the area.
The location of the Shtokman base in Norway would prepare the ground for historic business cooperation in the Norwegian-Russian borderland and give real contents to the idea about a Pomor Zone, a joint Norwegian-Russian economic-industrial zone in the two countries’ border areas.
However, time might have run out for the Norwegians. The tender had deadline on August 8, and it remains unknown how many, if any, Norwegian companies have submitted bids.
Base requirements
That tender included the whole integrated project logistics base with all facilities. The base, consisting of existing infrastructure or new facilities, will be leased for a minimum of 25 years and be accessible by road, railway and sea. The 1st part of the base is to be ready in October 2011, the tender text posted on the website of the SDAG reads.
Kirkenes
The Norwegian town of Kirkenes, located only few kilometers from the Russian border, has long eyed major benefits from the Shtokman development. The town, which has a all-the-year deep and ice-free port, is by many seen as an possible alternative for Shtokman base functions.
Interestingly, two companies are already in the process of developing base facilities in the town. The companies, one controlled by Tschudi Shipping and the other by Bergen Group, are today about to build facilities. The Shtokman field is believed to be the key motivation in both companies’ base investments.
Cooperative aspects
Adviser and port and shipping expert in the Norwegian Barents Secretariat, Oddgeir Danielsen, believes the Shtokman Development AG is seriously considering a Norwegian base alternative. He argues that Kirkenes is the most competitive Norwegian site for the base functions with the necessary geographical location and infrastructure available.
He also maintains that modest level of Norwegian bureaucracy, efficient customs mechanisms and long experience from base management play to the Norwegian advantage.
A Norwegian location for the Shtokman logistics base would also have important political aspects. Mr. Danielsen believes that a Norwegian Shtokman base with strong Russian involvement and ownership interests would be a lighthouse in Norwegian-Russian relations and help spur also a number of other new projects in the two countries’ borderland.
That would be the start of what Norwegian Foreign Ministry planner have branded the “Pomor Zone”, a cross-border economic and industrial zone along the Barents Sea. Using the two countries’ comparative advantages, is one of the main ideas behind the zone proposal. That same idea could now be applied also in the Shtokman process.
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