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National Economic Trends Russia's international reserves up $1.4 bln to $403.4 bln in week
http://en.rian.ru/business/20090813/155798747.html
MOSCOW, August 13 (RIA Novosti) - Russia's international reserves, largely holding gold and foreign exchange, increased by $1.4 billion to $403.4 billion in the week of July 31 - August 7, the Central Bank of Russia said on Thursday.
Russia's gold/forex reserves go up on July 31-Aug 7
http://www.itar-tass.com/eng/level2.html?NewsID=14229675&PageNum=0
MOSCOW, August 13 (Itar-Tass) - - Russia's gold and foreign exchange reserves grew by 1.4 billion US dollars from 402.0to 403.4 billion dollars (or by 0.3 percent) in the period from July 31-August 7, the Prime-Tass business news agency reports with reference to the foreign and public relations department of the Central Bank of Russia (CBR).
The country's foreign exchange reserves record, when Russia’s gold and foreign exchange reserves registered on August 8, 2008 was 598.1 billion US dollars.
As compared to the January 1 level, when the index amounted to 427.08 billion dollars, the reserves reduced by 5.5 percent.
Regulators Intervene To Bolster the Ruble
http://www.themoscowtimes.com/article/600/42/380641.htm
13 August 2009Reuters
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.
Against the dollar on Wednesday, the ruble fell to 32.38, its lowest level since July 13. Against the euro, which has seen a broad surge in value, the ruble wilted to 46.0, the weakest since Feb. 25.
The Central Bank’s intervention prevented the currency from dropping below 39 to the dual currency basket, made up of 0.55 dollars and 0.45 euros and used by the regulator to guide its foreign exchange policies.
The regulator has vowed to keep the ruble trading within a range of 26 to 41 to the basket.
“Right now we are feeling around for the level where the Central Bank will stop us,” said Viktor Anisimov of Alba Alliance bank. “But if it doesn’t resist, then we can move past 39 [rubles to the basket].”
The Central Bank’s last noticeable interventions a month ago came when the value of the currency fell to 39.04 to the basket.
Analysts said the pressure on the ruble stems from lower oil prices, a stock market correction and the news on Tuesday that the economy saw its worst year-on-year contraction on record in the second quarter of 2009.
“I believe we are close to the end of this decline, but still there is a risk of seeing the ruble at 39.20 to the dual currency basket,” said a currency trader at a local bank.
Business, Energy or Environmental regulations or discussions Bill Gives Priority to Gas Power
http://www.moscowtimes.ru/article/1009/42/380642.htm
13 August 2009By Nadia Popova / The Moscow Times
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.
The bill aims to help oil producers, which are obliged by law to utilize an annual 95 percent of their associated gas by 2012.
“The bill will give an incentive to investors to build power stations that use associated gas to produce electricity,” the ministry said in an e-mailed response to questions. “And it will also make it more economical for oil companies to refine associated gas.”
As little as 25 percent of 55 billion cubic meters of associated gas extracted annually in Russia is refined, the ministry said. Most of it is flared — a process that sends tons of carbon dioxide into the atmosphere. In January, the government ruled that 95 percent of all the associated gas extracted in Russia annually must be utilized by 2012.
It wasn’t immediately clear how power stations using associated gas would be given priority. System Operator, which regulates the markets, accepts bids to determine which power station will supply the market on a daily basis. It said it would not change its basic bidding process. “It will just give us other criteria for choosing a generator,” said Dmitry Batarin, a spokesman for the regulator. Priority is currently given to nuclear stations, which don’t have flexibility in the volumes they trade.
Only two power stations currently use associated gas: Surgut Power Station, controlled by OGK-4, and Nizhnevartovsk Power Station, jointly owned by TNK-BP and OGK-1, said Vladimir Sklyar, a utilities analyst with Renaissance Capital.
“There aren’t many areas left in the country where associated gas-fired stations can be built,” Sklyar said. “Fuel is already indicated in the contracts the generators have signed … and they can’t change it without the prior consent of the System Operator.”
Oil producers welcomed the government’s initiative. “We hope the government’s decision will soon be implemented in practice,” said Nikolai Gorelov, spokesman at TNK-BP.
Russia considers postponing duty increase
http://www.euwid-wood-products.com/news_single.html?&tx_ttnews[tt_news]=715&tx_ttnews[backPid]=13&cHash=d4e3935e83
(13 August 2009)
The Russian government is presently considering whether to postpone the increase in export duties on roundwood planned for 1 January 2010 by another year. 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.
VEB Commits $200 Million to Macquarie-Renaissance Fund
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ad4rPXHdu3CA
By Stephen Bierman
Aug. 12 (Bloomberg) -- VEB, Russia’s state development bank, will invest $200 million into an infrastructure fund set up by Macquarie Ltd., Australia’s largest investment bank, and Moscow-based Renaissance Capital.
The Macquarie Renaissance Infrastructure Fund has reached a total of $530 million with the VEB commitment, according to an e-mailed statement from the fund today.
The European Bank for Reconstruction and Development and the International Finance Corporation have pledged $100 million each, the fund said. Renaissance and Macquarie each committed $50 million. Kazyna Capital Management of Kazakhstan has made a $30 million commitment.
The Macquarie Renaissance Infrastructure Fund will invest at least half of its money in Russia, and a maximum of 25 percent in Ukraine, Kazakhstan and the other countries in the Commonwealth of Independent States, the EBRD said in June.
To contact the reporter on this story: Stephen Bierman in Moscow sbierman1@bloomberg.net.
Last Updated: August 12, 2009 10:39 EDT
AUGUST 13, 2009, 3:59 A.M. ET
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