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Euroset withdraws from Ukrainian market
http://www.retail-week.com/international/euroset-withdraws-from-ukrainian-market/5031134.article
17 November, 2011 | By Planet Retail
Russian mobile phone retailer Euroset has withdrawn from the Ukrainian market, closing all its stores.
Euroset has been reducing stores numbers in Ukraine since 2009. The biggest disposal was in the summer of 2010 when the company shut 150 shops. In December 2010, Euroset had 275 stores in the country and by August that number was down to 170.
Euroset chief executive Alexander Malis said: “We have decided to exit the Ukrainian market but we plan to return when the conditions become more favourable.”
Car industry investors to be compensated for possible WTO-related losses
http://rt.com/business/news/russia-supports-carmakers-wto-497/
Published: 17 November, 2011, 01:40
Edited: 17 November, 2011, 11:23
Meeting WTO standards may come as a heavy burden to some industries, but the Russian government is ready to help deal with it to provide a smooth transition.
Russian Prime Minister Vladimir Putin says the government will help foreign investors in the country’s car making industry.
“We discussed for a long time during Russia’s WTO accession process how we should do this work in future in order not to let our investors down and keep all our promises, and at the same time to meet WTO car-making requirements,” he said at the meeting with German businessmen.
Putin says compromises have been reached and the government will take part of the burden to meet its obligations to investors. Foreign car makers currently enjoy tax benefits which may be revoked once Russia joins the WTO. This year the government promised tax benefits to several foreign car companies including Ford, Volkswagen and Renault. In exchange these companies agreed to assemble 300,000 cars a year in Russia using mostly locally made components. These benefits are expected to last until 2020 but may be lifted earlier because of Russia’s accession to the WTO.
Russia’s car market is a lure to investors. Car sales grew by 27 percent in the first nine months of the year.
Activity in the Oil and Gas sector (including regulatory)
01:04 17/11/2011ALL NEWS
Competition between gas producers should be minimised – GECF SG |
http://www.itar-tass.com/en/c154/274000.html
MOSCOW, November 17 (Itar-Tass) —— Competition among gas producing countries must be minimised, Gas Exporting Countries Forum (GECF) Secretary-General Leonid Bokhanovsky said.
“We prefer to find ways to minimise competition among gas producing countries. It must be reduced wherever possible to reasonable levels,” Bokhanovsky told Russia Today.
In his opinion, “There is lot of other options for the development of gas markets.”
Among them he named the Asian market, which has been lately showing a rapid and stable growth, the Latin American market, specifically Brazil, and Chile, which has been buying more and more natural gas and where, according to Bokhanovsky, “there are good prospects for cooperation” among gas producers.
In addition, “there are possibilities for good cooperation in swap operations and optimisation of logistical services”, he said.
The Gas Exporting Countries Forum is an intergovernmental organisation formed by some of the world's leading natural gas producers. GECF members together control over 70 percent of the world's natural gas reserves, 38 percent of the pipeline trade and 85 percent of the liquefied natural gas (LNG) production.
The three largest reserve-holders in the GECF -- Russia, Iran and Qatar -- alone account for about 57 percent of global gas reserves.
Nord Stream Below Capacity
17 November 2011
LONDON — Nord Stream's natural gas pipeline from Russia to Germany is flowing at less than a third of its capacity.
Nord Stream is supplying at a rate of 1 million cubic meters an hour, finance director Paul Corcoran said Wednesday at the European Autumn Gas Conference in Paris.
"The nominations happen daily and hourly," Corcoran said. "It's perfectly normal that the volume changes depending on the nominations coming from the customer." It may be a year to six months before line one of the link reaches its full capacity of 27.5 bcm of gas a year, he said. It began commercial flows on Nov. 8.
(Bloomberg)
Read more: http://www.themoscowtimes.com/business/article/nord-stream-below-capacity/448008.html#ixzz1dweOh6qw
The Moscow Times
November 17, 2011 09:08
Itera confirms TNK-BP has ended negotiations on 50% stake
http://www.interfax.com/newsinf.asp?id=287935
MOSCOW. Nov 17 (Interfax) - TNK-BP (RTS: TNBP) has stopped negotiations for purchasing a 50% stake in oil and gas company Itera (RTS: ITERA), Itera said.
Itera confirmed that TNK-BP was one of its potential partners, but stressed not the only one. Itera needs a strategic investor who will be involved in the business, not just financially, but enabling the company to expand its production base and providing new momentum for growth, Itera said.
A spokesperson for TNK-BP told Interfax earlier that TNK-BP had stopped negotiations for purchasing a 50% stake in Itera owing to the significant differences in both sides' positions concerning the transactions' terms.
TNK-BP's executive vice-president for gas and electricity supply, Mikhail Slobodin, said that during negotiations for the 50% stake in Itera, TNK-BP's approach towards forming the transaction's value has changed because of the significant changes in the macroeconomic situation. For instance, prices for gas have changed, open discussion on the NRET (natural resources extraction tax) for gas are continuing, and discussions are underway on the law for transport pricing.
"One of the assets in which Itera has an interest, is in such a state that the increased NRET might be applied [this concerns Purgaz, in which Gazprom (RTS: GAZP) owns 51% and Itera holds 49%]," Slobodin said. Therefore, TNK-BP has insisted on reducing the purchase price for the asset.
TNK-BP submitted an application in the summer with Russia's Federal Antimonopoly Service (FAS) for the purchase of a 50% stake in Itera Oil and Gas Company. Russia's Governmental Commission for Overseeing Foreign Investment was expected to review the TNK-BP application in the near future.
Several sources earlier said that that TNK-BP might transfer asset assets and cash funds for paying off debt to Itera in order to pay for the stake.
Itera Oil and Gas Company is part of Cyprus-registered Itera Group, which is controlled by Igor Makarov.
TNK-BP is the third biggest producer of oil in Russia. Britain's BP and the Russian consortium Alfa-Access-Renova (AAR) own TNK-BP on a parity basis.
pr vp ih of
(Our editorial staff can be reached at eng.editors@interfax.ru)
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