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Russia 091204 Basic Political Developments


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Reuters: RusAl Closes Guyana Plant, Workers Still on Strike


http://www.themoscowtimes.com/news/article/rusal-closes-guyana-plant-workers-still-on-strike/390846.html
03 December 2009

Reuters


GEORGETOWN, Guyana  — United Company RusAl has terminated a labor agreement with a union for 600 workers in Guyana amid a crippling protest over pay, officials said Thursday. 


RusAl, the world's largest producer of alumina and aluminum, said it no longer recognizes the Guyana Bauxite and General Workers Union, a move that union leaders say is illegal. 
Labor Minister Manzoor Nadir said he will order mandatory arbitration by the weekend because bauxite is a crucial industry for the South American country.

RusAl said the strike that started Nov. 21 has forced it to temporarily close its plant and divert ships elsewhere as they arrive to collect bauxite.

Union leaders say RusAl's Bauxite Company of Guyana has failed to follow through on a promise to increase wages by 10 percent. The company recently said it dismissed 56 strikers for bad behavior.

RusAl officials said Thursday in Moscow that they signed a deal to restructure the company's $17 billion in debt, allowing it to pay it off in seven years.

EmergingMarkets.me: Former Deutsche wealth head surfaces at Third Rome


http://emergingmarkets.me/2009/12/former-deutsche-wealth-head-surfaces-at-third-rome/

by admin on December 3, 2009



By Ivan Anderzhanov in Moscow

Claus Korner, former head of Deutsche Bank Private Wealth Management in Moscow,  has resurfaced at Third Rome.

Korner, who built Deutsche’s  wealth business from scratch in Moscow to $1.5bn in assets under management, has joined Andrei Movchan’s fast-growing team at Third Rome as a partner.

A veteran of Russia and Eastern Europe since 1992, Korner left Deutsche early in 2008 after four years at the helm to take up a role at the Icelandic bank Glitnir in Moscow. He is believed to have quit Glitnir after it collapsed in the wake of it’s country’s economic woes.

Third Rome, which Movchan has created by hiring most of former team at Renaissance Investment Management, also recently hired the former head of Antanta Capital Eugene Kogan.

Movchan has an ambitious target to grow the business to $30bn by targetting Russia’s high net worth individuals.

DECEMBER 3, 2009, 11:41 A.M. ET


Online.wsj.com: 2nd UPDATE:Fiat,Sollers Could Consider Jeep For Russia-Source


http://online.wsj.com/article/BT-CO-20091203-710475.html

(Adds Medvedev comment)

By Gilles Castonguay

Of DOW JONES NEWSWIRES

MILAN (Dow Jones)--Fiat SpA (F.MI) and Russia's OJSC Sollers are considering making Chrysler vehicles in Russia, and Jeep could be the U.S. car maker's most likely brand under which they are made, a person close to Italy's ministry of economic development said Thursday.

"It's just a hypothesis, but Jeeps could be the ones," the person told Dow Jones Newswires.

Fiat, Italy's largest industrial group, and Sollers, formerly known as OAO Severstal-Avto (SVAV.RS), have a joint venture to build vehicles in Russia, which used to be one of the world's fastest growing car markets before the onset of the global economic crisis.

After forming a partnership with Chrysler Group LLC earlier this year, Fiat is restructuring the U.S. car maker with the aim of expanding the international presence of its brands, especially Jeep.

Italian Prime Minister Silvio Berlusconi held a summit meeting with Russian President Dmitry Medvedev in Rome Thursday, out of which a number of business agreements were announced including one among Eni SpA (E), OAO Gazprom (GAZP.RS) and Electricite de France SA (EDF.FR).

At a news conference, Medvedev said Fiat and Sollers has talked about "car production" but he didn't elaborate.

Italian Economic Development Minister Claudio Scajola, who attended the summit, was quoted by local news reports as saying Wednesday Fiat and Sollers were looking at investing in the manufacture of passenger and commercial vehicles under the Chrysler brand.

His comments, confirmed by the person, were made during a forum with Industry Minister Viktor Khristenko held in Rome ahead of the summit.

Fiat declined comment.

When Fiat Chief Executive Sergio Marchionne met Russian Prime Minister Vladimir Putin in October for the signing of a joint venture to make farming machinery in Russia, he was quoted by news reports as saying he would like to sell sports utility vehicles (SUVs) in the country.

Fiat is expected to announce its plans for Chrysler in Europe early next year.

At 1605 GMT, Fiat shares are up 1.1% at EUR10.43, in line with the STOXX Euro sector index.

-By Gilles Castonguay, Dow Jones Newswires; +39 02 5821-9908; gilles.castonguay@dowjones.com

(Liam Moloney in Rome contributed to this article.)


Russia Today: Battered SME’s look for government support


http://rt.com/Business/2009-12-03/battered-smes-look-government.html/print

03 December, 2009, 20:56

The Russian government is pledging more than $300 million in state support for small and medium-size business in 2010. It’s looking for a more diverse and flexible economy, in the wake of the downturn.

Big stakes for small business… Andrey Ermakov and his family have been running this printing-house for 16 years. The enterprise employing just 30 people prints everything from cards to books. Advertising used to make up the bulk of all contracts, but not any more. During the crisis companies cut spending on advertising and Andrey felt the impact immediately.



“Before the crisis we had a lot of orders to print booklets or posters – about five or six a week. Now we’re lucky if we have one or two orders a month. But it doesn’t mean we’re short of work. We had to switch to more complicated production, like books. It takes much longer to print a book than a poster, but the expenditure is the same.”

A recent survey shows that the downturn has hammered the Russian small business sector, with numerous small employers going bust. Andrey says that in 16 years his employees became a part of his family, so he just couldn’t fire them or cut their salaries. But they have to work much harder for the same money.

The work didn’t here even in the most severe period of the economic downturn. But the owner says printing business is not profitable anymore because of the sky high rent and increased tax burden.

Small business is seen by the government as the backbone of future diversification. However the business people complain that the state is not coming through with sufficient funding, according to Mikhail Mamuta, Head of the Russian Microfinance Centre.



“In 2009 the government spent about 10 billion Roubles to support small businesses. With that amount you can reach only 1-1.5% of the overall number of SME’s. This is not a criticism based only on corruption, this is also a criticism based on insufficient funding for SME’s. But the government is working on it. As far as I know in 2010 governmental support will be increased two times.”

But that may not happen. According to the Russian Minister of Economic Development, small businesses will get the same support from the budget next year as they did this year. However there are some encouraging signs. In particular, the effort to reduce the red tape which ties down many entrepreneurs and has prevented a good ideas from becoming a profitable businesses.



RBC: X5 Retail Group closes Paterson deal

http://www.rbcnews.com/free/20091204104523.shtml

      RBC, 04.12.2009, Moscow 10:45:23.X5 Retail Group N.V. has closed the deal whereby it acquired 100% of business and assets of the Paterson supermarket chain. Under the deal, the share capital cost $189.5m, and X5 also assumed Paterson's debts of roughly $85m. In the first quarter of 2010, X5 plans to set about integrating Paterson into its chain, a process to be completed in the first half of 2010.

      The acquisition will solidify X5's standing as the main player in the supermarket format. Once rebranding is complete, X5 reckons to achieve a considerable synergistic effect by boosting the acquired chain's sales and profitability.

Bloomberg: Russian Tax Police Won’t Close Nestle Plant, Vedomosti Says

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aQm600aeV83g

By Maria Ermakova

Dec. 4 (Bloomberg) -- Nestle SA won’t have to close its factory in Russia’s Samara region because local tax authorities dropped a case against the factory, the newspaper Vedomosti reported.

The tax authorities in Samara had been demanding that Nestle close the Rossiya plant, saying it had net assets last year that were lower than its charter capital. Vladimir Artyakov, the governor of the Samara region, and Rossiya General Director Pavel Rudas agreed at a Dec. 1 meeting that the factory will take action to get the tax police to lift their demands, the newspaper said, citing the governor’s press service.

To contact the reporter on this story: Maria Ermakova in Moscow at mermakova@bloomberg.net.

Last Updated: December 4, 2009 01:48 EST

Food Business Review: International Flavors & Fragrances Opens New Facility In Russia


http://www.food-business-review.com/news/international_flavors__fragrances_opens_new_facility_in_russia_091203

Published:03-December-2009

By Staff Reporter

To serve the needs of consumers in Russia, Ukraine, Belarus, and Central Asia

International Flavors & Fragrances (IFF) has opened a new facility in Russia. The company said that the 460 square meter building that provides the environment and tools to support the company’s creative, technical and customer support teams.

The facility is located in the business district ‘Moscow City’ and will serve the needs of consumers in Russia, Ukraine, Belarus, and Central Asia.

The company claims that the new building is designed to maximize flavor and fragrance customer access and interaction. It includes a test kitchen for IFF culinary experts, application kitchens for product application teams and a laboratory for flavorists. The facility has space for sensory and consumer insight analysis, and offices for sales and marketing activities.

Hernan Vaisman, group president for Flavors, said: “We are dedicated to providing tastes and fragrances that consumers will love. This ultra-modern facility will enable increased customer intimacy and provide us the long-awaited opportunity to gain greater knowledge of the needs and preferences of consumers in this region.”

The Moscow investment follows the opening by IFF of new creative centers in Sao Paulo, Brazil and Shanghai, China earlier this year to serve growing flavor and fragrance needs in Latin America and Greater Asia, and the 2009 upgrade and expansion of facilities in Haverhill, UK, and South Brunswick, New Jersey in the US.

Activity in the Oil and Gas sector (including regulatory)



UkrainianJournal.com: Naftogaz Ukrayiny predicts 47% Russian natgas price rise in 2010

http://www.ukrainianjournal.com/index.php?w=article&id=9562

Journal Staff Report


KIEV, Dec. 3 - Naftogaz Ukrayiny predicted that the Russian natural gas price may increase up to 47% in 2010, more than earlier expected, a source in the government said Thursday.

In a forecast recently submitted to the government, Naftogaz predicted the average price will be between $295 and $337 per 1,000 cubic meters in 2010, up from $228/1,000 cu m in 2009, the source said.



Bloomberg: Asia Oil Pipe to Cost $26Bln


http://www.themoscowtimes.com/business/article/asia-oil-pipe-to-cost-26bln/390884.html
04 December 2009

Transneft’s oil pipeline project across eastern Siberia to China and Asian markets will cost about 770 billion rubles ($26.3 billion), chief executive Nikolai Tokarev said Thursday.

Transneft will spend about 350 billion rubles on the second phase of the East Siberian-Pacific Ocean project, to extend the link from Skovorodino near the Chinese border to Kozmino on the Pacific coast and expand capacity to 80 million tons, Tokarev told Kommersant in an interview.

(Bloomberg)
Itar-Tass: Gas flares up at Vachim gasfield of Surgutneftegaz

http://www.itar-tass.com/eng/level2.html?NewsID=14598984&PageNum=0

03.12.2009, 12.25

TYUMEN, December 3 (Itar-Tass) - Firemen are seeking to put out a gas torch at the Vachim gasfield of the Surgutneftegaz Company.

According to specialists of the West Siberian firefighting service, gas flared up at a gas well that was under routine repairs. Firefighitng efforts are being hampered by the drilling equipment that was placed at the mouth of the well.

Firefighting resources from all over the Khanty-Mansi Autonomous Area are now concentrated at the Vachim gasfield. The service’s specialists are using six firewater monitors to cool the gas well mouth.

BusinessWire: NOVATEK ESTABLISHES NEW BOARD SUB-COMMITTEE FOR LNG PROJECTS

http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20091203006440&newsLang=en

Moscow, 4 December 2009. The Board of Directors (the “Board”) of OAO NOVATEK (“NOVATEK” and/or the “Company”) has approved the establishment of a sub-committee within the Strategy and Investments Committee to oversee the development of LNG projects and natural gas markets.

The head of the new sub-committee is Burkhard Bergmann who was recently elected to the Board’s Strategy and Investments Committee and is also a member of the Corporate Governance and Remuneration Committee. The other Board members on the sub-committee are Mark Gyetvay and Gennady Timchenko.

For a complete list of NOVATEK’s Board of Directors and Board Committee members please visit the Company’s web site at www.novatek.ru.

Gazprom


RBC: EdF may get more than 10% in South Stream

http://www.rbcnews.com/free/20091203185823.shtml

      RBC, 03.12.2009, Rome 18:58:23.Gazprom's CEO Alexei Miller admitted that the share of France's Electricite de France in the South Stream project could be upwards of 10 percent, as he told journalists in Rome today. The memorandum between Gazprom and Italy's ENI indicates that a partner could join the project with 10 or even more percent. Negotiations on the issue will not be completed until 2010. With EdF as its member, South Stream will become a truly pan-European project, and the emphasis will be placed on the project's relevance and timeliness. Furthermore, it is now certain that the project will not face any financing difficulties, and it will be completed by 2015.

      Earlier today, Miller and ENI's CEO Paolo Scaroni signed a memorandum of understanding on the South Stream project stipulating for EdF's accession to the deal during Russian President Dmitry Medvedev's visit to Italy.

Trend.az: Gazprom and ENI sign memorandum of understanding

http://en.trend.az/capital/pengineering/1593202.html
04.12.2009 11:50

Gazprom Chief Alexei Miller and ENI General Manager Paolo Scaroni signed a memorandum of understanding on the South Stream project today, RBC reported.

The document was signed as part of Russian President Dmitry Medvedev's visit to Italy.

The details of the document have not been disclosed, but the sides are said to have agreed on the French company Electricite de France (EdF) joining the project.

Gazprom official Sergei Kupriyanov explained to journalists that the document addresses EdF's joining South Stream.

"The agreement states that Gazprom and ENI support the French company joining the project, and agreed to process the deal as soon as possible," Kupriyanov said. He added that a trilateral agreement may be concluded within the next three months and EdF's participation has not been stated in the memorandum.

When asked what share EdF will receive in the project, he refrained from delving into details.

"It is better to refer these statements to the French company's representatives now," Kupriyanov said, noting that earlier EdF said 10 percent of the South Stream project will be transferred to the company from ENI's share.

On Nov. 27 Gazprom and EdF have reached agreements according which EdF will receive a 10-percent stake in the offshore segment of South Stream.

Reuters: Gazprom aims to trade 10 mln T/year of LNG –exec


http://uk.reuters.com/article/idUKGEE5B223220091203
Thu Dec 3, 2009 3:48pm GMT

By Daniel Fineren

BARCELONA, Dec 3 (Reuters) - Gazprom Global LNG has traded 2 million tonnes of liquefied natural gas this year and aims to pass the 10-million-tonne mark within a few years, its chief executive said on Thursday.

"This year we have been trading about 2 million tonnes of LNG and we will soon be joining the small club of 10 million tonnes traded," Gazprom Global LNG CEO Frederic Barnaud told the World LNG Summit in Barcelona, pointing to other big traders of the super-cooled gas, Royal Dutch Shell (RDSa.L: Quote, Profile, Research), BG Group (BG.L: Quote, Profile, Research), BP (BP.L: Quote, Profile, Research) and GDF Suez (GSZ.PA: Quote, Profile, Research).

Barnaud later told Reuters the company planned to be trading more than 10 million tonnes annually within the "next few years."

Gazprom (GAZP.MM: Quote, Profile, Research) set up its LNG arm in November 2008 to extend the Russian pipeline gas export monopoly's reach to places that are hard to reach by pipeline.

The company is also trading LNG from other producing countries and sending cargoes to the most attractive markets.

"We are very open minded in terms of destination. The best market wins," Barnaud said.

"That led us to divert, for example, some Sakhalin cargoes down to India or China, beyond the traditional deliveries to Japan and Korea."

The first cargo from the Sakhalin II export project, sited on the Russian Pacific Sakhalin island, was sent to India in March, after Gazprom had previously said the first shipment was intended for Japan. [ID:nN20495897]

Barnaud said the company planned to build a long-term supply portfolio alongside its spot trading business, with LNG from Sakhalin and other new Russian LNG projects as they come online.

Gazprom told Reuters in September the company may delay the launch of the giant Shtokman gas field in the Barents Sea beyond 2013 if demand in recession-hit Europe does not recover quickly. [ID:nLB666329] But, once up and running, the fuel could go to a number of import terminals in Europe or the United States -- where Gazprom announced on Monday it had secured import capacity in a deal with Norway's Statoil. [ID:nGEE5B022M] "Medium term, we will be taking the Shtokman volume into our portfolio and spread that around in the Atlantic Basin," Barnaud said. (Reporting by Daniel Fineren, editing by Anthony Barker) ((daniel.fineren@reuters.com; +44 207 542 3083; Reuters Messaging: daniel.fineren.reuters.com@reuters.net))



Pipelines International: Gazprom secures co-operation for pipeline projects


http://pipelinesinternational.com/news/gazprom_secures_co-operation_for_pipeline_projects/008970/

Fri, December 04, 2009

An agreement of co-operation has been signed by Gazprom Management Committee Chair Alexey Miller and Vologda Oblast Governor Vyacheslav Pozgalev in regard to several pipeline projects to be constructed within the region.

Under the agreement, the Vologda Oblast Government will assist Gazprom in co-ordinating a wide range of work required for the execution of Gazprom’s projects and are obliged to prepare consumers for gas deliveries from the gasification facilities constructed by Gazprom.

Gazprom’s projects planned within the Vologda region include construction of sections of:


  • the 1,300 km Ukhta – Torzhok gas trunkline system

  • the 2,200 km Northern Tyumen Region – Torzhok gas pipeline

  • the 917 km Gryazovets – Vyborg gas pipeline

  • the 650 km Pochinki – Gryazovets gas pipeline.

Meanwhile, shipments of large diameter pipe for the construction of the Pochinki – Gryazovets Pipeline are now underway. TMK will ship 40,000 t of Volzhsky spiral welded, 56 inch pipe to Gazprom between December 2009 and Januray 2010.

TMK will also ship 20,000 t of 56 inch longitudinal welded pipe and 56 inch spiral welded pipe to be used by Gazprom in the construction of the Gryazovets – Vyborg Pipeline, which is the Russian onshore section of the Nord Stream Pipeline.



TMK is also supplying the company with 70,000 t of longitudinal pipe for the construction of the 1,800 km Sakhalin – Khabarovsk – Vladivostok Pipeline by the end of 2010.
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