Finance

In H1, petrochemical complex of Tatarstan increased output of products by 17% to 501 billion rubles

In the first six months of 2014, petrochemical complex of Tatarstan outputted products for 501 billion rubles that is by 17% more than in the same period of the previous year, general director of Tatneftekhiminvest holding company Rafinat Yarullin reported at the meeting of the company’s Board of Directors.

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Belgorod oil-trading structure of Rosneft to merge former asset of Yukos

The sole shareholder of Belgorodnefteprodukt - Neft-Aktiv, owned by Rosneft, has decided to restructure the company through the merger of the former Belgorod subsidiary of Yukos - Belgorod-terminal. The authorized capital of Belgorodnefteprodukt will be increased by placing three additional ordinary shares with par value of 5 913.8 thousand rubles. The method of the shares placement will be conversion.

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The case of Bashneft:A case of fraud and money laundering

The Investigative Committee has indicted the businessman Levon Hayrapetyan under the "Embezzlement" and "Money laundering" articles during the sale of "Bashneft" to AFK "Sistema" in 2009. Within the framework of this case the shares of the oil company owned by AFK "Sistema" been arrested, and its largest shareholder Vladimir Yevtushenko questioned as a witness. He called everything that happens around "Bashneft" raiding, RBK daily writes.
Yesterday Levon Hayrapetyan has been charged under the Criminal Code 160 ("Embezzlement") and 174-1 ("money laundering"), his lawyer Samvel Karakhanyan stated. He is accused of aiding the son of the former president of The Republic of Bashkortostan Ural Rakhimov during the sale of "Bashneft" in 2009 at a lower price. The case against Rakhimov Jr. was initiated on April 28th, the lawyer recalled.

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"Gazprom" and BASF to wait until winter.

BASF officially acknowledged that tt does not have time to close the deal on exchange of assets with "Gazprom" this summer and the dates are shifted to the end of the year. The company assured that this is a technical issue: the creation of the new structures included in the deal turned out to be longer than BASF expected. The market confirms that the EU sanctions have not affected the project as yet, but may still affect it in the future.
German BASF announced that the deadline for closing the asset swap deal with "Gazprom" is scheduled for mid-year shifts to the autumn. As the company explained "The Kommersant", both sides "routinely" work on the restructuring and preparing of the assets but the complicated legal process of deconcentration – the creation of the new companies in Russia, Germany and the Netherlands – lasts longer than it was originally anticipated. "Gazprom" does not comment on the situation, but the monopoly didn’t mention the exact timing of the transaction completion, limiting it to the end of 2014. "The Kommersant" source in the industry assures that the delay is not related to the U.S. and EU sanctions against Russia, at least at this stage. But he did not excluded that the difficulties may arise in the future if the access to finance is completely closed, the importation of the equipment or the access to technology is prohibited.

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Total increases its share in Novatek against the background of sanctions

From the beginning of this year, French Total has increased its stake in Novatek to 19.9%, the magazine Forbes reported, referred to sources close to the both companies. The amount of the stake could be more, if its increase to 20% and above it does not require the approval of the governmental commission for control over foreign investments.
Total increased its stake in Novatek to secure its participation in the joint venture with the Russian oil and gas company, one of sources explains. Together with China's CNPC, the partners prepare to launch a project on the development of the South-Tambeyskoye gas condensate field and Yamal LNG in 2017. Yamal LNG is one of four companies that received the exclusive right to export liquefied natural gas.

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DTEK Pavlogradugol makes the net loss in the amount of 389 million hryvnias

In January-June 2014, DTEK Pavlogradugol (Dnepropetrovsk), which is the largest coal producer in the Ukraine, made the net loss under IAS in the amount of 389.188 million hryvnias against the net profit in the amount of 102.455 million hryvnias in the same period of 2013, the Interfax-Ukraina writes.
According to the enterprise’s report, in the first six months its net income increased by 1.5% (by 64.47 million hryvnias) as compared with January-June of the previous year to 4 272.381 million hryvnias, while the total profit decreased by 47.7% (by 381.796 million hryvnias) to 418.385 million hryvnias.
On the results of the second quarter of 2014, DTEK Pavlogradugol increased its net profit 3.9 times (by 165.647 million hryvnias) as compared with April-June of the previous year to 223.66 million hryvnias, the net income by 13.8% (by 283.614 million hryvnias) to 2 339.868 million hryvnias, and the total profit by 2.8% (by 10.05 million hryvnias) to 364.415 million hryvnias.

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Lukoil plans to increase dividends for the first six months of 2014 by 20%

Lukoil’s Board of Directors has recommended an increase in dividends for the first six months of 2014 by 20%.
These can grow to 60 rubles per ordinary share from 50 rubles, which shareholders received for January-June 2013. The record date for payment of the fees will be announced later.
In late September 2013, Lukoil paid 99.8% of dividends for the first six months 2013. The amount made up 42.448 billion rubles at the rate of 50 rubles per share.

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Naftogaz counts on meeting of Ukrnafta’s shareholders in early September

Naftogaz Ukrainy counts on the meeting of Ukrnafta’s shareholders at the beginning of September this year, the Interfax-Ukraina reports, referring to the statement of Naftogaz’ head, Andrei Kobolev.
"In order to hold the meeting of shareholder, we must go through some procedures - 45 days after the announcement of the meeting. This procedure is already running. We hope that in early September the Ukrnafta’s shareholders will take decisions on change of its supervisory board and the distribution of dividends,"- he said.
A. Kobolev added that now asome members of the Ukrnafta’s supervisory board left the Ukraine "for obvious reasons".

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Vladimir Evtushenkov talks about deal with investigators, he becomes witness in case of fraud of Bashneft’s shares

Yesterday, within the criminal case about the sale of theBashkir fuel and energy enterprises to AFK Systema by the son of ex-president of Bashkirtostan, Ural Rakhimov in 2009, the company’s owner Vladimir Yevtushenkov visited the Investigation Committee of Russia. Sources of the Kommersant say it was more a conversation than an interrogation. But the businessman admits an attempt of "forcible takeover" of Bashneft, where the enterprises are consolidated. The Kommersant’s sources also find a change of shareholders a possible scenario, remembering the interest of Rosneft in the company, although the version of political conflict within Bashkortostan is still relevant.
Information about the interrogation of AFK Sistema’s owner Vladimir Yevtushenkov appeared yesterday afternoon. The Investigation Committee declined to comment on the issue. The Kommersant’s sources say that the businessman came to the Committee’s building in the Technichesky lane yesterday morning, where he was questioned by the investigator Alexei Veseliev, who recently was a senior officer of the Investigation Committee’s department of statistics. Veseliev’s questions concerned the conditions of the transaction in 2009, when the son of the former president of Bashkortostan Murtaza Rakhimov Ural first transferred all six Bashkir fuel and energy enterprises - Bashneft, Ufaneftekhim, Novoil, Ufaorgsintez, he Ufa refinery and Bashkirnefteprodukt – to some charitable organisations companies, and then sold them to AFK Sistema’s structures for $2.5 billion.

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Firch Ratings raises rating of Norilsk Nickel to BBB-

The International rating agency Fitch Ratings has raised a long-term issuer default rating of the leading producer of copper,nickel, platinum and palladium - the Russian company Norilsk Nickel to a level BBB-, the forecast is stable.
As the agency noted, the increase of the rating reflects the positive changes in the corporate management of the company. Events include the signing of a new shareholders' agreement, as well as updated structure of shareholders, which is an earnest improvement of the transparency and profitability of the Norilsk Nickel’s business, as well as increase of its market value.

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