Finance

Metalloinvest pays off $1 billion syndicated credit earlier

Metalloinvest paid off $1 billion out of $2.150 billion of remaining syndicated credit due to the funds attracted as a result of placing of Eurobonds with 5.625% coupon rate and the paying off period up to 2020.

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Sibur reduces the number of independent directors in its Board

Sibur shaholders have elected the new Board of Directors at the annual session, and the number of independent directors is reduced from 3 to 2. They have left the Board the independent director, the Adviser of the President of Rosneft A. Samokhvalov, and P. Maly who was imposed to the post of Sibur CFO before. They were replaced by the director of Themis Holdings Limited I. Tafintsev representing the majority shareholder of Sibur L. Mikhelson, and the executive officer of the holding V. Razumov. They also re-elected to the Board the chief of Sibur D. Konov, the chief of Novatek L.

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Sibur will pay dividends for 2012 at a rate of 3.5 rubles per stock

Sibur will pay dividends for 2012 at a rate of 3.5 rubles per equal stock. Dividends will be 7.624 billion rubles without intermediate payment, , and 15.031 billion rubles with dividends for Q1 2012. Sibur allocated 21.8 billion rubles to dividend payment for 2011, i.e. 1,000 rubles per stock, and did not pay dividends for 2010.
Sibur shareholders decided to split up the company’s stocks. One equal stock with face value of 1,000 rubles was converted to 100 equal stocks with face value of 10 rubles. Thus, 21.784 million equal stocks were converted to 2.178 billion stocks.

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Fitch confirms BB+ with forecast to positive for Norilsk Nickel

Fitch confirmed the long-term issuer default rating of Norilsk Nickel Plc. GMKN at the level of BB+ and improved the forecast from stable to positive.
At the same time the agency confirmed the short-term issuer default rating at the level of B and rated the planned Eurobonds at the expected level of BB+.

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KASE has begun accepting of applications for Kazmunai Gas Eurobonds for a total sum of at least $1 billion

KASE (Kazakhstan stock exchange) has begun accepting of applications for Kazmunai Gas Eurobonds for a total sum of at least $1 billion. Applications are accepted at KASE simultaneously with bonds placement abroad, in particular in the USA and Great Britain.

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Russia:Ministry of Finance not going to increase taxes on Gazprom

The Head of Rosneft, Igor Sechin hinted to the Minister of Finance, Anton Siluanov where the additional source of budget incomings can be found. He supposes, there is large potential in increase of the debt load for Gazprom, RBC daily reports.

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SOCAR to invest about $1.3 billion in its projects in 2013

SOCAR specified its target investments in 2013.
The company’s vice-President Suleiman Gasymov reported, this year the capital investments of SOCAR would exceed 1 billion manats ($1.27 billion) without investments in Turkish projects classified as project financing.

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Norilsk Nickel starts reducing the investment projects

Norilsk Nickel is going to pay large dividends and start reducing its investment projects. The company can postpone development of Bugdainskoye molybdenum deposit in Zabaikalye and save about $1.4 billion. The company explains the situation by bad conjuncture. Experts confirm that low prices of the main metals of Norilsk Nickel provide no freedom of investment and the low prices of molybdenum don’t make it possible to expect fast benefit from the project. Other investment plans of Norilsk Nickel will be corrected as well.
Norilsk Nickel postpones development of Bugdainskoye molybdenum deposit and construction of a mining and concentration complex there for five years, senior federal inspector of Zabaikalye Bair Zhamsuyev reported during the coordination council for the investment projects in the region. Deputy General Director of Norilsk Nickel Maksim Naumchenko explained the postponement by inefficiency of the project in current market conjuncture. “The price of molybdenum has reduced thrice since 2006 when the feasibility study for the mining and concentration complex had been prepared”, the top manager said.

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Rosneft has achieved restoration of legal actions on the suit of BP-TNK minority shareholder against BP for 288 billion rubles

The Federal Arbitration Court of the West-Siberian area (Tyumen) has cancelled the verdict of the lower court that stopped legal actions on the case of the  BP-TNK Holding minority shareholder A. Prokhorov about charging of 288 billion rubles in favor of the company from BP Investment Limited (BPRI) and BP p.l.c., the representative of the court says.

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Rosneft has bought out BP’s share in Elvari Neftegaz

Rosneft has bought out BP’s share in Elvari Neftegaz CJSC engaged with geological exploration at the Kaigano-Vasyukan block in Sakhalin-5. Before December 17 2012, Rosneft used to hold 51% in Elvari Neftegaz, and BP used to hold 49%. Thus, now Rosneft holds 100% in Elvari Neftegaz.
The Kaigano-Vasyukan site is located in north-eastern part of Sakhalin. Sea depth is 90-120 m. They have drilled 4 wells at the block. Extractable oil and gas condensate reserves by ABC1 are 16.14 million tons at the site. Rosneft is going to start its development in 2017.

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