Finance

It’s economically unreasonable to sell minor shareholding in Transneft, and major shareholding should not be sold

The First Vice Premier I. Shuvalov thinks that privatization of a minor shareholding in Transneft is senseless, and a major shareholding should not be sold. They plan to privatize 4% in the company.
They reported earlier that privatization of 3.1% in the company was planned before the end of 2015. Transneft’s stocks privatization will be executed within realization of the state program for the federal property management. The sales of the stocks of the state companies being in the federal property is one of the controlling events of the state program.

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Gazprom Neft has raised syndicated credit at a rate of $2.15 billion under LIBOR + 1.5%

Gazprom Neft has raised syndicated credit at a rate of $2.15 billion under LIBOR + 1.5%. Initially, the company was going to raise $1-1.2 billion but later it decided to increase the attractable credit due to favorable market conditions.
In November, Gazprom Neft placed 10-year eurobonds for $1.5 billion under 6% per annum. Demand f or the securities was $4 billion.
In November, Gazprom Neft raised the syndicated credit of $700 million for 5 years within unsecured credit for $1 billion.
Translated by Nadezhda Poltoratskaya

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Rosneft has sold 9.9% in RN-Holding by market price

The chief of Rosneft I. SEchin says that Rosneft has sold 9.9% in RN-Holding by market price  of 97 billion rubles to the third parties in the end of October. He also tells that his company is ready to buy 20% in Novorossiysk trade sea port by market price.
Translated by Nadezhda Poltoratskaya
Source:   http://www.gazeta.ru/business/news/2013/12/02/n_5787697.shtml

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Gazprom places stock obligations for the first time

The energy company has placed two debut issues of stock obligations (BO-19 and BO-20) to the total amount of 30 billion rubles at MICEX Stock Exchange for the first time, the Gazprom’s press centre reported. The maturity of bonds is 30 years. Attracted money will be transferred to finance the current activity of Gazprom.

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Alrosa will allocate 35% of net profit to dividends

On Friday, the Alrosa Supervisory Council has agreed the changes to the statute about the company’s dividend policy. In accordance with them, now Alrosa will allocate not less than 35% of net profit by ISA to dividend payment in 2014, i.e. for 2013.
Earlier the company’s dividend policy presupposed minimum dividend payment of 10% of net profit by RAS. They also concerned the governmental recommendations; in particular, in 2012 Alrosa paid record dividends of 8.175 that shared 24.3% of net profit by ISA, or 32.5% of net profit by RAS.

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The Ministry of Finances concretizes the mode of mineral tax calculation when changing oil reserves at the state balance

The Ministry of Finances concretizes in the letter # 03-03-03-01/47119 signed on Nov 5, 2013 the mode of the use of the coefficient characterizing the volume of oil reserves at a concrete site to mineral tax when changing oil reserves at the state balance and setting them to balance within a year. The Ministry reminds that mineral tax rate is also multiplied to the coefficient characterizing the volume of reserves at a concrete site when extracting dehydrated, desalted and stabilized oil.

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Fitch confirms the B- rating of Condensate JSC, the outlook is stable

Fitch Ratings confirmed the long-term issuer default rating (IDR) B- of Condensate JSC in foreign currency. The outlook is stable.
In compliance with the report, the rating reflects the small size of the company, the risks connected with the buyers of its products and expected high debt. Currently Condensate JSC has no debts, though the company is going to draw up to $150 million for the modernization of the processing plant. Fitch expects, when the planned program of capital investment financed due to the borrowed funds is fulfilled, the FFO (funds from operation) gross adjusted leverage of the company will reach its peak – 5x in 2015 and reduce to less than 4x when the modernization is completed.

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VTB Capital has corrected recommendations and evaluations of the Russian oil and gas companies

VTB Capital analysts have revised their recommendations for Gazprom’s stocks to ‘hold’ from ‘buy’. The forecasted value remained $5.1 per stocks with the possible rates’ growth potential of 12%.

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In January – September, Lukoil reduced net profit by US GAAP by 7.7% to $7.67 billion

In January – September, Lukoil reduced net profit by US GAAP by 7.7% to $7.674 billion according to the consensus-forecast compiled by Prime Agency under the results of inquiry of the analysts. Revenue increased by 1.62% to $104.823 billion.
Lukoil publishes its accounting for Q3 by US GAAP on Tuesday, November 26.
Maximum forecast on net profit in Q3 is given by Goldman Sachs, $3.3 billion, and the minimal forecast is given by Investcafe, $2.79 billion.
The forecasts on Lukoil’s net profit for Q3, in billion USD are as follows:

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UC Rusal can improve its results in Q4

UC Rusal expects that its results will improve in Q4, 2013 due to the stopping of unprofitable aluminium enterprises, the General Director of the company Oleg Deripaska said. He reports, Russia is the key market of the company to provide up to 1 million tons of additional demand in the next 7-8 years.

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