Moscow press review for August 8, 2011
MOSCOW. Aug 8 (Interfax) - The following is a digest of Moscow newspapers published on August 8. Interfax does not accept liability for information in these stories.
VEDOMOSTI:
Ukraine is studying the possibility of dissolving its gas deals with Russia through court procedures, Prime Minister Mykola Azarov said on Friday. No decision has been made so far though. "We still hope that we will succeed in changing the contract through talks," he said. The 2009 gas agreements were signed in strict compliance with the domestic legislation of the two countries and international law, the necessary instructions from the presidents of Russia and Ukraine for them were received, the Russian Foreign Ministry responded. ("Triable Price")
On Friday Lenenergo reduced the estimate of its net profit in 2011 by 7.9 times to 555 million rubles, a company presentation says. At the start of the year it hoped to reap 4.4 billion rubles in profit. Two factors impacted the change in the forecast: the reduction of the tariffs for power transmission in May and the decline in receipts from technological connections, a Lenenergo representative says. He said that prior to 2008 part of the new subscribers pledged to build the network infrastructure themselves and transfer it to the Lenenergo balance-sheet but failed to fulfill their obligations on time. As a result the company did not receive about 1.5 billion rubles. Lenenergo also modified its annual investment program cutting it 40% compared to the initial version to 15.6 billion rubles. ("Lenenergo Losses")
Belarus found the currency it needed at Sberbank : together with Deutsche Bank it will supply Baleruskali with $2 billion with receipts and 35% of shares as collateral. The deal was reported on Friday by Sberbank CEO German Gref at a meeting with Prime Minister Vladimir Putin who had asked him "to check out possibilities of financing several projects in Belarus." A loan "at this difficult time will help the Belarusian economy to overcome the crisis," Gref said. Now the company will not go to the Chinese and Indians. ("Political Fertilizers", also in Kommersant p. 8 "Belarusians make Pledge to Sberbank")
KOMMERSANT
Kommersant has learned that the state-owned Unified Shipbuilding Corporation (USC) will assume actual control over Caspian Energy group. The current owners of Caspian Energy will be left with no more than 20% of shares while USC structures and a portfolio investor operating in the interests of the corporation will buy around 40% each. Market players claim that USC needs Caspian Energy to receive major orders for the construction of platforms and ships for Lukoil fields in the Caspian. (p. 9 "Owners release Caspian Energy")
Despite the aggravation of the conflict around the construction of Belene NPP Russia and Bulgaria have decided to continue talks and set up a working group that will have to study the possibilities of financing the project. However, Atomstroyexport has not yet recalled its lawsuit against the Bulgarian side that owes the Russian company 58 million euro. Analysts believe that neither side is ready to say the final NO to the NPP project. (p. "Belene taken into Group")
Russian banks have not give up hopes of attracting foreign investors to their capital. Kommersant has learned that MDM bank , for one, is holding consultations on attracting resources with several sovereign Asian and Arab funds. It has failed to reach any understanding with potential investors so far. The search for the investor is hindered both by the financial performance of the bank and the uncertainty regarding its key owners. (p. 8 "MDM Bank take a Look at the East")
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