Moscow press review for August 1, 2011
MOSCOW. Aug 1 (Interfax) - The following is a digest of Moscow newspapers published on August 1. Interfax does not accept liability for information in these stories.
VEDOMOSTI
The Federal Anti-Monopoly Service has closed the case against Gazprom Neft in relation to bloated fuel prices in the fourth quarter of 2010 and the start of 2011, the FAS has announced. Accusations of withdrawing petroleum products from the market and fixing monopoly prices for gasoline have been lifted. Gazprom Neft in turn acknowledged that it had overstated prices for diesel fuel and kerosene. The fine has not been defined yet, FAS deputy head Anatoly Golomolzin told Vedomosti. B y law, it could amount to between 1% and 15% of the company's revenue from sales of diesel fuel and kerosene in 2010, he said. In 2010 the company sold $4.15 billion in petroleum products on the domestic market. So, the fine could amount to between $41.5 million and $622.5 million. (Gazprom Neft Surrenders).
Transneft has initiated a revision of the intergovernmental agreement with Azerbaijan. Baku has been asked to reduce the quota for pumping oil via the Baku-Makhachkala-Novorossiysk pipeline by 30%-40% down to 3 million - 3.5 million tonnes, a source close to the monopoly told Vedomosti and an Energy Ministry source confirmed. Draft amendments to the agreement were sent to Baku on May 25 2011, but were not supported in Azerbaijan. Under the 1996 agreement Azerbaijan must transport 5 million tonnes of oil each year via the Russian pipeline, but it has not been honoring this obligation. It sent only 2.2 million tonnes in 2010 and 2.5 million tonnes in 2009. The pipeline's handling capacity is 7 million tonnes. Lukoil wants to use the quota unused by Azerbaijan. (Quota for Baku).
The continuing price rise for gold is drawing investors to the industry. Businessman Vladimir Antonov is setting up his own gold-mining holding company. His structure - the investment group Finasta, coupled with the Almazintex company, wants to take up one of the last undeveloped gold fields in Eurasia, Kyrgyzstan's Dzherui. According to Finasta board of directors member Dmitry Ponomaryov, Finasta and its junior partner Almazintex, plan to invest about $400 million in the project, of which about $200 million could be spent on the license and on the beginning of the work at Dzherui. Besides this gold field, the partners are interested in assets in Asia and Russia. (Gold Fever).
Grain producers in Central Russia and the Volga region fear they will not survive. The domestic prices for grain are below the minimum at which state purchase interventions must begin, but they will not start before September. According to the National Grain Producers Union, one tonne of food grain became 300 rubles cheaper in the Volga Federal District last week. Sovecon puts the figure at 350-500 rubles per tonne in the Volga region and the Black Soil Zone, and 450 rubles per tonnes in Central Russia. (Four Lean Years).
KOMMERSANT
The basic parameters of the new tax regime for the oil industry - 60-60 - could be revised, which is clear from Friday's statement by Energy Minister Sergei Shmatko, who said that the increased export duty on gasoline will be scrapped, when the stock of fuel reaches the pre-crisis level. According to Kommersant sources, the energy and finance ministries officials will meet on Monday to make the final decision to replace the 60-60 regime with 60-66-55-86 regime which has already been dubbed as "telephone number." (Page 2. Gasoline to Become Eight Digits Less Expensive).
The shutdown on Saturday of Lukoil's oil refinery in Burgas threatens to cause a fuel crisis in Bulgaria. To keep air services running the local authorities on Sunday had to open the state reserve of fuel. But it will last two months as a maximum. The situation can be changed by the supervisory council of the company Lukoil Bulgaria to be convened in the coming few days at the initiative of the Bulgarian authorities, which hold the golden share in the company. (Page 7. Bulgaria Looking for Replacement of Lukoil Fuel).
Polyus Gold International, the new main owner of Polyus Gold , wants to economize on the buyout of shares from the Russian company's minority shareholders. Polyus Gold has extended the conversion of the shares into its papers. As a result, instead of $1.4 billion that is to be spent on the buyout of minority shareholders' shares, it could spend $760 million. (Page 9. Polyus Economizing on Minority Shareholders).
Bank of Moscow , has managed to avoid a default on Eurobonds worth 1.65 billion euro, publishing the yearly IFRS report on the last day of the deadline on July 30. The report shows how the previous management reflected loans to affiliated companies unnoticed by the auditor and Central Bank, which was probed and became a subject of recovery procedures for one of the biggest banks. (Page 8. Bank of Moscow Collectivizes Borrowers, VTB Formalizes Heritage).
The head of BNP Paribas Vostok bank, the Russian subsidiary of France's BNP Paribas, is leaving the post and he will concentrate on the management of the bank assets in Ukraine, Kommersant has learned. Market players explain the reshuffling by the completed development of the bank's business in Russia. The French group will focus on investment banking with large corporate clients, while the retail business will develop in partnership with Sberbank . (Page 8. BNP Paribas East Completing Emigration).