Moscow press review for July 6, 2011
MOSCOW. July 6 (Interfax) - The following is a digest of Moscow newspapers published on July 6. Interfax does not accept liability for information in these stories.
VEDOMOSTI:
For the "owners" of the gas transportation system, i.e. for Gazprom and its subsidiaries, the mining tax rate will be increased starting from 2012. However, there are two alternatives, the Finance Ministry said. The first one is to raise the tax to 509 rubles per 1,000 cubic meters. Such a rate is necessary if Russia fails to abolish duty-free gas supplies to Turkey through the Blue Stream gas pipeline, the ministry said on its website. The second option is to set a mining tax for Gazprom at 431 rubles, if Blue Stream concessions are canceled. Currently, the standard export duty is 30% of the gas price. The ministry does not specify which rate has been set for Turkey. But considering Gazprom's production plans for 2012-2014, it will turn out that the Turkey concession could cost 41-45 billion rubles a year. ("Billions from Gazprom")
RusAl is gradually losing its main competitive advantage: cheap electricity. Its cost for RusAl's Siberian plants in the first quarter has risen by 43%, a source close to a company of RusAl co-owner and general director Oleg Deripaska and a source close to the Market Council (Sovet Rynka) supervisory board told Vedomosti. The figure was also confirmed by a RusAl spokesperson. These are total electricity costs, including the cost of electricity, capacity and power transmission services and infrastructure payments, he said. For enterprises located in the European part of Russia and in the Urals, energy costs have risen 27%, even though they account for just 15% of the company's aluminum production, the RusAl spokesman said. ("RusAl wil pay an extra $130 million for the light")
Russian Internet search leader Yandex is not developing its mobile services actively enough, such is the opinion voiced by analysts from three investment banks on Tuesday. For a more efficient competition with Google, which is increasing its market share thanks to the Android operation system, Yandex has to follow suit, the analysts said. ("Yandex is mobilizing")
KOMMERSANT:
Kommersant has learnt details of a new reform on the Russian energy market, which is being prepared by a working group led by First Deputy Prime Minister Igor Shuvalov. An alternative model has been offered by the Market Council, but both involve the diminished role of electric power payments in the income of power generating companies, the undermining of the domineering of the largest electric energy sellers on the retail market and the priority of direct contracts between energy companies and consumers. The result should be a stronger competition that will put a cap on energy price growth. (page 1, "Energy market to be locked up in direct contracts")
A serious fight has erupted for the main asset of the bailed out KIT Finance bank - 1 36 billion ruble mortgage portfolio. VTB 24 selected as the portfolio buyer in late May risks losing to Sberbank , which has unexpectedly offered a higher price. Now the KIT Finance management is facing a dilemma: whether to sell the mortgage to VTB 24 experienced in this matter, which will pay less but faster, or to Sberbank, which has never bought anyone's portfolios, which could protract the deal. (page 7, "KIT Finance is rebuilding the mortgage")
Swiss bank UBS has become the owner of 4.5% shares in the National Reserve Bank (NRB). Source told Kommersant that UBS has become a nominal shareholder of the bank controlled by ex-MP Alexander Lebedev. Such a transaction may have been undertaken by the owner in order to protect his business from political risks, experts said. (page 8, "Alexander Lebedev opens account for Swiss banks")