Moscow press review for May 4, 2011
MOSCOW. May 4 (Interfax) - The following is a digest of Moscow newspapers published on May 4. Interfax does not accept liability for information in these stories.
VEDOMOSTI
A Chinese corporation could gain access to the development of a coal field in Russia for the first time ever, as Itera is selling a controlling stake in its Apsatskoye project to Winsway Coking Coal. The Chinese company announced the deal on Tuesday, saying it agreed to pay Itera $90 million for 60% in the Cyprus-based Divalane, which owns 100% in Arkticheskie Razrabotki, a company holding a license to develop the Apsatsoye field. An Itera spokesperson added that the company will keep the other 40% in the project in its ownership. The completion of the deal depends on its authorization by Russian antimonopoly bodies, Winsway says. The Russian Federal Antimonopoly Service (FAS) has received a request for buying 60% in Divalane from Delightful Hill Enterprise (BVI), a FAS spokesperson said. She declined to disclose this company's beneficiaries but said the request would be considered soon. ('Itera Gives Up Coal', see also Kommersant, page 9, 'Itera Drives Partner To Coal')
Market Council has decided for the first time to fine energy companies for failing to timely launch new facilities being built under contracts for allotment of capacities. Vedomosti sources named three such facilities, i.e. Lukoil's Astrakhan State District Power Plant (GRES), Mosenergo's TETs-26, and Enel OGK-5's Middle-Urals State District Power Plant (GRES). All the three facilities, whose aggregate capacity is 930 MWt, were brought into operation up to two months later than planned, and all the three companies will be fined now, but the sanctions will not be very severe and could reach several million rubles, the Vedomosti sources said. The companies will pay the fines until the violations are corrected, sources close to the Market Council said. ('Powermen To Pay For Delays')
Rosneft will get half of the profits of BP's German subsidiary Aral MineralolVertrieb (AMV), which sells 20% of all oil products in Germany. A Rosneft spokesperson declined to say what sum is involved, and AMV does not disclose its financial indexes. Grigory Birg, an Investcafe analyst, presumed that AMV's proceeds in 2010 could have been $14 billion, considering that the average wholesale price of a basket of oil products in Germany is $600 per tonne. ('Sharing Profits')
The amount of rubles on the Russian market has reached its lowest level this year, which has prompted interbank overnight rates to exceed a record of 4.6% in yearly terms. This situation has been caused by tax payments and the Central Bank's decision to increase the interest rate. ('Chasing The Ruble')
KOMMERSANT
The Russian government is discussing the elimination of cross-ownership of RusHydro's and Inter RAO's stocks. Both state-owned companies will significantly enlarge their treasury stakes through a swap of shares. Kommersant sources said the plan is especially beneficial to RusHydro, which is expecting privatization, because it would enable it to offer a larger stake to a strategic investor. (Page 9, 'RusHydro Seeking Self-Possession')
The Moscow Interbank Currency Exchange (MICEX), Russia's largest exchange holding, is lacking money to buy the RTS exchange and has therefore offered its shareholders an 11% stake in RTS so as to be able to repay its debt to Otkritie financial corporation, which had bought this stake for MICEX three months ago. (Page 1, 'MICEX Selling RTS')