24 Sep 2010 10:15

Moscow press review for September 24, 2010

MOSCOW. Sept 24 (Interfax) - The following is a digest of Moscow newspapers published on September 24. Interfax does not accept liability for information in these stories.


A1 Palmira Resources, a subsidiary of A1, which is an investment division of Alfa Group, and Cuba's state-run Commercial Caribbean Nickel, have set up a joint venture to produce metals, above all nickel, from the waste stock of Cuban smelters. Cuba will get a 51% stake, and provide a license and a permit, and the Russian side a 49% stake and an investment of up to $15 million to build a pilot facility. About 100 million tonnes of wastes have piled up at smelters in Nicaro and Moa. The content of metal in them is comparable with a large nickel field. (Going to Cuba for Nickel, see also Kommersant, page 1, Alfa After Cuba Tailings).

Mikhail Abyzov has given up part of the contractor business and in May sold a 51% stake in GK EFESk, which builds energy and industrial facilities, Vedomosti has learned from EFESk General Director Yevgeny Bobylyov. This information has also been confirmed by Abyzov himself. Both said that the 51% stake, which belonged to Abyzov, has been bought out by Bobylyov and the company's top managers. The worth of the deal was not disclosed, but Abyzov described the terms as "comfortable for both parties." The company's main customers are FSK, Gazprom , LUKOIL , Russian Railways and MSK Holding. (Mikhail Abyzov Shares Business).

The bankruptcy of Moskvich auto works, which lasted for seven years, is over and the end of the receivership procedures has been announced by Interfax, which cited bankruptcy manager Alexander Ivanov. Ivanov said that the company's debts have been fully repaid to first and second-priority lenders, and only 18% of the debts have eben repaid to third-priority creditors. The company's overall debt amounted to 29 billion rubles, including 23 billion rubles owed to the Finance Ministry. Moskvich will be liquidated. Its debts are deemed repaid, said arbitration manager Yevgeny Semchenko. It appears that the Finance Ministry has returned only 4.1 billion rubles to the state treasury. (Moskvich Bankruptcy Over).


Uralchem, following a struggle with regulators of Dieppe, France, which lasted for two years, has given up its plans to build a liquid fertilizer production facility there. The company plans to find another place in Europe for the project. In view of the company's serious financial problems, analysts see this decision as a correct move, which helps cut investment. (Page 11. Uralchem not Green Enough for Europe).

United Shipbulding Corporation (USC) has signed a second major deal for the delivery of tankers, this time with Venezuela. The previous contract was signed with state-run Sovkomflot. The aggregate worth of the two deals is over $1 billion. However, the first tankers under both contracts will not be built by the USC. Daewoo Shipbuilding&Marine Engineering (DSME) will do this job in Korea. The parties have signed a partnership deal. But there are no facilities for building tanks in Russia so far. (Page 11. USC Draw Orders for Daewoo.)