27 Jul 2010 09:48

Moscow press review for July 27, 2010

MOSCOW. July 27 (Interfax) - The following is a digest of Moscow newspapers published on July 27. Interfax does not accept liability for information in these stories.


Gazprom has regained a quarter of the investment made in Sakhalin-2 over the past three years. The company got over $2.2 billion from Sakhalin Energy in 2008-09, Vedomosti has learned. Sakhalin Energy's payments for 2009 were reflected in a report for analysts, who visited Sakhalin-2 facilities recently. No information is available about whether any payments were made in 2007. Gazprom Sakhalin Holding did not provide any figures on such revenue, or on dividends gained from Sakhalin's subsidiary. (Billions from Sakhalin).

A returning domestic demand will allow the Russian economy to grow by 4.4%-4.7% in 2010, Sberbank 's Center for Macroeconomic Analysis predicts. And GDP could grow by about 6% in the second quarter, year-on-year - the effect of growth in consumption and of a low base (the economy fell by 10.9% in the second quarter of 2009). Successes will not be limited to the second quarter alone, Sberbank says. Households will continue increasing demand and investment in fixed assets will grow, too. These factors will maintain a high pace of growth in the third and fourth quarters. (Demand Will Rescue Russia).

The economic development and finance ministries have agreed to zero the taxes, levied on private investors' revenue from selling shares. Resellers won't be able to play on this tax privilege, while government executives hope to draw the capital to venture projects. Prime Minister Vladimir Putin in March backed the idea of ridding the capital gain from the 20% tax. This measure will supplement the government's other proposals, making investment in high-technology sectors more appealing, said chairman of the Armada IT Group's board of directors Alexei Kuzovkin. The zero tax will enhance investors' interest in innovation. (Venture Discount).


Uralchem, observing the memorandum to its cancelled IPO, is integrating subsidiaries, switching them to one share. Azot, based in Berezniki in Perm region, will be joined to the head company before the end of 2010, to be followed by the Kirov-Chepetsk chemicals mill. The company hopes integration will help cut outlays and make it more appealing to investors. Analysts doubt that Uralchem will manage to save significantly, but agree that the structure of the holding company will become easier in investors' eyes. (Page 9, Uralchem Opts for Integration).

Major Russian exchange group ZAO MMVB wants to gain full ownership of the MICEX stock exchange before the end of the next year and is in talks with MICEX's shareholders. After that, MMVB will be ready to hold an IPO, which is expected to reduce the Central Bank's share in the group. (MMVB to Shake Shareholders).

A report, published by the Federal Tax Service on Monday, indicates that the tax revenue of the consolidated budget in January to June 2010 grew by 30%, year-on-year. Compared to the first half of 2008, the tax revenue is 7% below the pre-crisis mark. (Page 2. Taxes Fail to Reach Pre-Crisis Level).

The shareholders of Russia's first low-cost air company, Sky Express, are in talks with Oleg Deripaska's Basic Element to sell a stake. If the deal is inked Basel will reanimate the failed project to develop Kuban Airlines, and help Sky Express to save its operator certificate, which the air traffic agency Rosaviatsia threatened to revoke. (Page 7. Oleg Deripaska Takes Sky Express Under His Wing).