Moscow press review for July 23, 2010
MOSCOW. July 23 (Interfax) - The following is a digest of Moscow newspapers published on July 23. Interfax does not accept liability for information in these stories.
Government bureaucrats' fear of energy shortages has played into the hands of companies building electric power plants. Mikhail Abyzov's Group E4, the leader on the market, increased its order portfolio to a record 105 billion rubles in 2009. (Engineering Leader).
Britain's Petropavlovsk, working in Russia, has enlarged its resources in the first half of the year. The gold mining company reported that it had obtained licenses to develop three sectors in the Krasnoyarsk Territory, whose reserves and resources are estimated at 3.5 million ounces. All of the three sectors are near the major gold field Olimpiadninskoye of Polyus Gold field . Another gain is the license to develop the Pioner sector near Petropavlovsk's field in the Amur region. But no geological prospecting has been carried out on it, a Petropavlovsk spokesman said, adding that no forecasts are available. The new fields will allow the company to enlarge its resources by 30% to 15.1 million ounces, according to Nikolai Sosnovsky, an analyst with Uralsib . (Harvesting Gold).
From now on companies will have the right to adjust licenses to develop fields of mineral resources, which will allow those of them that have faced a lack of demand for raw materials to reduce production, not fearing to lose the license. Amendments to the law on the subsoil mineral resources, giving companies the right to adjust the license agreements, have been posted on the website of the Natural Resources Ministry. (Demand Will Be Taken into Account).
Renova is likely to build a plant to manufacture training planes for the Air Force, a source close to the group said. The planes will be based on the PC-9 M and PC21 models, manufactured by the Swiss aircraft concern Pilatus. Individual components will be supplied by companies of the United Aircarft Corporation. The implementation of the project depends on whether orders will be secured from the Defense Ministry. (A Plane from Vekselberg).
The structure of Surgutneftegaz ownership may become even more complicated. One of its subsidiaries - OOO Invest-Zashchita, which may control up to 45% of Surgutneftegaz shares - could get a new owner. As a result, control will be retained, but the oil companies will be immune to accusations of using cross ownership structures. (Page 9. Surgutneftegaz Departs from the Crossing).
Sberbank is beginning independent work on the market of collective investment and plans to launch its own mutual investment funds at the end of the year. In experts' estimate, using its branches, Sberbank will manage to draw 0.5 billion - 1 billion rubles to its mutual investment funds, while in a couple of years market leaders will find it difficult to compete with its management companies. (Page 8, Sberbank Launching Mutual Investment Funds).