15 Apr 2010 10:31

Moscow press review for April 15, 2010

MOSCOW. April 15 (Interfax) - The following is a digest of Moscow newspapers published on April 15. Interfax does not accept liability for information in these stories.


General Electric (GE) could launch the assembly of gas turbines for power plants in the Kaluga region, where GE is building a power technology center, Ruslan Pakhomov, the head of GE operations in Russia, told Vedomosti. The first phase of the plant, in which $50 million has been invested, will be launched by the end of the year to repair and maintain turbines. The construction of the second phase to assemble turbines will take at least one year. Investments in this project and its parameters have not been disclosed ('GE from Kaluga').

Globex Bank has acquired 50.1% in OOO Zolotoi Zapas (Gold Reserve), the bank reported on Wednesday. According to SPARK Interfax, the company was registered on November 30, 2009, and its website says it acts as a broker in purchasing and selling gold investment coins minted in Russia and provides consultations on investments in precious metals. "Direct ownership of the company makes its management process easier. The bank is interested in developing products involving precious metals as an alternative to storing financial resources in foreign currency," Globex spokesperson Svetlana Nikitina said in explaining reasons for the deal ('Globex' Gold').

Gunvor co-owner Gennady Timchenko's Transoil has become the second largest private railroad operator in Russia following Globaltrans. Transoil increased its shipment volume by 0.4% to 49.2 million tonnes of oil and oil products in 2009. The company's fleet includes 35,000 tanker cars, and it owns 8,500 of them. According to Russian Railways, 228 million tonnes of oil and oil products were shipped by rail in Russia last year, and so Transoil's share on this market was 22% ('Tanker Cars for Timchenko').

Renova Stroygroup belonging to Viktor Vekselberg's Renova is establishing two closed real estate mutual funds for five years, General Director Mikhail Semyonov said. One 300-million-ruble fund has already been formed by an investor, whose name has not been disclosed, and another fund for qualified investors is being set up. Dmitry Zhibitsky, the general director of the Strategy asset management company, has confirmed information on the establishment of the funds, and the company will manage them ('Vekselberg's Funds').


The Russian automaker Avtovaz could lose its dealership network in Moscow, where it sold up to 15% of its products in 2009. Three dealerships belonging to it in Moscow, including Avtovaz-Lyublino, are going through bankruptcy procedures, and the 'anti-crisis' project Nova Motors, which was launched last year and which occupies the premises of Avtovaz's bankrupt independent dealerships, will be closed down because of its inefficiency (page 1, 'Avtovaz Rolls Away from Delers').

Mirland Development belonging to Israeli businessman Eliezer Fishman is willing to invest $100 million in the acquisition of new real estate development projects in Russia. The company is currently negotiating with Merrill Lynch, Credit Swiss, and UBS about financing. An SPO is considered as an option. Before the crisis, $100 million was enough to buy several projects each about 200,000 square meters in size, but now this money could buy twice more (page 12, 'Mirland to Spend on Russia').