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IEA Warns on Gas Threat
LONDON -- Europe's gas supplies are under near constant threat of disruption despite a contract between and Naftogaz Ukrainy, the International Energy Agency said Monday.
"The difficult economic situation in Ukraine makes every monthly payment a challenge, and tensions remain high," said Nobuo Tanaka, executive director of the adviser to 27 industrialized countries. (Reuters)
Progress on Ukraine Loans
BRUSSELS -- International lenders and the European Union reported good progress in talks with Ukraine and Russia on Monday over possible loans to help Kiev pay for Russian gas and avert a new crisis that could cut off supplies to Europe.
"The participants made good progress in identifying the key issues of concern and elements for possible solutions including possible financing arrangements," the European Commission and international lenders said.(Reuters)
RZD Raises $482M
Russian Railways said Monday that it raised 15 billion rubles ($482 million) from the sale of seven-year bonds.
The notes were priced to yield 14.25 percent. Bondholders have the option to redeem the debt at face value after 3 1/2 years. Group, , Gazprombank, and organized the sale, the company said.(Bloomberg)
Gazprom Neft's Sibir Stake
Gazprom Neft said Monday that it had built up a stake just under 49 percent of Sibir Energy, leaving its struggle to increase output in question.
Data from both companies suggested might have passed the 50 percent mark, but a spokeswoman said the stake fell short of that mark. "Gazprom Neft directly owns a 48.7 percent of Sibir Energy," she said.(Reuters)
Magna Boss Keeps GAZ Seat
Siegfried Wolf, co-chief executive of Magna International, retained his seat on the board of directors of GAZ, the Russian vehicle maker controlled by billionaire Oleg Deripaska said Monday in a regulatory filing.
German Gref, CEO of Sberbank, did not win a seat on the board, GAZ said.(Bloomberg)
AIG Sells Russian Unit
NEW YORK -- American International Group said Monday that it agreed to sell a 98 percent stake in its Russian consumer finance business to Banque PSA Finance, a unit of France's Peugeot.
Terms were not disclosed. The unit, AIG Bank, was created last June and employs a dozen people. The transaction includes an option for AIG to sell the remaining 2 percent to Banque PSA after mid-March 2011. (Reuters)
GM Raised Opel Price
Sberbank and Canadian car parts maker Magna International may abandon their joint bid for Opel after General Motors raised the price for its unit, Kommersant said Monday.
GM is seeking more from Sberbank and Magna than the partners pledged when they were selected as the preferred bidder for Opel, the report said. GM wants a pledge to invest as much as 7 billion euros in Opel, 14 times more than Sberbank offered last month, it said.(Bloomberg)
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