My profile:
Soller Venture Halts Outputs
The -Avto Isuzu joint venture between and Japan’s Isuzu Motors has temporarily halted production because of weak demand for its trucks, a spokeswoman for the firm said Monday.
“We expect to resume production in the fall,” Severstal-Avto Isuzu spokeswoman Zoya Kayika said. She added that the joint venture remained intact despite the stoppage.
Sollers has a 66 percent stake in the joint venture, while the Japanese company holds 29 percent and Sojitz owns the remaining 5 percent. (Reuters)
Mechel, Mitsui to Cooperate
Mechel and Japan’s Mitsui are to work together on a range of metals and mining projects, under an agreement whose financial terms were not disclosed, said in a statement Monday.
“The parties are planning to realize cooperation in different directions, among which — marketing and sale of metal production and resources, including coal, all types of ferroalloys, pig iron, billet and other types of iron and steel products,” Mechel said.
Joint investment projects and joint ventures are also planned under the agreement. (Reuters)
No Need for Ukraine Loan
Deputy Prime Minister Igor Sechin said there is no immediate need for Russia to extend Ukraine a loan to secure natural gas purchases, Vedomosti reported Monday.
Gazprom has paid Ukraine almost $2 billion in advance for transit of gas to Europe via Ukraine’s pipelines until February 2010, which counts as a loan, Sechin said, Vedomosti reported. (Bloomberg)
Wheat to Be Re-Exported
Ashraf El Attal, the chairman of Egyptian Traders, will re-export 52,500 tons of Russian wheat that did not meet the government’s quality specifications, Al Alam Al Youm reported Monday, citing his lawyer Gamil Saeed.
El Attal has already shipped 25,000 tons of the wheat and paid $4.8 million to the General Authority for Supply Commodities, the newspaper said. (Bloomberg)
Deal Broker Available
Vladimir Strzhalkovsky, chief executive officer of , offered to find buyers for the 25 percent stake in his company held by United Company RusAl if it opts to dispose of the shares.
“Should RusAl decide to sell its stake, I’m ready to assist in forming such a pool of investors,” Strzhalkovsky said Monday in an interview with Vedomosti. (Bloomberg)
For the Record
- Finance Minister Alexei Kudrin said he sees no “fundamental reason” for a steep decline in the ruble versus the dollar with oil prices at current levels, Interfax reported. (Bloomberg)
- The Moscow city government plans to triple borrowing in 2010 from this year to 241.4 billion rubles ($7.6 billion), Interfax reported Monday, citing the city’s draft budget. (Bloomberg)
- Yildiz renewed calls for Atomstroiexport to lower its offer for the price at which it will sell power from the proposed plant. (Bloomberg)
