Gas Output May Fall 20%
ROME -- Russia's gas output is expected to fall 18 percent to 20 percent this year, but the decline may be smaller because of seasonal reasons, Energy Minister Sergei Shmatko said Monday.
"So far, we are expecting a fall of 18 to 20 percent compared to 2008," Shmatko said. "But I think this fall could be reduced thanks to an increase of pumping gas in the storages."
Gazprom expects to post up to an 18 percent drop in output this year to 450 billion to 510 billion cubic meters of gas. (Reuters)
Opel Decision Mid-Week
Chancellor Angela Merkel's government aims to make a decision on a preferred bidder for General Motors's Opel unit in Germany by the middle of this week as GM prepares for a probable June 1 bankruptcy.
Merkel spoke by telephone with Prime Minister Vladimir Putin on May 23 and met Sunday with Magna International co-CEO Siegfried Wolf and chairman Frank Stronach, according to Ulrich Wilhelm, chief government spokesman in Berlin. Merkel will meet Fiat CEO Sergio Marchionne in the "first half" of the week, he said. (Bloomberg)
GazNeft Boosts Sibir Stake
Gazprom Neft raised its stake in Sibir Energy to "approximately" 27.5 percent after a second purchase of shares on May 22.
"Following closing and settlement of Monday's invitation to offer for sale, Gazprom Neft expects to increase its stake by approximately 10.6 percent of the outstanding shares in Sibir," Renaissance Capital, which bought the shares for the state-controlled oil producer, said in a statement May 22. The oil arm of Gazprom bought 16.95 percent of Sibir in April. Renaissance declined to comment on the price. (Bloomberg)
Sainsbury Mulling Russia
J Sainsbury, Britain's third-largest supermarket chain, may open stores in Russia, Kommersant reported, citing an unidentified Russian retailer.
Top officials of the company last week met with representatives of Russian supermarket operators, including X5 Retail Group, the newspaper said.
Sainsbury may make a decision within three months, Kommersant said. Goldman Sachs Group is advising the British chain on its expansion plan, the newspaper added. (Bloomberg)
TMK Seeks EBRD Loan
TMK is in talks with the European Bank for Reconstruction and Development on a $200 million loan, Vedomosti said Monday, citing an unidentified person familiar with the negotiations.
Vladimir Shmatovich, vice president of strategy, said May 16 in London that the company was talking with the EBRD, without specifying the amount of the loan. The pipe maker's board also recommended a dividend of 1.44 rubles per ordinary share for last year, according to an e-mailed statement from TMK on Monday. (Bloomberg)
For the Record
Atomenergoprom may seek to sell as much as 100 billion rubles ($3.2 billion) of bonds, Atomenergoprom CEO Vladimir Travin said, Interfax reported. (Bloomberg) Mosenergo's net income in 2008 increased 26 percent to 2.01 billion rubles ($64.7 million), RIA-Novosti reported, citing the company. (Bloomberg) ()
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