Sibur Says New Gas Chemical Complex Will Cost up to $8 Bln
Russian petrochemical company Sibur said its plans to build a gas chemical complex in Russia's Far East will require preliminary investments of up to $8 billion and it is still looking for Asian partners.Sibur said a year ago that it had…
Gunvor Values Employee Stock at Close to $900 million
Oil trading house Gunvor has given shares allocated to managers and traders a nominal value of nearly $900 million, giving the firm a minimum nominal value of $2.3 billion, filings seen by Reuters show. Gunvor's co-founder and majority owner…
Gunvor Cuts Stake as Staff Ups Their Share
The co-founder of Gunvor, Torbjorn Tornqvist, is diluting his stake in the company to allow employees to own more than a third of the fast-growing trading house by year-end to help to retain and recruit talent as it pursues its global expansion strategy.
Russia's Novatek to Update Long-term Strategy
Russia's No.2 natural gas producer Novatek is expected to present its new long-term strategy before year-end, Chief Financial Officer Mark Gyetvay told a conference call on Thursday. Novatek has been one of the fastest-growing oil and gas producers in Russia.
Novatek CEO: Sanctions Hurt Yamal LNG, Upbeat on Plans
International sanctions have undermined the ability of Russia's Yamal LNG project to raise necessary funds but it will be launched as scheduled, Leonid Mikhelson, head of the plant's main shareholder, said in a televised interview on Tuesday.
Gunvor sells last asset in Russia
Trading house Gunvor has agreed to sell its last asset in Russia, a 50 percent stake in the Novorossiisk fuel oil terminal to a subsidiary of Kremlin-controlled Transneft, an industry source told Reuters on Monday. Gunvor, one of the world's top five oil trading houses…
Natalenko Elected NOVATEK’s Chairman
OAO NOVATEK announced the results of its Board of Directors (“the Board”) meeting. Alexander Natalenko was elected Chairman of the Board and the members of the three Board committees were elected. The Strategy Committee is comprised of Alexander Natalenko (Chairman)…
Cash-Rich Gunvor Readies European Expansion
Gunvor is close to buying its third refinery in Europe, reinvesting money from asset sales in Russia, in a major turnaround for the Swiss trading house since its deep links with Moscow nearly brought it to a collapse only 18 months ago.
China's Sinopec Buys Into Russia's Sibur
Sinopec and Sibur have agreed on the Chinese energy giant buying into Russia's top petrochemical company, Sibur said on Thursday without disclosing the stake and the value of the deal. A representative for Sibur told Reuters that businessman Leonid Mikhelson…
Gunvor to Buy Back Debt After $1.7 bln Sale Profit
Trading house Gunvor issued a tender on Tuesday to buy back $500 million in bonds after making a $1.7 billion profit from the sale of a stake in Russia's Ust-Luga oil products terminal. The tender to buy back the bonds due for maturity in 2018 will close on Aug. 18.
Gunvor Sells Bulk of its Stake in Ust-Luga Oil Terminal
Energy trading house Gunvor has sold a controlling stake in its Ust-Luga oil products terminal to Russian businessman Andrei Bokarev, the Swiss-based company said on Monday. Bokarev will take a 74 percent stake in the terminal, which has a capacity of more than 30 million metric tons a year…
Total CEO to Visit Yamal LNG Project
Total's chief executive will travel this week to northwest Siberia to visit Russia's showcase $27 billion Yamal gas project in which the French oil major owns a 20 percent stake, a Total spokeswoman said. It is Patrick Pouyanné's first visit…
Sanctions Bite Russian Arctic Oil Shippers
Shipping services that support Russia's attempts to extract oil from remote parts of the Arctic will run into difficulties as banks scale back energy financing due to Western sanctions, increasing transport costs for the frontier sector.
Russian Oil Giant Has No Sanction Worries
While most Russian oil tycoons and Kremlin energy officials are calculating billions of losses that could result from Western sanctions, one of them is counting his blessings. Vladimir Bogdanov's Surgutneftegas has no Western debts, no foreign…
Russia's Yamal LNG Project May Tap Wealth Fund in 2014
Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin…
Gazprom Faces Its Lowest Gas Output in History
Russian gas producer Gazprom is likely to record its lowest output this year since its creation a quarter of a century ago after cutting supplies to Ukraine and losing market share to domestic rivals. Gazprom reduced its 2014 production forecast this week…
Novatek Assessing Sanctions Effect on Joint Projects
Russia's second largest natural gas producer Novatek said on Wednesday it was assessing the impact of U.S. sanctions on the financing of joint investment projects. In its quarterly report, it also said that net profit surged in April-June…
Bulgaria Opposition Would Cancel Stroytransgaz Contract
Bulgaria's main opposition party would cancel a contract awarded to a consortium led by Stroytransgaz, a company owned by sanctions hit businessman Gennady Timchenko, to build the Bulgarian section of the Russian-led South Stream gas pipeline.
Bulgaria Awaits EU Nod To Resume South Stream Work
Bulgaria will not resume work on the Russian-led South Stream gas pipeline project until it receives the all clear from the European Commission, Prime Minister Plamen Oresharski said on Sunday. In a move that could inflame tensions between Russia and the European Union…
Russia's Stroitransgaz Wins Huge South Stream Pipeline Deal
A consortium led by Russia's Stroitransgaz, owned by sanctions-hit businessman Gennady Timchenko has won a deal, estimated at over 3 billion euros ($4.10 billion), to build section of the South Stream gas pipeline across Bulgaria, a Gazprom official said on Tuesday.
