Russia 091125 Basic Political Developments
Property Magazine: X5 to acquire Paterson supermarket chain
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Property Magazine: X5 to acquire Paterson supermarket chainhttp://www.property-magazine.eu/x5-to-acquire-paterson-supermarket-chain-12536.html Russia - X5 Retail Group N.V., Russia's largest retailer in terms of sales, today announced that following the approval of its Supervisory Board, it has signed an agreement to acquire 100% of the business and assets of Paterson supermarket chain from a holding company CorpInvest Inc. Regulatory approval for the transaction was received on 27 October 2009 when the Russian Federal Anti-Monopoly Service granted its unconditional consent. X5 expects to complete the transaction by mid-December 2009. Paterson is a non-public supermarket chain of 82 stores located in Moscow, the Moscow region, St. Petersburg, Kazan and other cities of European Russia and Urals. Net selling space totals approximately 65 thousand sq.m., while total space amounts to 145 thousand sq.m., approximately 20% of which is owned. The transaction will be structured as a 100% payment in cash for equity and full assumption of Paterson's debt. In accordance with the agreement, equity value totals USD 189.5 million. Paterson's net debt stands at approximately USD 85 million. X5 plans to finance this purchase from its operating cash flows.
Combined Reports German publisher Gruner + Jahr said Tuesday that it is selling its Russian operations to Axel Springer after concluding that it would need to make too many expensive acquisitions to gain a leading market position. Gruner + Jahr gave no financial details on the sale of its G+J Magazines business to fellow German publisher Axel Springer, which will need Russian anti-monopoly authorities’ approval. Springer’s takeover of the unit, which publishes the GEO, GEOLenok, GEOTraveller and GALA Biografia magazines, will be effective from Dec. 1, Gruner + Jahr said. G+J board member Torsten-Joern Klein said his company “will continue to systematically apply ourselves to those international markets where we already command an outstanding position or have hopes of attaining such a position.” “In Russia, Gruner+Jahr would have managed to do so only through a disproportionate number of expensive acquisitions,” Klein said in a statement. “For this reason, we are withdrawing from the Russian market.” Springer, the publisher of Germany’s mass-circulation Bild daily, already publishes the Russian editions of Forbes magazine and Newsweek. The Berlin-based publishing giant reported third-quarter net profits of 102.2 million euros ($153 million) in the third quarter, 10.2 percent more than in the same period last year. (AP, MT) Activity in the Oil and Gas sector (including regulatory)November 24, 2009 Times Online: Shell seeks stake in giant Russian gasfieldhttp://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6930649.ece Robin Pagnamenta, Energy Editor Royal Dutch Shell is hopeful that it will gain an equity stake in a giant Russian gas field that could supply all of the world’s needs for a decade. Peter Voser, Shell’s chief executive, said that talks with the Russian government about the Yamal project in the Siberian Arctic were progressing well. “Our understanding is that this would be based on equity participation,” he said, adding that a development plan for Yamal would be drawn up by the end of March 2010. “We are preparing ourselves for a potential participation.” Reserves in the remote Yamal peninsula and Kara Sea in the Russian Arctic may hold more than 30 trillion cubic meters of gas, enough to supply the world for a decade, according to a plan presented in the Kremlin by Shell in 2007. Shell has estimated that development of the province may cost “several hundred billion” dollars and take more than 50 years. Mr Voser, who visited Moscow last month to discuss the project, said that Shell hoped to be part of a consortium to develop the project, which would be at least 51 per cent controlled by Russian companies including Gazprom. “Russia has such huge gas reserves we will try to be part of that,” he said. The conditions in Yamal were so inhospitable that its development would require the development of new technologies, such as a ice-breaking liquefied natural gas tankers, he said. Mr Voser, who took over as chief executive of the Anglo-Dutch oil giant in July, also said that another giant gas project in Qatar, called Pearl, was going well and would soon add 10 per cent or about 350,000 barrels per day to the company’s total production. Royal Dutch Shell will gain cashflow of $4 billion a year from 2011 following the opening of the Pearl project, which aims to convert natural gas into a liquid fuel. Mr Voser also said that a major cost-cutting drive at Shell was now on track for completion by January 1. The group had axed nearly 20 per cent of staff from some business units in a drive to shed a total of 5,000 staff. A new technology and project management division had been created with 8,200 staff, allowing Shell to let go 1,800 un-needed staff from other divisions because of overlaps. “I am pleased with progress so far," Mr Voser said. Shell was aggressively cutting costs across other parts of the business and drilling costs were likely to be down 15 per cent this year from $7 billion. Mr Voser wanted Shell to increasingly focus on gas production, in part because of its lower carbon emissions. He warned that Europe was losing its leadership in so-called carbon capture and storage (CCS) technology to countries such as Canada and Australia, who he said were pushing harder to commercialise the technology. “Europe had a leading position for quite a long time but they are losing their CCS leadership. I have conveyed that message to Brussels and the UK government,” he said. Itar-Tass: TNK-BP starts construction of gas-turbine power plant in Tyumen region http://www.itar-tass.com/eng/level2.html?NewsID=14566781&PageNum=0 24.11.2009, 23.37 TYUMEN, November 24 (Itar-Tass) -- One of Russia’s biggest oil companies TNK-BP starts construction of a gas-turbine power plant at the Ust-Tegusskoye deposit in the south of the Tyumen region, Chief of the TNK-BP-Sibir regional press department Irina Arkhipova told Itar-Tass. On Tuesday, the company’s subsidiary TNK-Uvat adopted the project and announced a tender for a contractor of the construction and start-up works, she said. “Initially, the gas-turbine power plant will consist of four units with a total capacity of 20 megawatts,” Arkhipova said, adding that the power plant will be commissioned in October 2010. The gas-turbine power plant will use casing head gas for fuel. Construction of the second stage of the gas-turbine power plant with an overall capacity of 20-25 megawatts will begin in 2011, the official said. According to estimates, commissioning of the second stage in 2012 will make it possible to meet the growing demands of the Urengoi and Ust-Tegussokye oil fields in electricity and use up to 95 percent of casing head gas, which is produced at the deposits. The group of deposits of the Uvat project in the south of the Tyumen region is located far from cities and stationary sources of electricity. The Urengoi and Ust-Tegussokye oil fields are provided with electricity generated by their own diesel power plants. Currently, an average daily consumption of diesel fuel at the oil fields is about 47 tonnes. A daily demand in diesel fuel will reach 100 tonnes in 2010, when oil production is expected to increase. Based on this, TNK-BP and the Tyumen regional government decided to construct the 45-megawatt gas-turbine power plant at the Ust-Tegusskoye oil field. That project is a part of the Uvat investment project for 2010. The government and the company signed the protocol to the long-term strategic cooperation agreement at the end of October. TNK-BP’s investments in the Uvat project will reach 2.5 billion U.S. dollars in 2004-2009, while the company will allocate 54 billion roubles (USD 1 = RUB 28.84) in the project in 2007-2010. Russian Presidential Envoy to the Urals Federal District Nikolai Vinnichenko pointed to the importance of the Uvat project for the district and for the country, in general. “The project will help resolve a great number of many social problems, creation of new jobs, as well as drawing of investments, industrial development, including associated sectors,” he said. In the Tyumen region, TNK-BP possesses 13 licensed blocs in the Uvat district. The company is developing three deposits – Kalchinskoye, Urnenskoye, and Ust-Tegusskoye. In January-September 2009, TNK-BP produced almost 2 million tonnes of oil at the Uvat field, which is amount twice bigger than in the same period of 2009. TNK-BP is Russia’s leading oil company and is among the top ten privately-owned oil companies in the world in terms of crude oil production. The company was formed in 2003 as a result of the merger of BP’ s Russian oil and gas assets and the oil and gas assets of Alfa, Access/Renova group (AAR). BP and AAR each own 50 percent of TNK-BP. The shareholders of TNK-BP also own close to 50 percent of Slavneft, a vertically integrated Russian oil company. TNK-BP is a vertically integrated oil company with a diversified upstream and downstream portfolio in Russia and Ukraine. The company’s upstream operations are located primarily in West Siberia (Khanty-Mansi and Yamal-Nenets autonomous areas, Tyumen Region), East Siberia (Irkutsk Region), and Volga-Urals (Orenburg Region). In 2008 the company (including its 50 percent share in Slavneft) produced on average 1.85 thousand barrels a day in oil equivalent. Under SEC methodology on a life of field (LOF) basis, TNK-BP’s total proved reserves were 8.112 billion barrels of oil equivalent. This represents a Total Proved SEC (LOF) reserves replacement ratio of 82 percent. TNK-BP controls 675 thousand bbl/day in installed refining capacity, with principal refining assets located in Ryazan, Saratov, Nizhnevartovsk (West Siberia) and Lisichansk in Ukraine. TNK-BP operates a retail network of approximately 1,400 filling stations Russia and Ukraine working under the BP and TNK brands. The company is one of the key suppliers to the Moscow retail market and is a market leader in Ukraine. TNK-BP is headquartered in Moscow and is governed by a multinational management team with experience of working in over 50 different countries. TNK-BP employs approximately 63,000 people, mostly located in eight major areas of Russia and Ukraine.
Nov. 25 (Bloomberg) -- OAO Gazprom, the world’s largest natural-gas producer, plans to almost double investment spending in 2011 to extend its pipeline network and develop new fields, Vedomosti reported, citing two unidentified people familiar with the company’s plans. Moscow-based Gazprom plans to increase spending to 1.5 trillion rubles ($52 billion) in 2011 from 802.4 billion rubles next year, an amount approved by the company’s board yesterday, the newspaper said today. To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net
Gazprom’s natural gas purchases from Turkmenistan are set for a drastic fall over the next three years, according to a Russian newspaper report. The broadsheet Vedomosti reported that Gazprom plans to purchase "not more than" 10.5 billion cubic meters (bcm) from Ashgabat during 2010-2012. In 2009, Gazprom had planned to purchase in excess of 50 bcm of gas from Turkmenistan at a cost of $375 per thousand cubic meters (tcm). However, Gazprom sources told Vedomosti that relations between Ashgabat and Gazprom "collapsed" earlier this year when Gazprom refused to continue paying above European market rates for Turkmen gas. Deliveries came to a standstill in April following a pipeline explosion. "The partners have been discussing a new contract since [April], but there is no clarity on either volumes or price," the source said adding that Gazprom was not prepared to pay more than $222/tcm. Gazprom reportedly plans to increase gas imports from Uzbekistan by 2 percent, up to 14.5 bcm over the next three years, and is willing to pay $220/tcm. The company is also ready to pay $230/tcm and $244.50/tcm respectively for Kazakh and Azeri gas, the source continued. Even at these rates, Gazprom’s penchant for buying up Caspian Basin gas is not cost-effective, Michael Korchemkin, the director of the US-based energy consulting firm East European Gas Analysis, told the newspaper on November 24. "The only reason for the concern to continue purchases from producers in Central Asia is an unwillingness to let them [export] directly to Ukrainian and European markets, as that would mean Russia would lose its ’favorite instrument of pressure’ on its neighbors," he said.
24.11.2009, 22.08 MOSCOW, November 24 (Itar-Tass) -- Naftogaz Ukrainy and Gazprom have formalized gas agreements, a Gazprom source told Itar-Tass on Tuesday, following negotiations of Naftogaz CEO Oleg Dubina and Gazprom CEO Alexei Miller. “In keeping with the agreements between the Russian and Ukrainian prime ministers, the sides signed supplements to the gas contract of January 19, 2009. The supplements set the amount of gas, which will be delivered in 2010, at 33.75 billion cubic meters, and say that no fines will be levied for Naftogaz’s taking less gas than required by contract in 2009,” he said. Naftogaz and Gazprom signed two contracts on January 19, 2009. One was about gas delivery in 2009-2019, and the other about gas transit in the same period. The contract provides the switch to European standards in gas pricing and transit charging in 2010. The sides agreed on 20% discount from the European gas pricing formula in 2009 and said that each quarter the price would be amended with due account of fuel oil and gas oil prices. Ukraine pledges to retain the gas transit charge of $1.7 per 1,000 cubic meters of gas carried to 100 kilometers in 2009. The take-or-pay principle was applied to 80% of the supplied gas. Yet the financial and economic slowdown cut gas consumption in Ukraine. The country bought only 18.85 billion cubic meters of gas instead of 31.7 billion planned, Prime Tass said. Reuters: UPDATE 2-Russia relaxes 2010 gas demands on Ukrainehttp://in.reuters.com/article/rbssEnergyNews/idINGEE5AN2Q720091124 Wed Nov 25, 2009 2:12am IST * Gazprom, Naftogaz agree to reduced gas volumes * Ukraine to import 33.75 bcm of Russian gas in 2010 * Gazprom agrees to waive fines for 2009 (Adds details, background) By Robin Paxton and Pavel Polityuk MOSCOW/KIEV, Nov 24 (Reuters) - Russia relaxed demands on Ukraine for importing gas in 2010 and agreed on Tuesday to waive fines on this year's supplies in a deal easing European fears of a renewed dispute along a route supplying a fifth of its gas. Gazprom (GAZP.MM: Quote, Profile, Research), Russia's powerful state-run gas export monopoly, agreed that Ukraine -- whose economy has been crippled by the global financial crisis -- could buy 35 percent less gas than originally contracted for next year. "The volumes have been corrected in accordance with actual consumption in Ukraine in conditions of crisis," Gazprom Chief Executive Alexei Miller said after four hours of talks with Oleh Dubyna, the head of Ukrainian state energy firm Naftogaz. "These volumes remove the risk of the payment of fines by Naftogaz Ukraine in 2010 for the non-use of contracted gas." Russian gas to Europe via Ukraine was cut off for three weeks in January after the ex-Soviet states argued over pricing and transit, a dispute that shook confidence in Russia's ability to supply gas and Ukraine's ability to give it safe passage. Europe is concerned the dispute, which damaged industry and left hundreds of thousands in the cold, could flare up again at New Year, especially as rival political factions in Ukraine jostle for support ahead of a Jan. 17 presidential election. Russian Prime Minister Vladimir Putin, whose often fierce rhetoric has worried European consumers, has said existing gas deals with Ukraine were a guarantee of stable energy supplies but has also warned Ukraine not to siphon gas meant for Europe. His earlier pledge to Ukrainian Prime Minister Yulia Tymoshenko that Russia would waive fines for under-consumption of gas this year were formalised in Tuesday's agreement between Gazprom and Naftogaz, both companies said in a joint statement. "We secured final agreement that Gazprom will not charge fines for the non-use of 13 bcm of gas in the first 10 months of 2009," Miller said. LOWER VOLUMES Putin and Tymoshenko, a front-runner in the Ukrainian presidential election, laid the groundwork for Tuesday's deal when they agreed at a Nov. 19 meeting in Yalta to cut the amount of gas Ukraine must take next year. [ID:nLJ170609] Naftogaz agreed to purchase 33.75 billion cubic metres of gas (bcm) from Gazprom in 2010, both companies said in the joint statement. This was less than the 52 bcm agreed by the two countries in January. "Considering the way the financial crisis has affected our country, we have taken considerably less gas than contracted this year and we made this request to our partners," Naftogaz head Dubyna said. "We have found understanding on this issue." Ukraine had already been lobbying for a reduction. Tymoshenko has said she wanted to import between 27 and 33 bcm next year, depending on the economic situation in her country. [ID:nL3432316] Though Ukraine has so far settled all its monthly gas bills on time, Tymoshenko has conceded this has been a struggle. Russian leaders have also accused her of political infighting with her rival, President Viktor Yushchenko, and of disrupting the process. Gazprom said 80 percent of contracted gas volumes were subject to "take or pay" conditions -- meaning Ukraine would have to pay for the gas regardless of whether it was used. Ukraine purchased 18.85 bcm of gas from Russia in the first 10 months of this year, only 59 percent of contracted volumes of 31.7 bcm for the period, a decline in consumption attributable to the global economic crisis, Gazprom said. (Additional reporting by Conor Humphries; Editing by Christian Wiessner) ((robin.paxton@reuters.com; +7 495 775 1242; Reuters Messaging: robin.paxton.reuters.com@reuters.net)) ((For help: Click "Contact Us" in your desk top, click here [HELP] or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com; +1 646-223-5546)) Directory: gifiles -> attach attach -> British Forces – Akrioti, Greece Griffin Fighter Squadron (84 Squadron raf) MoD announced possible Typhoon and Tornado arrivals to the base France attach -> Russia 110204 Basic Political Developments attach -> Unclassified//for official use only attach -> Adaptability Sustainment attach -> Pop-up 1 ("C" Chechnya) Header Text: Emir of the Caucasus Emirate Doku Umarov Image attach -> Russia and Islam are not Separate attach -> Chapter 13: The Northern Caucasus attach -> Russia 100209 Basic Political Developments attach -> The evolution attach -> The devolution Download 257.4 Kb. 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