Russia 111115 Basic Political Developments
Business, Energy or Environmental regulations or discussions
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- Evraz posts $2.4 bln EBITDA, $12.5 bln sales in 9M (Part 2)
- Mechel to invest $5.5 bln in mining assets in 2012-2015 (Part 2)
- Russian NordStar Airlines signs firm contract for 3 regional planes
- Russian Camry production begins
- Activity in the Oil and Gas sector (including regulatory)
- RF-Qatar talks on Yamal LNG project enter corporate phase
- Export duty on Russian crude to reach $406.60/tonne on Dec 1
- Russia May Raise Oil Export Tax 3.5% in December on Higher Urals
- Russian goverment to discuss Arctic shelf development programme
- Rosneft 2012 Spending Plan to Top This Year’s Record $11 Billion
- Gazprom November 15, 2011 10:45 Independent producers to sell almost 100 bcm of gas in 2011 – Gazprom
- Gazprom says Belarus Beltransgaz asked to delay Q3 payment
- Gazprom Executive: Proposal To Build 3rd LNG Train At Sakhalin-2 "Misleading"
Business, Energy or Environmental regulations or discussionsRusal’s Soloviev Says Aluminum Producers May Shutter 15% of World Capacityhttp://www.bloomberg.com/news/2011-11-14/rusal-says-global-aluminum-output-may-drop-by-10-15-correct-.html Q By Yuliya Fedorinova - Nov 14, 2011 10:49 PM GMT+0100 Aluminum output may drop in the first half of next year as producers increase idled plants to as much as 15 percent of global capacity, said United Co. Rusal, the world’s largest supplier. China, Europe and the U.S. may shut down plants, Rusal First Deputy Chief Executive Officer Vladislav Soloviev told reporters in Moscow. Unless prices rise from current levels, 10 percent to 15 percent of capacity may be shut, Soloviev said after Rusal reported earnings. A 22 percent slump in prices from their 2011 peak of $2,797 a metric ton means 30 percent of producers aren’t profitable, Rusal said yesterday. When demand and prices weakened in 2009, smelters curbed supply by about 5 percent in the first half of the year, according to the International Aluminium Institute. Futures rallied 37 percent the following six months. Rusal’s production costs are in line with the industry average and the company is unlikely to reduce its own output, Kirill Chuyko, a UBS AG analyst in Moscow, said by phone. The Hong Kong-listed producer may benefit from a potential price rebound as the additional capacity shuts, he said. Rusal has declined 42 percent in Hong Kong trading since its January 2010 initial public offering in the city. Even so, the so-called cornerstone investors in the IPO remain shareholders, Soloviev said yesterday. Russian state-lender Vnesheconombank, New York hedge-fund manager Paulson & Co., Hong Kong billionaire Li Ka-Shing, Malaysian tycoon Robert Kuok and Nathaniel Rothschild were among those to buy stock. “We always considered and continue to consider the stake in Rusal as a strategic investment,” VEB’s press-office said in an e-mailed statement last week, when asked whether the bank has any plans to sell its holding. Rusal advanced 3.5 percent to HK$6.26 in Hong Kong yesterday, the biggest gain since Oct. 27, after reporting that third-quarter profit jumped almost 15-fold to $432 million. To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net November 15, 2011 12:40
Evraz expects Q4 EBITDA of $500 million-$600 million. Evraz sold 11.7 million tonnes of steel products in the nine months. "The seasonal change in the product mix in favour of lower-margin semi-finished products, coupled with slightly lower prices for the main product groups due to the volatile global economic environment, is impacting Evraz's performance in the fourth quarter," the company said. The nine-month adjusted EBITDA was $2401 billion (Q3 2011 EBITDA was $772 million) with adjusted EBITDA margin of 19.2% (18.6% in Q3 2011). Interest expense was $551 million in the first nine months of 2011 ($164 million in Q3 2011). Total debt as of September 30, 2011 amounted to $7.214 billion, including $672 million of short-term loans and current portion of long-term debt. Cash and cash equivalents at the end of the period stood at $578 million. Capital expenditures amounted to $945 million in the first nine months 2011 ($483 million in Q3 2011). Selected sales data:
*Inter-company volumes have been eliminated **Including $244 million and $85 million of revenue from rendering of services (social, infrastructure, transportation, maintenance etc. services provided to third parties) in 9M 2011 and 3Q 2011, respectively. Evraz Group is a vertically-integrated steel, mining and vanadium business with operations in Russia, Ukraine, Europe, USA, Canada and South Africa. Evraz's internal consumption of iron ore and coking coal is covered by its mining operations. Pr (Our editorial staff can be reached at eng.editors@interfax.ru) November 15, 2011 11:36 Mechel to invest $5.5 bln in mining assets in 2012-2015 (Part 2)http://www.interfax.com/newsinf.asp?id=287300 MOSCOW. Nov 15 (Interfax) - The Mechel group, a major Russian steel and coal producer, plans to invest about $5.5 billion in its core mining assets in 2012-2015, the company said on its website. Mechel said it could invest as much as $412 million in iron ore mining unit Korshunov GOK (RTS: KGOK) , $285 million in Bluestone, a coal miner in the United States, and respectively $1.5 billion and $3.3 billion in Russian coal mining divisions Yuzhny Kuzbass (RTS: UKUZ) and Yakutugol (including the Elga deposit). Korshunov GOK currently mines around 12 million tonnes or crude iron ore and sells just over 4 million tonnes of concentrate a year. It is expected that annual ore output of 12.5 million tonnes will be sustained until 2015. Output guidance for Korshunov GOK in 2011-2015:
According to Mechel Bluestone's mining plans raw coal production is expected to reach some 6 million tonnes per year by 2015. At the same time cash costs in this period are not expected to deviate substantially from the current levels.
Southern Kuzbass's strategic goals include increasing production volumes, expanding its resource base, constructing new facilities and equipment upgrading. An extensive reconstruction and modernization program is currently under way at the company's enterprises, implementing the most advanced technologies. Southern Kuzbass' mining plans provide for raw coal production increase up to 21.7 million tonnes per year by 2015:
Yakutugol, not including the Elga mine, aims to sustain coal production of 10.7 million tonnes by 2015:
The Elga will mine and wash high-volatile, highly fluid coking coal with low sulphur, nitrogen and phosphorus content and high calorific value as well as oxidized coals with high calorific value, which will be marketed as thermal coals. Elga will also produce middlings as a byproduct of coking coal washing process which will be sold as thermal coal. According to the mining plans Elga open pit is expected to reach the capacity of 9 million tonnes per year by 2015:
Vp pr (Our editorial staff can be reached at eng.editors@interfax.ru) 08:35 15/11/2011ALL NEWS
http://www.itar-tass.com/en/c154/271989.html DUBAI, November 15 (Itar-Tass) — Russia’s NordStar Airlines signed on Tuesday a firm contract for three regional planes ATR 42-600. The contract was signed at the Dubai Airshow 2011. Early in the year, the Russian company ordered two ATR 42-600 planes and signed an option for two more aircraft. Now it has firm contacts for five ATR 42-600 and options for two more planes of this type. The total cost of all seven ordered planes is 132 million dollars. NordStar already has four ATR 42-500 planes and after the signing of a new contract it becomes the first in Russia operator of ATR 42-600 aircraft. The Russian carrier owned by Norilsky Nikel Company and servicing the Krasnoyarsk region now has nine planes in its fleet. The director general of NordStar Airlines, Kirill Buryi, said the carrier operates four new ATR 42-500 planes since May 2011. “These planes fully meet the conditions of flights in adverse weather conditions of the Krasnoyarsk region and the Far North”. “With new ATR 42-600 planes we will expand our routes and the frequency of flights,” he said. Russia and CIS countries currently operate 38 ATR aircraft. DJ Kerimov Buys $3B In Sberbank, Gazprom, VTB, Other Russian Stocks -Report http://www.menafn.com/qn_news_story.asp?storyid={608593dc-0d87-43f1-bc68-0303a805464d} Tuesday, November 15, 2011 Article: DJ Kerimov Buys $3B In Sberbank, Gazprom, VTB, Other Russian Stocks -Report Share This Article: DJ Kerimov Buys $3B In Sberbank, Gazprom, VTB, Other Russian Stocks -Report Add to Delicious Seed this article Buzz this article Add to Reddit Add to furl Add to stumbleupon Add to Mixx! DJ Kerimov Buys $3B In Sberbank, Gazprom, VTB, Other Russian Stocks -Report MOSCOW, Nov 15, 2011 (Dow Jones Commodities News Select via Comtex) -- Russian billionaire Suleiman Kerimov bought $3 billion in Russian shares in recent months, including shares of OAO Gazprom, OAO Sberbank and VTB Group, Vedomosti reports, citing a person close to Kerimov's holding company, Nafta Moskva. Kerimov picked up a 0.5% stake in gas giant Gazprom (GAZP.RS), 0.5% of state-controlled bank Sberbank (SBER.RS), and 6% of state-controlled bank VTB (VTBR.RS), as well as a 1% stake in mining company OAO Norilsk Nickel (GMKN.RS), 0.5% of oil producer OAO Lukoil (LKOH.RS) and other shares, the newspaper said. Most of the purchases were in August. A representative of Nafta Moskva declined to comment to Vedomosti. -By William Mauldin, Dow Jones Newswires; +7 495 232-9192, william.mauldin@dowjones.com (END) Dow Jones Newswires 11-15-11 0304ET
In St. Petersburg production has begun of a new model of the Toyota Camry. The new model will be available with two types of gasoline engines, rated at 2.5 and 3.5 liters respectively and equiped with automatic transmission. The base price of the car will be at about $ 31,000 dollars. The Toyota factory in St. Petersburg started producing Toyota cars in 2007. The company now produces 20,000 cars per year. TASS
http://www.rbcnews.com/free/20111115104118.shtml RBC, 15.11.2011, Moscow 10:41:18.Avtovaz RAS net profit spiked more than fivefold to RUB 2.51bn (approx. USD 83m) in January-September 2011 from RUB 456m (approx. USD 15m) in the same period a year ago, the carmaker said in a report today. Gross profit nearly doubled to RUB 18.35bn (approx. USD 61m). The company attributed the upturn in net and gross profit to higher output and sales of cars due to stronger demand supported by "cash for clunkers" and car loan programs. Operating profit almost tripled to RUB 5.91bn (approx. USD 195m). Revenue climbed 36.7% year-on year to RUB 130.44bn (approx. USD 4.31bn).
http://www.rbcnews.com/free/20111115121937.shtml RBC, 15.11.2011, Doha 12:19:37.Members of the Gas Exporting Countries Forum (GECF), which brings together the world's leading natural gas producers, have proposed recognizing the role and responsibility of countries involved in gas transit, Russia's Energy Minister Sergey Shmatko told reporters in Doha. The corresponding provision is on the agenda of the First Gas Summit that will open today in Qatar, he noted, adding that gas transit states should be responsible for creating favorable conditions, including a positive investment environment for gas transit. 12:47 15/11/2011ALL NEWS
http://www.itar-tass.com/en/c154/272254.html DOHA, November 15 (Itar-Tass) — The Russian-Qatar talks on the Yamal LNG project have entered a corporate phase, Russian Minister of Energy Sergei Shmatko said on Tuesday on the sidelines of the Gas Exporting Countries Forum summit. “The Yamal LNG project is going to be the world’s biggest liquefied gas project,” he said and added that the talks on this project are currently at the level of companies. “Qatar is a big and professional player on the liquefied gas market. Competences Qatar may offer to the project include both financial issues and cooperation in the construction and selection of technical solutions, and in subsequent marketing,” the Russian minister said. “We are aware about Qatar’s achievement in the development of the transportation network,” he added.
http://www.rbcnews.com/free/20111115131626.shtml RBC, 15.11.2011, Doha 13:16:26.Yamal LNG shareholders are negotiating with Qatari companies to get them involved in all stages of a liquefied natural gas project, Russia's Energy Minister Sergey Shmatko said in Doha. Yamal LNG is expected to become the world's largest LNG project, and Qatar is a major player in the global gas market, Sergey Shmatko went on to say, adding that the project could benefit from Qatar's expertise in financial issues, as well as construction, marketing and transport solutions. Russia's second largest gas company Novatek holds a majority stake in Yamal LNG and recently sold a 20% stake to the French oil and gas major Total.
At the moment, the export duty on oil is $393 per tonne. Russian crude averaged $111.17 per barrel on October 15-November 14, Finance Ministry expert Alexander Sakovich told Interfax. Therefore, it is most likely that the Russian government will set the duty at $406.60 per tonne, based on a coefficient of 0.60. If the government decided to keep the coefficient at 0.65, the maximum duty rate would be $438 per tonne on December 1. The discounted export duty will be set at $200.90 per tonne. On November 1 it was $190.70 per tonne. The duty on light and dark petroleum products was unified at 66% of the duty on crude on October 1, and will be $268.30 a tonne on December 1. It is currently $259.30 a tonne. The export duty on gasoline, if a coefficient of 0.90 is used, will be $365.90 a tonne in December, compared with $353.70 at present. The export duty on liquefied gas will be $221.80 a tonne. The Russian government approved a new formula for calculating export duties for petroleum products, which has been in effect since October 1. According to this plan, the maximum coefficient in calculating duties on oil is reduced from 65% to 60%. In addition, the export duty on dark petroleum products has been increased from 47% to 66% of the oil export duty. The duty for diesel fuel remains at 66% of the oil export duty whereas the duties for all types of gasoline come to 90% of the oil rate. Eb pr (Our editorial staff can be reached at eng.editors@interfax.ru) Russia May Raise Oil Export Tax 3.5% in December on Higher Uralshttp://www.bloomberg.com/news/2011-11-15/russia-may-raise-oil-export-tax-3-5-in-december-on-higher-urals.html Q By Stephen Bierman - Nov 15, 2011 9:00 AM GMT+0100 Russia, the world’s biggest oil producer, may increase its export duty on most crude shipments by 3.5 percent on Dec. 1 after prices rose. The standard duty will probably climb to $406.60 a metric ton ($55.47 a barrel) if the government maintains a reduced tax rate of 60 percent, which was first applied in October, according to Bloomberg calculations based on Finance Ministry data. The duty was set at $393 a ton this month. The discounted rate on some Eastern Siberian and Caspian Sea oil may increase to $200.90 from $190.70 this month. Russia bases the export duties on the average Urals price from the 15th day of one month to the 14th of the next. Urals, Russia’s benchmark export blend, averaged $111.17 during the most recent monitoring period, Alexander Sakovich, a Finance Ministry adviser, said by phone today. Prime Minister Vladimir Putin must sign off on the levies for them to come into effect. The government moved to the so- called 60-66 formula on Oct. 1, cutting the oil tax rate to 60 percent from 65 percent previously, and unifying the duty on refined products at 66 percent of that levy. The coefficient for the crude tax hasn’t been set in law and is subject to monthly approval. The duty for middle distillates and heavy products may climb to $268.30 a ton next month from $259.30 this month. A special gasoline tax that Putin imposed starting May 1 to fight domestic shortages may rise to $365.90 a ton, Sakovich said. That is 90 percent of the crude duty. To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net 12:47 15/11/2011ALL NEWS
http://www.itar-tass.com/en/c154/272255.html MOSCOW, November 15 (Itar-Tass) —— The programme of the development of mineral deposits of the Arctic shelf is being analysed by the Russian government, and, according to the plan, is going to be approved at a meeting of the Cabinet of Ministers in December, this year, Denis Khramov, deputy minister of natural resources and ecology, said at the conference, entitled “Gas of Russia – 2011,” on Tuesday. According to his information, several ways of the development of the Arctic shelf were analysed during the drafting of the document, and eventually the innovation way was chosen. “According to our estimates, expenditures on geological prospecting and the study of the shelf will amount to 400 million roubles,” Khramov said. He admitted that it was a heavy burden for the budget or the state-owned companies. In order to reduce the expenditures, the authors of the programme are willing to attract private capital and independent companies to geological prospecting and drilling. It is planned to bring the number of prospecting wells to 290 by 2020, and to reduce the number of loss-making deposits from 73 to 27 percent. Commenting on tax privileges, Khramov said that they chose as the optimal way the replacement of the tax on the extraction of minerals with the tax on gross income. The tax rate will be given in percent, and not in roubles. The tax burden is planned to be distributed between financial results and incomes of the subsoil using companies. “A total tax burden for the companies developing shelf deposits will stand at about 35 percent, which is enough for the fulfilment of the budget,” he said. According to Khramov, they do not plan to impose export duties in that sphere.
Nov. 15 (Bloomberg) -- OAO Rosneft will probably surpass this year’s record $11 billion capital spending in 2012 as Russia’s largest oil producer invests in production and upgrades refineries, a company official said. Rosneft will invest in plant upgrades through 2015 when Russia plans to further increase export duties on residual products such as fuel oil, the official said, declining to be identified before the plan is approved. The government in October raised the levy on low-quality products and cut it on fuels including diesel. Prime Minister Vladimir Putin has sought to spur investment in the world’s biggest oil-producing nation by lowering the export tax rate on crude shipments. The export tax on fuel oil, which makes up about 50 percent of refined-product exports, will rise from 66 percent of the crude duty now to the same level in 2015 as the government seeks to maintain budget revenue. Rosneft will also continue investments in production sites, including Vankor, Russia’s largest new oil development. The company aims to raise output 67 percent to a peak of 500,000 barrels a day in 2013. Rosneft is spending $2.6 billion this year to push Vankor output to 300,000 barrels a day, according to a presentation on the company's website. Rosneft spokespeople didn’t return calls made to their mobile phones seeking comment. To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net GazpromNovember 15, 2011 10:45 Independent producers to sell almost 100 bcm of gas in 2011 – Gazpromhttp://www.interfax.com/newsinf.asp?id=287277 MOSCOW. Nov 15 (Interfax) - Independent producers will sell an expected 98.5 billion cubic meters of gas in 2011, said Valery Golubev, deputy CEO of Gazprom (RTS: GAZP), Russia's gas monopoly. "The emergence of such worthy partners creates the foundations for a truly competitive gas market in the country," Golubev said. Thanks to regional cross-subsidies, independent producers control the Sverdlovsk region's gas market in full, 95% of the Kemerovo region's market, 58% of the Tyumen region, 55% of the Novosibirsk region, 55% of the Kurgan region, 26% of the Chelyabinsk region and 70% of the Perm territory's market. A statute on non-discriminatory access to the gas transmission system, under which independent producers would be able to supply an unlimited volume of gas to destinations of their choice, leaving Gazprom with regions that are a long way from the sources of gas, is under discussion, Golubev said. Pr (Our editorial staff can be reached at eng.editors@interfax.ru) |