Moscow press review for December 6, 2011

Moscow press review for December 6, 2011

VEDOMOSTI

The decision to postpone the commissioning of the Baltic Pipeline System-2 will not influence Russian oil exports, but will affect Transneft's (RTS: TRNF) tariff revenue and the reputation of Rosneft (RTS: ROSN), the Russian Energy Ministry has said. Ministry and Transneft officials, however, refused to disclose the amount of revenue that will not be received. "Poles and Belarusians will earn the money Transneft could have earned" because the oil the Baltic Pipeline System-2 was supposed to ship will now be sent through these countries, a source close to the monopoly said, declining to provide further details. ("Reputation slump")

Germany's Wintershall head Rainer Seele has disclosed the main recipe of his company's success - it is the establishment of joint ventures with the "right" partners, for example Russian gas giant Gazprom (RTS: GAZP). "In any case, the European market needs more gas, and gas pipelines are initially designed to response to a demand increase in the future. IEA and CERA have estimated that by 2020-2025, the EU's additional import needs will stand at around 100 billion cubic meters of gas. I agree that lowering transit risks is really important. We still remember what happened between Russia and Ukraine two years ago. But South Stream is not a political decision. This decision was made by a company that seeks to enhance the security of its own deliveries because a direct connection with the consumer offers the highest level of security," he said. ("We will never go to an arbitration court against Gazprom", Rainer Seele, Wintershall CEO")

The Guinean government could receive a stake in Crew Gold, according to Nord Gold's report dedicate to a spinoff of Severstal's (RTS: CHMF) gold mining business into an independent company. In September, the country drew up a new code, which requires the government to control at least 15% of gold mining enterprises' shares. The country should receive such a stake free of charge. The authorities have a right to acquire 20% for cash, the report says. Crew Gold is one of Nord Gold's key assets. It accounts for around 30% of gold mining operations, VTB Capital analyst Nikolai Sosnovsky said. Nord Gold spent the whole of the previous year collecting this company's shares, including in a tough competition with Canada's Endeavour Foundation. ("Guinea asking for gold")

KOMMERSANT:

The Kommersant newspaper has learnt that, like Bashneft and Tatneft (RTS: TATN), the Alliance oil company could receive compensation for possible losses following the introduction of the 60-66 tax regime. The company plans to ask the government to grant it privileges worth 4.5 billion rubles, which it will lose in 2012 due to the unification of export duties on light and dark petroleum products. (P. 11, "Alliance looking for resources in federal budget")

The Kommersant newspaper has learnt that Geoprospekt, a potential buyer of a 51% stake in the Dark Oil project in Angola, notified Alrosa (RTS: ALRS) a few days ago that it was not going to acquire this asset. Furthermore, the company claims that businessman Arkady Gaidamak, who offered to acquire the asset from Alrosa for $15 billion on the company's behalf in August, had no appropriate legal powers. Geoprospekt itself is registered at the same address as the Era charity fund, which was founded by Buryatia's Senator Vitaly Malkin, a former business partner of Gaidamak. (P. 9, "Alrosa left with oil")

KIT Finance bank (RTS: CITB), whose recovery cost the state 135 billion rubles, has paid off debts to its largest creditor - Deposit Insurance Agency - ahead of time. The bank repaid the remaining tranche of 4.4 billion rubles to the agency and announced the accomplishment of the recovery plan ahead of schedule. KIT Finance, however, chose to keep silent about loans totaling ten billion rubles borrowed from the Central Bank. (P. 9, "All recovery means are good")

The ILFC leasing corporation, which sought to collect nearly $3.5 million of back airline fees from Avianova through court, has recalled its lawsuit. The sides' representatives said that all of the complaints had been sorted out. Avianova said that agreements had been achieved with all leasing companies and airplanes had been returned to them. The airline promised to sort out other creditors' claims in order to liquidate the company as soon as possible. So far, only 81% of debts to passengers have been paid off. (P. 11, "Avianova paying off debts, returning airplanes")

Russian Press at a Glance, Tuesday, November 6, 2011

http://en.rian.ru/papers/20111206/169387057.html
08:28 06/12/2011

POLITICS

 

Poll results gave United Russia a disappointing 49.5 percent of the vote by Monday morning after State Duma elections that took place amid an unprecedented series of detentions, threats and attacks against the independent media, election observers and opposition activists.

(The Moscow Times, Kommersant, Nezavisimaya Gazeta, Rossiiskaya Gazeta, Moskovskie Novosti, Vedomosti, Izvestia)

 

At least 5,000 protesters vented their frustration with the State Duma vote on Monday evening in central Moscow at one of the biggest liberal opposition rallies in recent years.

(The Moscow Times, Kommersant, Moskovskie Novosti)

 

South Ossetian opposition members continue to stand on the central Teatralnaya Square in the former Georgian republic to demand the recognition of Alla Dzhioyeva as their elected president in what outgoing President Eduard Kokoity described as an “orange revolution attempt”

(Kommersant, Nezavisimaya Gazeta)

 

The first parliamentary elections in Egypt after the fall of Hosni Mubarak paved the way for radical Islamic movements to take power. However, observers warn that the country might follow the path of Iran and Afghanistan

(Rossiiskaya Gazeta)

 

The Russian Foreign Ministry downgraded its status of diplomatic relations with Qatar after Russia’s ambassador was attacked and injured by security personnel in the Doha airport, who reportedly tried to seize his diplomatic mail. Russia demanded an official apology but there was no response so far

(Kommersant, Nezavisimaya Gazeta, Rossiiskaya Gazeta)

 

ECONOMY

 

The global economic downturn hasn’t hit Russians’ purchasing power significantly, with this year’s spending on gifts and entertainment during the New Year’s holidays expected to grow 11 percent from 2010, while most Europeans plan to cut their holiday expenditures.

(The Moscow Times)

 

Russia's annual inflation rate slipped in November to 6.8 percent, according to data on Monday showing a sixth consecutive monthly fall, increasing chances that the Central Bank may loosen monetary policy as the economy slows.

(The Moscow Times, Kommersant)

 

While Russia's expected accession to the World Trade Organization in 2012 could be used in a struggle between Gazprom and the European Union, the move is unlikely to have a big impact on the country's domestic gas industry or export revenues.

(The Moscow Times)

 

French President Nicholas Sarkozy and German Chancellor Angela Merkel met to discuss a joint plan to save the euro, which they are to put forward at the forthcoming summit in Brussels on Friday. Meanwhile, Analysts say that the financial reports some countries submitted upon their accession to the eurozone had been embellished and that real figures would have disqualified them from joining not only the eurozone but also the European Union

(Nezavisimaya Gazeta, Rossiiskaya Gazeta, Vedomosti)

 

METALS & MINING

 

Alexei Mordashov’s gold mining company, Nord Gold, may lose 15-35% in its largest asset, Guinea’s Crew Gold, which it acquired for almost $500 million

(Vedomosti)

 

OIL & GAS

 

Russia’s ambassador to Ukraine Mikhail Zurabov said new Russian-Ukrainian gas deals are likely to be signed before year-end

(Nezavisimaya Gazeta)

 

TNK-BP, currently developing a gas project in Vietnam that was acquired from its major shareholder BP, has also bid for ConocoPhillips assets in the Asian country, TNK-BP's head of upstream operations Alexander Dodds said

(The Moscow Times, Kommersant)

 

AEROSPACE

 

The U.S. Curiosity probe to Mars was sent on its journey under an optimal orbit, allowing it to cancel the previously scheduled path correction. Meanwhile, Russian scientists have almost lost hope in contacting Russia’s Phobos-Grunt probe

(Moskovskie Novosti)

 

TELECOMS & IT

 

Russia’s State Radio Frequency Commission may allow mobile phone operators to set up experimental LTE zones. However, the struggle between the “Big Three” mobile phone operators and Rostelekom for the right to build 4G networks is yet to come

(Kommersant)

 

SOCIETY

 

Two Dagestani brothers living in Moscow were both sentenced to 14 months in prison Monday for harboring a female member of an Islamist group that had planned terror attacks in the capital.

(The Moscow Times, Kommersant, Rossiiskaya Gazeta)

 

Russia’s Supreme Court has turned down a request by two companies of Domodedovo airport to declare illegal the Russian Transport Ministry’s move to make transport hubs responsible for security and prevention of terrorist attacks

(Kommersant, Moskovskie Novosti)

 

For more details on all today's news in Russia, visit our website at www.en.rian.ru

DECEMBER 6, 2011

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