Russia 111206 Basic Political Developments
Citigroup Bemoans Liquidity
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- Sberbank Bids for National
- Mail.ru Moving to Tower
- Strabag Q3 Up 3%
- Activity in the Oil and Gas sector (including regulatory)
- U.S. demand for Russian ESPO crude falls in Nov.
Citigroup Bemoans Liquidity06 December 2011 Citigroup Russia sees a tightening of liquidity in the domestic banking sector, according to the lender's consumer-banking head. "There is a very distinct and clear tightening of liquidity in this market right now, which is why we have seen deposit rates go up and you have seen wholesale funding drying up," Citigroup's Amit Sah said in an interview in Moscow last week. The Central Bank left the refinancing rate at 8.25 percent on Nov. 25 after two increases this year. Tighter lending conditions and a liquidity shortfall will likely "remain for the medium term," the bank said. Russian units of foreign banks, including UniCredit, have started lending excess cash to their parents since the middle of the year amid the euro region's turmoil, using "Central Bank liquidity" and funds from their Russian operations, Deputy Economy Minister Andrei Klepach said Oct. 27. Citigroup, which set up its retail entity in Moscow in 1993, doesn't have funding pressure from its parent bank, Sah said. The bank is likely to raise rates soon in line with interest rates, he added, without providing further details. (Bloomberg) Read more: http://www.themoscowtimes.com/business/article/citigroup-bemoans-liquidity/449323.html#ixzz1fjLEQTgJ The Moscow Times Sberbank Bids for National06 December 2011 A joint venture between Deutsche Bank and Russia's largest lender, Sberbank, will be one of the bidders for the $149 million National Hotel opposite the Kremlin, Kommersant reported Monday. DB Development, as the vehicle for Sberbank and Deutsche Bank is known, will face rival bids from France's Accor, South Korea's Lotte and billionaire Suleiman Kerimov through Nafta Moskva. The 201-room National Hotel on prime real estate next to Red Square is to be sold by the Moscow city government along with some of the contents, which include tsarist antiques that belonged to Russia's imperial family. Bidding begins Dec. 19. (MT) Read more: http://www.themoscowtimes.com/business/article/sberbank-bids-for-national/449279.html#ixzz1fjLI1ZCJ The Moscow Times Mail.ru Moving to Tower06 December 2011 Hals-Development and Mail.ru Group have signed a long-term lease agreement to provide the technology company with 29,932 square meters in the Hals SkyLight business center on Leningradsky Prospekt in Moscow. Mail.ru will occupy one of the two 27-story towers at the site, according to a statement released by Cushman & Wakefield, which advised the deal. This is the largest office lease transaction in Moscow in 2011, the statement said. The company expects the new office to be functioning by February 2013.
Read more: http://www.themoscowtimes.com/business/article/mailru-moving-to-tower/449280.html#ixzz1fjTnAGCv The Moscow Times Strabag Q3 Up 3%06 December 2011 Strabag, Austria's biggest builder, whose main focus is Eastern Europe and has significant operations in Russia, said net income in the third quarter rose 3 percent to 123 million euros ($164 million). The company reiterated it expects full-year net income at 185 million euros. (Bloomberg) Read more: http://www.themoscowtimes.com/business/article/strabag-q3-up-3/449283.html#ixzz1fjL6Bri9 The Moscow Times Activity in the Oil and Gas sector (including regulatory)December 06, 2011
10:40 Rosneft board of directors to consider increasing capital in JV with CNPC http://www.interfax.com/news.asp Dec. 5, 2011, 3:16 p.m. EST
MOSCOW (MarketWatch) -- The U.S. was the biggest buyer of Russia's ESPO crude in the first 11 months of 2011, but shipments fell drastically in November as U.S. refiners are looking for alternatives in order to meet new low-emissions regulations. U.S. refiners bought 200,000 metric tons of Russian ESPO crude in November, considerably down from 500,000 tons and 400,000 tons respectively in the two previous months, data from Russia's Kozmino port, operated by OAO Transneft , showed Monday. The ESPO blend is a light sour Russian crude supplied to Asia-Pacific and the U.S. west coast through the East Siberia-Pacific Ocean, or ESPO, pipeline and exported from the port of Kozmino on Russia's Pacific coast since December 2009. It is considered to be a good optimization crude, which can easily be blended with other crudes in order to maximize yields on certain oil products. "It looks like U.S. demand may be tampered in the future by the introduction of a new carbon law in California, which will make processing ESPO uneconomical compared to Middle Eastern crudes," said an employee in sales, trading and logistics at Anglo-Russian oil joint venture TNK-BP Ltd., who asked not to be named. U.S. refiners were the biggest buyers of ESPO crude so far this year, taking 28% of total volumes, or 3.80 million tons. In comparison, Japan bought 2.64 million tons, with China taking 2.40 million tons, South Korea 1.6 million and the Philippines taking 1.27 million tons. The remaining volumes went to Thailand, Singapore, Peru, Indonesia and India. The Asia-Pacific region is expected to remain the main market for the crude, as demand for middle distillates will stay strong. "Asia-Pacific will still stay the predominant market for ESPO, especially taking into account that there's plenty of upgrading capacity coming on stream in Asia, which will make processing ESPO even more attractive for these refineries," the TNK-BP employee said. A total of 11 tankers, each holding 100,000 tons of ESPO crude, shipped out of Kozmino in November. Five went to China, two to the U.S. and the rest to South Korea, Japan, Peru and the Philippines, the data showed. Kozmino plans to load 13 tankers in December, bringing volumes for the year to slightly over 15 million tons, a spokeswoman at the port said. The second stage of the ESPO pipeline may be put into service more than a year ahead of plan by end-2012. Once the second part, from Skovorodino to Kozmino, is finished, capacity to the Pacific coast will increase to 30 million tons a year.
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