Oct 29. VSMPO-Avisma has acquired 30% of Urals Gold

Finamrus com 29.10.2007 14:30
http://www.finamrus.com/newtopics/news03BE1/default.asp

VSMPO-Avisma has acquired 30% of Urals Gold which is licensed to tap the Yuzhno-Shameyskoye field of molybdenum ores in the Sverdlovsk region. As the corporation's spokesman told Interfax, the deal was transacted in September and the corporation is looking to raise its interest in the company to 50%. For the record, Urals Gold, a subsidiary of UGMK, placed a winning bid to acquire a 25-license to develop the Yuzhno-Shameyskoye field this September.

Oct 26. BP, TNK-BP and Gazprom could form an alliance by the end of 2007

Finamrus com 26.10.2007 13:19
http://www.finamrus.com/newtopics/news03BD6/default.asp

BP, TNK-BP and Gazprom could form an alliance by the end of 2007, TNK-BP's executive director for gas development and a major shareholder Victor Vekselberg told reporters in Lisbon. "We expect to work out a possible scheme of the alliance's structure by the end of the year" – he said.

Oct 25. Gazprom takes StatoilHydro on board Shtokman.

Finamrus com 25.10.2007 18:07
http://www.finamrus.com/newtopics/news03BCC/default.asp

Merged Norwegian state-run oil and gas company StatoilHydro is to enter a consortium to execute the first stage of a project to tap the Shtokman gas condensate field in the offshore zone of the Barents Sea. On Thursday Russian President Vladimir Putin spoke with Norwegian Prime Minister Jens Stoltenberg on the phone. "In light of the arrangements made by Gazprom about the participation of Norwegian company StatoilHydro in developing the Shtokman gas condensate field, Putin and Stoltenberg pointed out that this multilateral project (French company Total is also a consortium member) means new strategic thresholds for cooperation activities in the energy sector. Both parties are confident that the Russian-Norwegian partnership within this large-scale project will give a shot in the arm to bilateral relations in other sectors as well" – the presidential press service reported. Gazprom's press office confirmed that the signing ceremony for the respective documents is slated for Thursday. Details of the agreement are to be made public at a later time.

Oct 22. The Bank of Russia does not rule out raising the refinancing rate by the end of 2007

Finamrus com 22.10.2007 15:10
http://www.finamrus.com/newtopics/news03B97/default.asp

The Bank of Russia does not rule out raising the refinancing rate by the end of 2007, first deputy CBR chairman Alexey Ulyukaev said Friday at the conference "The Russian Banking Sector: Growth Factors". "The refinancing rate is a symbolic position linked with inflation and we should and apparently will raise the refinancing rate" – he said. As wired earlier, CBR forecasts 2007 inflation at 9.5-10%. At present, the refinancing rate stands at 10%.

Oct 22. TGC-5 has wrapped up distribution of its GDRs as part of a pilot spin-off from UES,

Finamrus com 22.10.2007 15:01
http://www.finamrus.com/newtopics/news03B8E/default.asp

TGC-5 has wrapped up distribution of its GDRs as part of a pilot spin-off from UES, as less than half of the energy holding's GDR holders (43.8% of all shareholders) decided to receive receipts on the genco's shares, TGC-5 said in a press release. All in all, 65.7% of UES' GDR holders converted their receipts into TGC-5's securities (21.9% of them converted GDRs into the genco's shares). Other shareholders preferred cash to shares or receipts. All in all, 6.4% of TGC-5's shares were subject to the conversion. Following the placement, the share of GDR holders equaled 2.8% and that of TGC-5's stock holders came to 1.4%. TGC-5 believes that in the near future the number of GDR holders could increase primarily on the back of the acquisition of TGC-5's GDRs by US investors who were unable to take part in the stock distribution procedure because of some legal restrictions

Oct 19. Eurocement Holding AG, which owns 98% of Eurocement Group's charter capital, forwarded an offer to the company's minority shareholders

Finamrus com 19.10.2007 14:43
http://www.finamrus.com/newtopics/news03B80/default.asp

Eurocement Holding AG, which owns 98% of Eurocement Group's charter capital, forwarded an offer to the company's minority shareholders to buy out their holdings. The regional directorate of the Federal Securities Service in the Central Federal District received the document on October 3. Eurocement intends to offer Rub 157,252 per share of Eurocement Group. This price was recommended by Price Inform. Based on this valuation and the amount of Eurocement Group's charter capital consisting 500,000 common shares, the entire company could cost Rub 78.6 bln or $3.15 bln. Data shown in the buyout offer allow investors to assume that Filaret Galchev, Eurocement Group's beneficial owner, bought the company's interest from his long-time partner Georgy Krasnyansky.

Oct 15. Norilsk Nickel expects to see nickel prices stay high in the mid-term outlook

Finamrus com 15.10.2007 13:04
http://www.finamrus.com/newtopics/news03B45/default.asp

Norilsk Nickel expects to see nickel prices stay high in the mid-term outlook, Norilsk Nickel CEO Denis Morozov told reporters. "By and large, we project that demand will be sustainable. Compared to July-September, Q407 demand for nickel and nickel production orders is on the rise from Chinese stainless steel manufacturers" – he said.

Oct 12. Mechel Group ramped up output of rolled products 10% y-o-y to 3,875,000 tons in 9M07

Finamrus com 12.10.2007 12:41
http://www.finamrus.com/newtopics/news03B32/default.asp

Mechel Group ramped up output of rolled products 10% y-o-y to 3,875,000 tons in 9M07, the metal group said in a statement. In the reporting period steel production rose 3% to 4,562,000 tons and pig iron manufacture jumped 6% to 2,837,000 tons. Nickel turnout surged 22% in the January-September period of 2007 to 12,840 tons. As for other metrics, coal extraction jumped 8% to 13,409,000 tons, while coking coal extraction tumbled 8% to 6,354,000 tons and thermal coal output soared 30% to 7,055,000 tons.

Oct 10. Goldman Sachs cuts Gazprom target price 1%, leaves Buy recommendation unchanged.

Finamrus com 10.10.2007 17:35
http://www.finamrus.com/newtopics/news03B20/default.asp

Goldman Sachs (GS) has revised downward its target price for Gazprom's shares from $13.30 to $13.20, GS said in an equity research note. The Buy recommendation on the gas holding's securities was left unchanged. GS analysts adjusted the gas giant's valuation model taking into account a more conservative forecast for the gas holding's gas exports this year, the fact that its pension fund is no longer listed on its balance sheet and a contraction in Gazprom's treasury stocks. Be that as it may, Gazprom's stocks still hold substantial upside potential to the level GS analysts project, and they therefore reiterated their Buy recommendation.

Oct 9. Merrill Lynch raises Tatneft’s target price 8%, reiterates Buy recommendation.

Finamrus com 09.10.2007 18:13
http://www.finamrus.com/newtopics/news03B0A/default.asp

Investment bank Merrill Lynch has revised upward its target price for Tatneft's securities from $6.00 to $6.50, the bank said in an equity research note. The Buy recommendation on the stock was left unchanged.

Oct 5. Goldman Sachs cuts Comstar-UTS GDR to Sell, raises target price 12%.

Finamrus com 05.10.2007 15:34
http://www.finamrus.com/newtopics/news03AE0/default.asp

Goldman Sachs (GS) has raised its target price for Global Depositary Receipts (GDRs) of Comstar-UTS by 12.1% to $12.00 per receipt, GS said in a daily research note. At the same time, the stock recommendation was downgraded from Hold to Sell. The downside potential of the telecom company's GDRs to the new level projected by GS analysts, even if it is raised, is too big, which prompted them to cut the stock recommendation to Sell.

Oct 4. Goldman Sachs raises VTB GDR to Hold, cuts target price 16%.

Finamrus com 04.10.2007 14:27
http://www.finamrus.com/newtopics/news03AD1/default.asp

Goldman Sachs has upgraded its target price for VTB's GDRs from $100.73 to $9.07 after the bank released its Q207 financials, GS said in a note. Meanwhile, the stock recommendation was lifted from Sell to Hold because of a recent decline in the lender’s stock valuations.