Connect to share and comment

Ratings agency warns of economic slowdown in Russia, calls for structural reform

MOSCOW - Russia faces harsh times ahead for its economy unless the government improves the country's poor investment climate and implements long-delayed privatizations and reforms, U.S ratings agency Standard Russia has seen more than a decade of largely uninterrupted economic growth, thanks to its lucrative oil and gas industries, to become the world's 8th largest economy. However now that energy prices have stabilized, experts say Russia is unlikely to grow as quickly unless it aggressively reforms its economy. S

Russian media magnate Lebedev goes on trial

By Timothy Heritage and Maria Tsvetkova MOSCOW (Reuters) - Russian media magnate Alexander Lebedev said as he went on trial on Tuesday that he expected to be jailed over a televised punch-up which he says is a pretext to punish him for criticizing the Kremlin. Lebedev, wearing a dark suit and white sneakers with black laces, spent only a few minutes in court before the trial was adjourned until May 20 after Sergei Polonsky, the man he is accused of punching, failed to show up.

Russian media magnate Lebedev sees trial as Putin's revenge

By Timothy Heritage MOSCOW (Reuters) - Russian media magnate Alexander Lebedev goes on trial on Tuesday in a case he portrays as President Vladimir Putin's revenge for criticizing the Kremlin and a warning to other rich businessmen. The financial backer of Britain's Independent and London Evening Standard newspapers faces up to five years in jail if he is convicted on charges of hooliganism and political hatred over a televised punch-up in 2011.

Rosneft Q1 net profit falls 13% to $3.3 bn

Russia's largest oil producer Rosneft on Tuesday saw its net profit slip 13 percent in the first quarter to $3.3 billion on seasonal factors that included lower sales volumes of petroleum products. Its reported profit for the first three months of the year was slightly above the consensus and included only 10 business days of the company's previous acquisition of Russia's number three oil producer TNK-BP. zak/sjw/wai

Rosneft says may team up with ExxonMobil, others in Iraq

LONDON (Reuters) - Rosneft <ROSN.MM> is considering the possibility of teaming up with its long-standing partner, ExxonMobil <XOM.N>, in tapping oil and gas in Iraq, Rosneft's head Igor Sechin told reporters on Tuesday. Last week, Sechin said Rosneft is interested in helping explore for and develop oil fields in Iraq. "We will work with anyone who offers good terms, we'll work with ExxonMobil too," he said to the question of who might be a partner to Rosneft in Iraq.

Rosneft targets Iraq, squares up to Gazprom

By Vladimir Soldatkin and Dasha Afanasieva MOSCOW/LONDON (Reuters) - Rosneft <ROSN.MM> said on Tuesday it may seek an alliance with ExxonMobil <XOM.N> or other partners in Iraq and double its Russian gas market share by 2020, boosting its credentials as the world's largest listed crude producer. Rosneft's Chief Executive Officer Igor Sechin told reporters that the company is considering teaming up with its long-standing partner, ExxonMobil, in tapping oil and gas in Iraq.

Rosneft sees 2013 capital expenditure at $20 billion post TNK-BP deal

MOSCOW (Reuters) - Rosneft <ROSN.MM> expects capital expenditure of $20 billion this year following the acquisition of TNK-BP <TNBP.MM>, Rosneft's Chief Executive Officer Igor Sechin said on Tuesday. The previous guidance for Rosneft's capex this year was $15 billion, while TNK-BP expected it at to be around $6 billion. Sechin told investors during a presentation that the company is able to reduce spending following the deal to acquire TNK-BP.

Rosneft's Sechin says to work with TNK-BP minority shareholders

MOSCOW (Reuters) - Igor Sechin, head of Russia's top oil producer Rosneft <ROSN.MM>, said on Tuesday he would cooperate with minority shareholders in TNK-BP Holding <TNBP.MM>, marking an about-turn after investors complained they were not being treated fairly. Sechin, an ally of President Vladimir Putin, said he was waiting for proposals from the shareholders, just months after saying that he had no obligation to them and would not offer a buyout on completion of Rosneft's $55 billion (36 billion pounds) purchase of TNK-BP.

Book Talk: Russia's oil riches gained and lost as wheel of fortune turned

By Melissa Akin MOSCOW (Reuters) - Some of the world's biggest fortunes were made and lost when the fall of the Soviet Union threw together a motley gang of brash young tycoons, hard-bitten oilmen and KGB veterans to scrabble for riches amidst the rubble of the Soviet oil industry.

Russia's Rosneft sells up to 720,000 tonnes of straight-run fuel oil to BP

SINGAPORE (Reuters) - Russia's Rosneft <ROSN.MM> has awarded a tender to sell up to 720,000 tonnes of straight-run fuel oil (M100) to international oil major BP <BP.L> at a slightly higher premium to the previous bulk sale, industry sources said on Monday. BP purchased the Russian residual fuel at a premium of about $87 (57 pounds) a tonne to the Singapore 180-centistoke benchmark, about $2-$3 a tonne higher than the previous sell tender issued.
Syndicate content