Category: Business & Economy

Energy chief comments on oil production in Russia may reach in 2019

Energy chief comments on oil production in Russia may reach in 2019

MOSCOW, December 18. /TASS/. Oil production in Russia in 2019 may be adjusted downwards, taking into account the decision of OPEC+ transaction, Energy Minister Alexander Novak told reporters. “The forecast for the next year is 555-556 (mln tonnes – TASS). But (production) can be adjusted downwards taking into account the reduction by 3-4 mln tonnes,” he said. Novak noted that the forecast for oil production next year may change. In other media

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Yandex to get new headquarters in Moscow

Yandex to get new headquarters in Moscow

© Anton Novoderezhkin/TASS MOSCOW, December 18. /TASS/. Yandex intends to acquire a site for $145 mln for the company’s new office, the company said in a statement. “Yandex has signed binding agreements on the purchase of a site for a new office in Moscow. After coordination with the Moscow government, the company will receive rights to a land plot of about 4 hectares on 15 Kosygin Street, where the former Orlyonok hotel building is located. The purchase price will be about $145 mln excluding VAT,” according to the statement. In other media

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Belgium officially begins importing wine from Russia

Belgium officially begins importing wine from Russia

BRUSSELS, December 18. /TASS/. Belgium officially began importing red and white wines from Russia. The first presentation of Russian wine imported to Belgium was held on Monday at the Russian Center for Science and Culture in Brussels. “From now on, the people of Belgium will be able to taste Russian wine in local restaurants or buy it in stores. This will allow them to better understand our country, which is traditionally known to everyone in this industry as a country producing vodka,” Russian Ambassador to Belgium Alexander Tokovinin said, noting that Today Russia attaches great importance to the revival of its own tradition of winemaking.…

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Russia increases investment in US government bonds to $14.6 bln in October – US Treasury

Russia increases investment in US government bonds to $14.6 bln in October – US Treasury

© AP Photo/Pablo Martinez Monsivais WASHINGTON, December 18. /TASS/. Russia increased its investment in US government securities to $14.629 bln in October. In September, the figure reached was $14.4 bln, according to data published by the US Department of the Treasury. The first place is occupied by China, which invested $1.138 trillion in US bonds, followed by Japan – $1.018 trillion, and Brazil – $313 bln. In October 2018, foreign countries owned US securities totaling $6.199 trillion; in September 2018, the the figure was $6.223 trillion. In other media

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Russia, Italy sign protocol to bolster cooperation

Russia, Italy sign protocol to bolster cooperation

ROME, December 17. /TASS/. Moscow and Rome have agreed to continue and to bolter economic and industrial cooperation on all trajectories in a protocol signed on Monday by Russian Minister of Industry and Trade Denis Manturov and Italian Foreign Minister Enzo Moavero Milanesi. The protocol was signed following a session of the Russian-Italian council for economic, industrial and monetary-financial cooperation held in Rome. In the document, the sides expressed satisfaction with the level of trade-economic ties. “Russia and Italy continue to see each other as priority partners, and assess positively possibilities for putting into effect their economic interests within the framework of bilateral ties, as…

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Russia’s received the right for certification of export of frozen poultry in China

Russia’s received the right for certification of export of frozen poultry in China

MOSCOW, December 17. /TASS/. Russia has received the right for certification of its exports of poultry to China, Russian agricultural watchdog (Rosselkhoznadzor) said in a press release. “The competent authority in the field of veterinary medicine of the People’s Republic of China confirmed the possibility of supplies of Russian frozen poultry to China, accompanied by a relevant veterinary certificate, which was previously sent by the Rosselkhoznadzor to the Chinese colleagues,” the Russian agency said. In November, the veterinary authorities of Russia and the customs service of China signed a protocol on inspection, quarantine, veterinary and sanitary control regarding mutual supplies of frozen poultry. Under that…

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Russia has partner relations with Italy despite geopolitics, says Russian minister

Russia has partner relations with Italy despite geopolitics, says Russian minister

ROME, December 17. /TASS/. Russia’s relations with Italy continue to be “stably partner,” despite the geopolitical situation, Russian Minister of Industry and Trade Denis Manturov said on Monday. “We have just finished a meeting of the intergovernmental council where we discussed in detail current issues of our bilateral trade-and-economic cooperation,” he told a Russian-Italian business forum. “I can ensure you that despite the difficult geopolitical situation, relations between Russia and Italy continue to be stably partner. And this is a solid basis for expanding mutually beneficial business cooperation.” The minister recalled that about 500 companies with Italian participation are currently operating in Russia. “And what…

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EU permanent representatives agree extension of anti-Russia sanctions for 6 months —source

EU permanent representatives agree extension of anti-Russia sanctions for 6 months —source

BRUSSELS, December 17. /TASS/. Permanent representatives of 28 member-states of the European Union agreed extension of sectoral economic sanctions against Russia for six months until July 31, 2019, a European diplomatic source told TASS on Monday. “Permanent representatives greenlighted extension of economic sanctions against Russia for six months,” the source said. This decision is of technical nature and formalizes the agreement reached at the EU summit on December 13 for extension of these sanctions. It should be also approved by the EU Council before the end of this year. The European Union earlier imposed several sanction packages on Moscow, which include economic sanctions, individual restrictions…

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German government continues viewing Nord Stream 2 as economic project, says spokesman

German government continues viewing Nord Stream 2 as economic project, says spokesman

BERLIN, December 17. /TASS/. Germany continues viewing the Nord Stream 2 gas pipeline as an economic project and Berlin has not changed its position in this regard, official spokesman of the Germany’s government Steffen Seibert said at a briefing on Monday. The pipeline laying “is an economic project that has a political side,” Seibert said. “We need clarity regarding the Ukraine’s role as the gas supplier after 2019,” he noted. “The basic position of the federal government has not changed,” the spokesman added. On Saturday, the US State Department welcomed the European Parliament’s resolution on Ukraine and the Nord Stream 2 as well as the…

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Several French companies show interest in participation in Arctic LNG 2

Several French companies show interest in participation in Arctic LNG 2

PARIS, December 17. /TASS/. Several companies from France take interest in participation in the Arctic LNG 2 plant construction project, Russian Minister of Economic Development Maxim Oreshkin told reporters on Monday after the meeting of the Russia-France Council on Economic, Financial, Industrial and Trade Issues (CEFIC). “French companies are discussing potential participation in the Arctic LNG 2 with Novatek now. A pool of investors for this deal is taking shape in general terms now. Volumes are negotiated. Companies from France are interested in participation, not only Total but the whole range of French companies showing interest in participation in this project,” Oreshkin said. In other…

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Russia and France agree to deepen economic cooperation

Russia and France agree to deepen economic cooperation

PARIS, December 17. /TASS/. Three documents defining measures to deepen economic cooperation between Russia and France were signed following a meeting of the Council for Financial, Industrial and Trade Cooperation (CEFIC) in Paris. “We signed three declarations of intent, which contain ten specific projects for strengthening bilateral economic ties,” French Minister of Economy and Finance Bruno Le Maire said at press conference with Russian Economic Development Minister Maxim Oreshkin. According to him, the documents cover three major areas, including the “economic response to climate change.” The French minister stressed that the parties agreed to determine the projects of so-called green investments before the next meeting…

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Moscow, Minsk may return to integration projects, says envoy

Moscow, Minsk may return to integration projects, says envoy

MINSK, December 17. /TASS/. Belarus and Russia can return to consideration of the issue of implementing integration projects with participation of the two countries’ enterprises, Russia’s Special Presidential Envoy for Trade and Economic Cooperation with Belarus, Ambassador to Minsk Mikhail Babich said in an interview with TASS. “If we build an allied industrial complex, pursue an allied industrial policy, it is necessary to get right on discussions as to making sure that Belarusian enterprises stay relevant on the market and have most serious development prospects,” he said, adding that “the Russian side is ready for that.” According to the diplomat, that is a challenging issue…

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Russia expects SSJ-100 to enjoy high demand on overseas markets — minister

Russia expects SSJ-100 to enjoy high demand on overseas markets — minister

ROME, December 17. /TASS/. A quarter of Russian Sukhoi Superjet 100 (SSJ-100) passenger jets has already been sold overseas and Russia expects greater demand for them on international markets, Minister of Industry and Trade Denis Manturov said on Monday at the meeting of the Russian-Italian intergovernmental commission on trade and economic cooperation. “Manufacturing of SSJ-100 aircraft is definitely one of our flagship projects in the aviation industry. Over 160 planes have been produced to date in cooperation with the Italian holding Leonardo; 137 aircraft are in service. A quarter of them was purchased by foreign countries and we look forward to further growth of the…

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Ukrainian president’s 2018 income 12 times higher than last year

Ukrainian president’s 2018 income 12 times higher than last year

© AP Photo/Markus Schreiber KIEV, December 17. /TASS/. Ukrainian President Pyotr Poroshenko has declared his 2018 income, which amounts to 198 mln hryvnia (about $7 mln), the Ukrainian News outlet informs, citing the data provided by the Unified Register of State Declarations. “This sum is 12 times higher than the income the president declared last year, which amounted to 16.3 mln hryvnia (about $584,000) in 2017,” the news outlet states. According to the annual rating “Top-100 richest Ukrainians”, published by the Novoye Vremya outlet, Poroshenko’s net worth is estimated at $1.1 bln, with the Roshen confectionary corporation being the key asset. In 2014, before embarking on…

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France will provide longer periods to repay loans on Yamal LNG, Arctic LNG-2 project

France will provide longer periods to repay loans on Yamal LNG, Arctic LNG-2 project

PARIS, December 17. /TASS/. France will provide longer terms for repayment of loans on Yamal LNG and Arctic LNG-2 projects, French Minister of Economy and Finance Bruno Le Maire said at a briefing after the meeting of the Russian-French Council for Economic, Financial, Industrial and Trade Issues (CEFIC). “I confirm that we made a decision to give longer terms for repayment of loans, as for the state guarantees – this is a guarantee of the French state to the Yamal (LNG) project. All participants in this project requested it,” he said. “This is a success and an economic signal, but behind there is a political…

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Kremlin welcomes Davos forum organizers’ decision on participation of Russian businessmen

Kremlin welcomes Davos forum organizers’ decision on participation of Russian businessmen

MOSCOW, December 17. /TASS/. The Kremlin welcomes the decision of organizers of the World Economic Forum in Davos on participation of Russian businessmen in the event, Russian Presidential Spokesman Dmitry Peskov said on Monday. “We welcome the fact that the economic forum in Davos and its heads have accepted our position regarding the fact that a certain selective attitude to our businessmen is unacceptable,” he said. Peskov also commented on media reports about five terms, under which Russian businessmen were allowed to participate in the forum. Particularly, the issue is about restricted communication with US peers during the forum, including their participation in the events…

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Washington alone undermines long-term faith in dollar using sanctions, says Lavrov

Washington alone undermines long-term faith in dollar using sanctions, says Lavrov

© Egor Aleev/TASS MOSCOW, December 17. /TASS/. The United States shakes faith in the dollar over the long term by imposing new sanctions not only against Russia, but against its allies as well, Russian Foreign Minister Sergey Lavrov told the Komsomolskaya Pravda radio station on Monday. US companies will benefit from sanctions covering dollar-denominated settlements over the short term, he said. “However long-term faith in the dollar is undermined,” the minister said, “which also shakes the US basic long-term interests since today everyone starts thinking of how to get rid of the dependence on the dollar.” Russia’s top diplomat also pointed to US sanctions imposed against…

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Vedomosti: State-run firms to shift to Russian software by 2021 per Siluanov’s directive

Vedomosti: State-run firms to shift to Russian software by 2021 per Siluanov’s directive

MOSCOW, December 17. /TASS/. Russia’s First Deputy Prime Minister Anton Siluanov has signed a directive requesting state-run companies move to locally-produced software by 2021, Vedomosti business daily wrote on Monday with reference to the document’s copy. Siluanov’s spokesman Andrei Lavrov confirmed that the directive requesting Russian companies switch over to local software was signed, the newspaper said. The new instruction obliges government-run companies to convene a board of directors and state representatives to vote accordingly within ten days after they receive the instruction. After getting the go-ahead from the board of directors, companies will have two months to draft and adopt a plan of switching…

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Plane with 287 Russian tourists, stranded in China, takes off from Hainan

Plane with 287 Russian tourists, stranded in China, takes off from Hainan

BEIJING, December 16. /TASS/. A Moscow-bound plane with 287 Russian tourists, who were unable to leave China due to problems of their travel agency Pearl River, left the airport of Haikou at 5:17 Moscow time, a Russian diplomat told TASS. “As part of a program to urgently return Russian tourists from Hainan to Russia, a plane of the Pegas Fly air carrier, also known as Ikar Airlines, took off at 10:17 local time (05:17 Moscow time) from the airport of Haikou, and is now heading to Moscow,” said Grigory Kolyshkin, an attache of the Russian Consulate General in Guangzhou. “Consulate staff, together with Pearl River…

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Prototype of Russia’s new wide-body airliner to cost over $150 mln

Prototype of Russia’s new wide-body airliner to cost over $150 mln

© Marina Lystseva/TASS, file MOSCOW, December 16. /TASS/. Russia’s United Aircraft Corporation (UAC) will spend over 10 billion rubles ($150.5 million at the current exchange rate) to build the first experimental Il-96-400M long-range passenger jet, according to a tender posted on the government’s official database. Manufacturing the plane itself will cost 7.6 billion rubles and should be completed by December 2019. The rest will be spent on preparing detailed engineering drawings of the plane’s avionics and other systems. The prototype is expected to begin preliminary trials between November 2019 and January 2020. Additional certification tests are due between November 2019 and May 2020. According to a…

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Russia’s Moonshine Tradition

Russia’s Moonshine Tradition

The New Year holidays in Russia are a big deal. So much so that they are stretched out from mid-December through mid-January. How do I know this? Try to get a meeting scheduled or a decision made on just about any new business during this time. Of course it is possible, but take it from me, there will be delays – “the new year is coming, what’s so important?” The official New Year holidays, which includes Orthodox Christmas, are from December 30 through January 8 inclusive; a full 10 days. Nonetheless, many also include the new calendar Christmas on 25 December, and the ‘old’ calendar…

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Impossible to resolve Europe’s energy issues without Russia – Serbian gas provider

Impossible to resolve Europe’s energy issues without Russia – Serbian gas provider

BELGRADE, December 15. /TASS/. It is impossible to resolve energy issues facing Europe without Russian gas supplies, Director General of Serbia’s natural gas provider Srbijagas (or Serbiagas) Dusan Bajatovic told reporters during an energy roundtable in the city of Novi Sad. “It is impossible to solve the European gas equation without Russia,” he said, adding that Serbian and other countries of the region had contracts with Russia’s Gazprom valid until 2020-2022. According to Bajatovic, the year 2020 will be crucial, when gas supplies through Ukraine will end. “Everyone has technical and other solutions so that no one is left without gas,” the Srbijagas director general…

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Permits issued for Nord Stream 2 project by Finland remain in force — ministry

Permits issued for Nord Stream 2 project by Finland remain in force — ministry

© ITAR-TASS/Vladimir Smirnov HELSINKI, December 14. /TASS/. Finland’s position on the construction of the Nord Stream 2 gas pipeline has not changed after the European Parliament’s negative resolution on the project, and construction permits issued in the spring remain valid, government counselor at the Finnish Ministry of Economic Affairs and Development Kari Klemm told TASS on Friday. “On April 5 the Finnish government made a principled position on the Nord Stream 2 project [allowing its construction]. In this regard, the situation does not change. In other words, the project retains the permission of the Finnish government which, of course, includes certain conditions for its recipient. The…

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Germany views Nord Stream as economic project — cabinet spokesperson

Germany views Nord Stream as economic project — cabinet spokesperson

© ITAR-TASS/Vladimir Smirnov BERLIN, December 14. /TASS/. Germany continues viewing the Nord Stream 2 gas pipeline project as an economic one, and Berlin’s position has not changed despite the resolution adopted by the European Parliament, a cabinet spokesperson told TASS on Friday. “Nothing has changed so far in Germany’s position. The Nord Stream 2 is an economic project in the first instance, and the federal government repeatedly highlighted that. However, this project also has a political component. The Cabinet of Ministers indicated in this regard that clarity is needed regarding Ukraine’s role as the transit country after 2019. This remains in force,” the spokesperson said. The…

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Nornickel’s decision on Talnakh plant’s another stage is due in 2019

Nornickel’s decision on Talnakh plant’s another stage is due in 2019

KRASNOYARSK, December 14. /TASS/. The Norilsk Nickel Company (Nornickel) may adopt an investment decision regarding construction of its Talnakh processing plant’s third stage (north of the Krasnoyarsk Region) in early 2019, the company told TASS on Friday. “The final investment decision may be adopted early next year,” the company said. Earlier, Nornickel said the decision was due in 2018, but, according to Nornickel’s representative, certain necessary procedures have caused the delay. The Talnakh processing plant went operational in 1981. In April 2013, Nornickel announced its upgrade, and the plant’s first upgraded stage was opened in January 2015. After that upgrade, the amount of processed material…

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Nornickel’s new mining plant to launch modern dispatch service before yearend

Nornickel’s new mining plant to launch modern dispatch service before yearend

CHITA, December 14. /TASS/. A modern dispatch management system will begin working at the Bystrinsky mining and processing plant, which Nornickel (the Norilsk Nickel Company) built in Transbaikalia’s south-east and opened in 2017, the Bystrinskoye Mining Company’s Press Secretary Konstantin Veresov told TASS on Friday. “All pre-commissioning works to develop the subsystem’s basic functions have been completed, the system’s experimental launch is scheduled for late 2018,” he said. “The system will provide control and effective management of production processes at the plant, and, in addition to this, the system’s integrated use will cut the emergency response time.” The system controls main production and subordinate processes,…

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Bill on independent possible operation of Russian Internet segment presented to parliament

Bill on independent possible operation of Russian Internet segment presented to parliament

MOSCOW, December 14. /TASS/. A draft law on support of independent operation of the Russian segment of the Internet in case of disconnection from the global web infrastructure was presented to the State Duma on Friday. Development of the infrastructure is provided, which will make possible “to ensure operability of Russian Internet resources in case Russian communication operators are unable to connect to foreign root servers of the Internet,” according to the explanatory note available with TASS. The draft law determines necessary rules of traffic routing. The bill also stipulates development of the national system of domain names. In other media

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USC hopes for international cooperation in building sub for exploring Mariana Trench

USC hopes for international cooperation in building sub for exploring Mariana Trench

ST. PETERSBURG, December 14. /TASS/. Russia’s United Shipbuilding Corporation counts on international cooperation in creating a deep-diving research bathyscaphe capable of exploring the Mariana Trench, USC CEO Alexei Rakhmanov told the media during a trip to Severodvinsk. “The design bureaus Malakhit and Rubin will be involved in the project to a certain extent,” Rakhmanov said, when asked who would design the bathyscaphe. “In contrast to our purely military projects this one, we hope, will rely heavily on international cooperation, because it is going to be a truly global-level undertaking. As it has turned out, nobody has managed to properly measure the depth of the Mariana…

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Russia to face diamond shortage, says Environmental Ministry

Russia to face diamond shortage, says Environmental Ministry

PETROZAVODSK, December 14. / TASS /. Russia in the future, may face a shortage of diamonds, due to the depletion of existing deposits, said Dmitry Kobylkin, the head of Russian Environmental Ministry said on Friday, at a meeting of the state commission for the preparation for Karelia Region 100th anniversary. “In the future, Russia will see a shortage of diamonds,” he said, “There are less and less unique deposits like Mir, and such as in Yakutia. And we certainly need diamonds,” Kobylkin added. “I think Karelia has a serious potential in this regard,” the minister added. According to him, discovery works for diamonds are under…

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