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Go Back   Armchair General and HistoryNet >> The Best Forums in History > Current Events > Russia, Central Asia, and The Caucasus

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Russia, Central Asia, and The Caucasus Post-Soviet Russia and some neglected smaller neighbors.

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Old 17 Aug 12, 04:23
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Russian Finance, Business and Economy

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Russia's Economy is Still Growing Faster than Every EU Country

I’ve been pretty persistent in arguing that Russia’s government, corrupt and authoritarian as it may be, is going to last for awhile. This is not because it is a shining example of efficiency and democratic accountability, but because its overall economic and fiscal outlook is, at the moment, surprisingly robust. It’s aso because the top-level elite are, at least for the moment, united in their desire to stay in power.
Forbes


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  #2  
Old 06 Oct 12, 16:55
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Rosneft to Invest $18 bln in Modernization

Quote:
Rosneft will invest an additional $18 billion in the modernization of its oil refineries by 2016, company president Igor Sechin said on Saturday.
RIA
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Old 12 Oct 12, 13:43
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Russia and India Sign Transport Plane Deal

Quote:
India and Russia gave the green light on Friday to a long-delayed joint project to develop a Military Transport Aircraft, Russia's United Aircraft Corporation (OAK) said after the signing ceremony in New Delhi.
"A contract was signed by the client, the joint Indian-Russian MTAL venture, and the contractors, Hindustan Aeronautics Ltd (HAL) and Russia's United Aircraft Corporation Transport Planes (OAK-TS)," OAK said.
The signing gives an official start to the project, the technical details of which have been approved by the Indian and Russian defense ministries.
RIA
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Old 13 Oct 12, 15:46
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Gazprom Launches 2nd Phase of $9.6 Bln Pipeline

Quote:
PORTOVAYA COMPRESSOR STATION, Leningrad Oblast — The second phase of the mammoth Nord Stream pipeline went into operation Monday, increasing Gazprom’s options for selling its natural gas to Europe.
Unlike for the first line, no country leaders turned out for the ceremony, but President Vladimir Putin received perhaps the biggest ever tribute for his distinct role in the Gazprom-led project.
Gazprom chief Alexei Miller described the completion of the second — and as yet final — phase as a present to Putin, who celebrated his 60th birthday Sunday.
“There is symbolism in the fact that we’re bringing the capacity to its fullest during the days of Vladimir Putin’s birthday,” Miller said, addressing an audience that included former German Chancellor Gerhard Schroeder, now chairman of Nord Stream’s board. “It’s a gift of sorts to the author of the idea.”
SPB times
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Old 02 Jan 13, 16:59
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Russians Anticipate Higher Wages, Higher Prices in 2013

Quote:
MOSCOW, January 1 (RIA Novosti) – Russians can expect to see their real wages rise in 2013, but along with that will come higher utilities tariffs, according to Economic Development Ministry forecasts.


Take-home pay is set to rise 3.7 percent in 2013, the ministry forecasts, and the minimum wage is also expected to rise, although it will still lag significantly behind that in place in Portugal, France or Luxembourg, according to the Vesti news site.


Russians will also see pensions rise; by the end of 2013 the minimum pension will be just over 9,394 rubles, or around $ 310, Vesti reports. However, utilities bills will also rise in 2013, with power costing 12 to 15 percent more, while heating bills will rise by 8 to 10 percent.
RIA
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Old 19 Jan 13, 15:37
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Business and Economy

Quote:
Nord Stream will cost Gazprom more to export gas



Gazprom`s plans to transfer gas shipments from Ukraine to the Nord Stream pipeline are turning out unexpectedly expensive.
*The price of moving gas through both Ukraine and Nord Stream significantly increased by 20 % in just first six months of 2012, Kommersant daily reports. At the same time the volume of Russian gas going through Ukraine decreased by 15% by the end of last year.

Once the second stretch of the Nord Stream was opened at the end of last year it reached its full capacity of 55 billion cubic meters per year. However, the head of East European Gas Analysis Michael Korchemkyn says the pipeline is currently only using about one-third of its capacity. He believes switching gas export away from Ukraine to Nord Stream will mean not only higher delivery costs but also other expenses, Kommersant daily reports. Many transit contracts with European countries have ship-or-pay condition and lower volumes mean fines for Gazprom.

There is another challenge for Russia`s gas monopoly– the company`s sales are predicted to fall in 2013 due to weak gas demand in Europe, which is still struggling to overcome the consequences of the global economic recession.
RT
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Old 19 Jan 13, 15:55
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Quote:
Russian banks hit record $33.3bn profit in 2012

Russia’s lenders set a new record for net earnings last year, which was mostly underpinned by fast growth in personal credit.

Banks across Russia beat their 2011 record $28.3bn, according to Aleksey Simanovsky, first deputy head of the Central Bank of Russia (CBR). While corporate banking produced little growth, Russia’s households were very active and increased consumer credit by 40% in 2012 compared to the year earlier.

Credit cards together with mortgage loans accounted for the largest part of the growth, with the amount of debt through cards increasing 74.81% year on year and loans for housing needs going up 50.53%, the National Bureau for Credit Histories calculated.

“The fast pace of crediting development, especially in the segments of mortgage lending and credit cards is a positive factor that reflects the market maturity and an increase in its technological effectiveness and responsibility,” Aleksandr Vikulin, CEO of the National Bureau for Credit Histories, told Gazeta newspaper.
RT
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Great thread idea.
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Old 22 Jan 13, 13:10
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Quote:
Superstore Magnit Doubles Annual Profit in 2012

MOSCOW, January 22 (RIA Novosti) - Russian supermarket chain Magnit doubled its IFRS net profit year-on-year in 2012 to 24.995 billion rubles ($803.87 million), the company said in an unaudited preliminary financial statement on Tuesday.

That was higher than the 23.6 billion ruble profit forecast by a group of analysts Prime News contacted.
RIA
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Old 22 Jan 13, 13:11
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Quote:
TNK-BP, Halliburton Sign Hard-to-Access Drilling Deal

MOSCOW, January 22 (RIA Novosti) – Russia’s third largest oil firm TNK-BP and US energy services major Halliburton have signed a deal for a pilot oil drilling project at the licensed Em-Egovskoye field in West Siberia, TNK-BP Operations and Asset Management Vice-President Oleg Mikhailov said on Tuesday.

The project envisages the use of modern technologies to extract hard-to-access oil, which is a priority for TNK-BP, Mikhailov said. Hard-to-recover reserves are those hydrocarbons whose development was inexpedient under existing technologies and the present tax regime, he said.
RIA
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Old 22 Jan 13, 13:12
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Quote:
Rosneft SEC Reserves up 7.6% in 2012

MOSCOW, January 22 (RIA Novosti) – Russia’s largest crude producer Rosneft, which finalized deals late last year to acquire the country’s third largest oil firm TNK-BP, said on Tuesday its hydrocarbon reserves grew in 2012 by 7.6 percent under the SEC classification and by 3.2 percent under the PRMS estimate.

“According to the results of an audit performed by DeGolyer & MacNaughton under the SEC life-of-field classification, as of December 31, 2012 Rosneft proven hydrocarbon reserves stood at 18,956 million BOE. That includes oil reserves of 14,523 million bbl (1,999 million tons) and gas reserves at 26,597 billion cubic feet (753 billion cubic meters),” the company said in a statement.
RIA
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Old 22 Jan 13, 13:13
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Quote:
Russian Oil, Gas Reserves Growth Exceeds Output

MOSCOW, January 22 (RIA Novosti) - The growth in Russia’s hydrocarbons reserves based on geological surveys in 2012 exceeded production, Natural Resources Minister Sergei Donskoi said on Tuesday.

Oil reserves grew by 681 million tons and natural gas reserves were up 816 billion cubic meters, he said during a meeting with President Vladimir Putin.

RIA
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Old 24 Jan 13, 16:50
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The London court “frozen” the assets of former Russian oligarch Boris Berezovsky

Quote:
LONDON, January 24 (Itar-Tass) — The London High Court revealed the outcome of the trial against business tycoon Boris Berezovsky on the lawsuit from his former common law wife to the tune of many millions of pounds. On Wednesday, when the former Russian oligarch celebrated his 67th birthday, the outcome of the court hearings, which were held behind closed doors on January 14–18, was made public. The British press reported on Thursday and Berezovsky was seeking to “unfreeze” the assets worth of 200 million pounds (317 million US dollars). The London court has “frozen” these assets last December satisfying the lawsuit from Berezovsky’s former common law wife Yelena Gorbunova.
ITAR TASS
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Old 26 Jan 13, 09:53
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Quote:
Gazprom joins shale oil race

Gazprom Neft, oil arm of the energy giant Gazprom, is drilling for shale oil in Western Siberia. Realization of the shale oil project is believed to breathe new life into oil development as traditional deposits have been showing signs of dwindling.

*Gazprom Neft has started exploration of Bazhenov formation that potentially contains minimum 8-9 billion tonnes of shale oil. Saturated with oil formation lays at the depth of over 2km and occupies 1.2 million sq km in Western Siberia alone, which exceeds the territories of France and Spain combined.

How much of that oil is extractable is yet to be seen. Gazprom Neft does not expect to extract considerable volumes of shale oil earlier than in 2021, but in the end expects to extract a total of at least 150 million tonnes. Annually, the company develops over 59 million tonnes of crude oil equivalent.

The Bazhenov formation holds deposits of light low-sulfur oil with small amount of impurities; its quality is close to that of Brent.
RT
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Old 26 Jan 13, 09:54
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Quote:
Russia enters Top 10 of countries with most transparent budgets

Russia went 11 positions up on the international ranking of budget transparency by International Budget Partnership (IBP) entering Top 10 of countries with most transparent budgets. Finance Minister Anton Suluanov attributes the result to consistent and result-oriented work of his ministry.

Only two years ago Russia was down on the budget transparency list between Columbia and Mongolia and today it can boast 9th position ahead of Germany, Italy and its partners from BRICS countries. Analysts say the improvement is first of all the achievement of the chief economist of the country. We hear from Dr. of Economic Sciences Pavel Medvedev.

"I think that the work done by the Finance Ministry was more or less correct. The fact that the work on the budget is carried out on such a high level is the achievement of Finance Ministers Kudrina and Siluanov".

In the last several years numerous financial initiatives of the Russian government have been made transparent for the population. This is the sign of transparent budget policy and also openness of the political system, Chief editor of the Forum MSK website Anatoly Baranov says.
VOR
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