Russia 090922 Basic Political Developments

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MT: PIK to Get $500M From Sberbank
22 September 2009

The Moscow Times

Sberbank is ready to provide PIK Group with up to 15 billion rubles ($494 million) in financing for new projects, as long as the developer services its existing debt with the state-owned lender, bank Chairman German Gref said Sunday.

“The decision has been made — we will restructure the company’s debt,” Gref said. “We’re ready [to provide financing] if the company will successfully service its obligations, finance new projects under state guarantee and use its construction equipment as collateral.”

The company already owes 14 billion rubles to Sberbank, 2 billion of which has accumulated overdue interest, Gref said.

Shares in PIK spiked more than 30 percent last week after the government announced it would guarantee more than $450 million of the company’s debt to the state banks.


Itar-Tass: Tomsk region to reprocess 700 tonnes of oil from HPS

22.09.2009, 07.43

NOVOSIBIRSK, September 22 (Itar-Tass) - About 600 tonnes of varous effluents containing petroleum products, collected after the August 17 breakdown at the Sayano-Shushenskoye hydropower station, are to be brought to Tomsk region for reprocessing and dumping. Another 100 tonnes are to be brounght there in the coming days, an official at the regional department of natural resources and environmental protection told Itar-Tass onTuesday.

The official specified that the bulk of the effluents would be recycled while the lesser part, which is not subject to reprocessing -- petroleum products mixed with sand -- will be buried at a dumping ground for toxic waste.

Yulia Chibisova, state inspector at the regional committee on environmental safety of the urbanised territories, said, "About 500 tonnes ofwater-and-oil emulsion will be reprocessed. Following separation from water, the oil will be reprocessed at special installations of the Tomskavtosport firm into secondary lubricants".

Chibisova said about 60 tonnes of oil separated from the water-and-oil emulsion, brought from the HPS, have already been reprocessed.

"The entire process of the delivery, reprocessing and dumping of waste is being monitored by specialists of the Tomsk Region department of natural resources and environmental protection," Chibisova emphasized.

Over 40 tonnes of machine oil spilled out as a result of the breakdown at the HPS.

BNE: Russia's car output down by nearly two thirds this year

September 22, 2009

Russia output of cars has tumbled by 61.7% on the year as of the end of August, the Russian Statistics Service said on Monday, reports Prime Tass.

Russia's truck output fell most, down by 71.6% on the year.

Car output fell by 62.6%.

Bus output fell by 59.2%.

Communal services vehicles fell 60.3%.

Trailers and semi-trailers fell 65.9%.

RT: Government housing focus turns to longer term supply

22 September, 2009, 09:38

The news that the government is prepared to back loans made to property group PIK is helping to underpin the shaky real estate market, with analysts saying the governments move is focused on longer term housing supply.

David Ferguson, Real Estate analyst at Renaissance Investment Management, believes the moves comes as focus turns to longer term supply demand fundamentals in the real estate sector.

“I don’t think it will have a dramatic impact, but it has been done because there’s a shortage of housing in Russia. And by the fact that such huge Russian developers, like PIK, are in financial trouble there is not much buildings activity at the moment, making the supply situation worse. So, by providing financial support , Russia’s Government wants to ensure a major developer can get to normal business as quickly as possible and prevent supply shortage situation from deteriorating more severely.”

Ferguson says that the support isn’t a case of boosting current supply, with current sales volumes well down, but he believes that reducing construction now could lead to supply issues in the medium to longer term.

“At the moment the demand is very low, with transaction volumes in the 2Q by a third lower than in the same period in 2008, and that’s despite the prices falling by over 30% in US Dollar terms. The reason the Government provides such support isn’t because PIK can’t meet demand now. It may recover next year or in 2011, and that’s when the supply imbalance would kick in.”

Rustam Botashev, Senior analyst at UniCredit Securities believes the move diminishes the scope for a sharp slump in prices, although given the drying up of mortgages he is expecting prices to ease further.

“Well, this just means, that there’s no question of PIK’s bankruptcy, thus there won’t be a sell off of real estate and the prices for housing won’t fall off the cliff. Actually, today there’s virtually no demand from end consumers, as mortgage has almost ceased to exist, high unemployment is there and those employed suffer lowering salaries. So, I think, the prices will keep on going down, though not that sharply.”

Renaissance’s Ferguson also sees some further downside in prices, but believes that a rebound is potentially not far away.

“Well, the prices for housing are probably close to the bottom. So, they’re continuing to fall each month and they’re not at the bottom yet, but the rate of decline has slowed a lot and is starting to level out. So, assuming the signs of recovery could become true, it would be reasonable to think of prices bottoming out over the next 6 to 12 months and not falling that much further than we are today.”

Also expecting to see the bottom within coming months is Aleksandr Pypin, Head of analysis centre, Speaking with RT Business he said now was the time for buyers to come back to the market, with prices unlikely to drop much further.

"Waiting for a further lowering of prices, in my opinion , is unwise. Prices may go down 2-3%, and it’s not worth putting aside the full life of your family.It would make sense half a year, a year ago, when prices were going down 10 % each month, but now we don’t see that.”

Activity in the Oil and Gas sector (including regulatory)

Reuters: TNK-BP chief to be chosen by year-end –Ifax
09.21.09, 03:10 PM EDT

MOSCOW, Sept 21 (Reuters) - The new chief executive officer of TNK-BP, Russia's third-largest oil producer, will be decided by the end of the year, major shareholder and billionaire Viktor Vekselberg told Interfax on Monday.

Vekselberg, one of four Russia-connected tycoons who split TNK-BP ( BP - news - people )'s ownership 50-50 with BP Plc, added there are currently no new candidates for the post, the news agency quoted him as saying in the Swiss capital Berne.

Billionaire Mikhail Fridman agreed in May to serve as interim CEO of TNK-BP after BP-backed Robert Dudley left Russia as part of a resolution to a shareholders' battle at the group, which produces about a quarter of BP's global output.

(Reporting by Amie Ferris-Rotman; Editing by David Holmes) Keywords: TNKBP/CEO

(, +7 495 775 12 42, Reuters Messaging:

Cbonds: EBRD providing Vostok Energy Limited financing package worth $100m
22.09.2009 - Cbonds

supports independent oil and gas producer in Russia

$100 million to cut gas flaring and to further develop the Bortovoye license area

The EBRD is supporting Vostok Energy Limited (“Vostok”), an independent oil and gas company, in its drive to become a leading privately-owned developer of natural gas reserves in the Saratov region in southern Russia.

Through its wholly-owned subsidiary, Diall Alliance llc., Vostok owns the license for exploration and development of the Bortovoye license area near Saratov, with proven and probable reserves of 19 billion cubic meters of gas and 2.2 million tons of condensate based on the current independent engineer’s reserve report.

The EBRD is providing Vostok a financing package worth $100 million to finance the company’s investment in the further development of the western part of the Bortovoye license field.

The project will fund the launch of a gas processing plant near the Karpenskoe field in the Bortovoye license area and the construction of the supporting infrastructure necessary to connect the plant to the Gazprom pipeline system. The plant will enable Vostok to fully eliminate gas flaring at western part of its gas fields.

In addition the EBRD funds will be used to complete 15 gas wells in the Karpenskoye field, including drilling of four new wells.

The Bank’s financing package includes an equity investment of up to $40 million, purchasing a 7 per cent stake of the company, and a $60 million convertible loan. The EBRD will also take a seat on the board of Vostok, which will allow the Bank to be involved in decision making process and corporate governance.

“By supporting a private player in the highly consolidated oil and gas industry in Russia, the EBRD is boosting competition in this sector, while promoting environmentally sound development of oil and gas resources,” said Kevin Bortz, EBRD Director for Natural Resources.

“We are pleased to be partnering with the EBRD in this project. Vostok has committed significant resources to developing our high potential Bortovoye license and the EBRD financing comes at an important time providing funds for the completion of our gas processing facility and ongoing development of the license” said Charles Jamieson, Chairman of Vostok.

To date the EBRD has invested over €2 billion in the Russian oil and gas and power sectors. The Bank’s total commitments to the Russian economy exceed €11.5 billion.

Industrialinfo: Siemens Energy Secures $132 Million Equipment Supply Contract for Rosneft's Tuapse Refinery Expansion

GALWAY, IRELAND--September 22, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--Siemens Energy (Erlangen, Germany), a subsidiary of Siemens AG (NYSE:SI) (Munich, Germany), recently secured an order valued at $132 million from OOO RN-Tuapsinskiy NPZ, a subsidiary of NK Rosneft OAO (LSE:ROSN) (Moscow, Russia), for the supply of six industrial gas turbines and generators for generation of steam and electricity as part of the expansion of Rosneft's Tuapse refinery on the Black Sea coast in the Krasnodar territory of southern Russia.

SEPTEMBER 22, 2009, 2:16 A.M. ET

WSJ: Integra Raises $95 Mln From Share Sale >INTE.LN

MOSCOW (Dow Jones)--Russian oil field services company Integra Group (INTE.LN) Tuesday said it has raised $95 million from an oversubscribed share issue announced Monday.

Integra offered 1.9 million new shares in form of 38 million Global Depository Receipts with an offer price of $2.5 per GDR.

70% of the proceeds from the offering, which represents approximately 21% of the company's outstanding share capital, will be used to repay part of a $250 million syndicated loan organized by the European Bank for Reconstruction and Development, Integra said.

The remaining 30% will primarily be used for capital expenditure and general corporate purposes.

ABN AMRO Bank NV's London branch, Alfa Capital Holdings Limited's London branch and Morgan Stanley & Co. International PLC are acting as joint bookrunners for the offering. ING Bank's London branch is acting as joint lead manager in relation to the offering.

Company Web site:

PetroNeft Fully Funded to Reach Year-Round Production in 3Q 2010
PetroNeft Resources plc 9/21/2009

PetroNeft, the owner and operator of License 61, Tomsk Oblast, Russian Federation, has agreed the terms of a conditional placing of 120,640,209 new Ordinary Shares at Stg£0.14 (€0.155) per Ordinary Share (the "Placing Shares"), raising gross proceeds of approximately US $27.5 million ("the Placing").

The net proceeds of the Placing will be applied to pipeline and related infrastructural expenditure, field facilities, drilling of production wells and general corporate overhead. The Company's field development programme is targeting commercial oil production commencing in Q3 2010. The first phase of the development program will focus on the Lineynoye oil fields, with 9 new production wells planned for 2010 to complement the two existing wells, construction of a 70 km pipeline and associated field infrastructure development. The Company has already acquired over 90% of the pipe required and this has been in storage at a river port to the north of License 61. This pipe will now be available for the construction of the new export pipeline to the Imperial Energy facilities at the Kiev-Eganskoye field during the 2009/10 winter season.

Mobilization of a production drilling rig and field facilities is expected to commence early in 2010 and development drilling is scheduled to commence in April 2010. Oil production is currently forecasted to commence during the third quarter and reach approximately 4,000 barrels of oil per day ("bopd") by the end of 2010. Peak production from the first phase of the development program is forecast to reach 12,000 bopd in 2012. Additional phases will consist of existing and new fields discovered to the south, including the Kondrashevskoye and Tungolskoye oil fields, which will be developed incrementally in order to optimize the overall economics of License 61.

The Placing is being executed in two tranches and has been arranged by Joint Bookrunners Davy, Canaccord Adams and Renaissance Capital. The first tranche of the Placing consists of a conditional placing of 22,922,303 Ordinary Shares (the "'First Tranche Placing Shares") which is conditional, inter alia, on admission of such Ordinary Shares to trading on the AIM Market of the London Stock Exchange ("AIM") and the IEX Market of the Irish Stock Exchange ("IEX"). The second tranche of the Placing consists of a conditional placing of 97,717,906 Ordinary Shares which is conditional, inter alia, on admission of such Ordinary Shares to trading on AIM and IEX and upon receiving shareholder approval to complete the Second Tranche Placing at an extraordinary general meeting of the Company to be held on October 15, 2009 ("EGM"). A circular to convene such an EGM will be sent to shareholders shortly.

Application will be made to the London Stock Exchange and the Irish Stock Exchange for the First Tranche Placing Shares to be admitted to trading on AIM and IEX, with Admission of the First Tranche Placing Shares expected to occur on September 24, 2009. Application will also be made for the Admission of the Second Tranche Placing Shares to trading on AIM and IEX, with admission of the Second Tranche Placing Shares expected on October 16, 2009, subject to the approval of the Second Tranche by the Company's shareholders at the EGM. The Placing Shares will, when issued, rank pari passu in all respects with the Existing Ordinary Shares including the right to receive dividends and other distributions declared following Admission.

Dennis Francis, Chief Executive Officer of PetroNeft Resources plc commented, "We are delighted with the outcome of the Placing and the high level of support received from new and existing shareholders demonstrating the market's confidence in the Company and its strategy. The commencement of year-round production will represent a major milestone for PetroNeft and is an excellent base from which we can take advantage of the opportunities available to us in the region and further develop and expand our exciting portfolio of assets."

Oli & Gas Eurasia: 3 Russian Universities Will Join To Support Oil&Gas Projects

Leading Russian oil and gas universities will jointly train specialists for oil and gas companies in Russia. Through joining their efforts by 2018 the Tyumen State Oil and Gas University, the Ufa State Oil technical University, and the Ukhta State Technical University will completely satisfy subsoil users' staff demands.

The Tyumen University will become the centre for the establishment and introduction of technologies ensuring successful development of new oilfields. It is also planned to establish twelve science and education centres.

The Tyumen University informed RusBusinessNews that due to the development of the permafrost territories the conditions for oil and gas extraction are getting harder every year. The majority of geotechnical systems failures is happening doe to the negative impact by permafrost formations. Exploration, production, and transportation of hydrocarbons and water in the Northern latitudes and in permafrost areas is a technological challenge not only for Russian, but for multinational companies as well.


UPI: Gazprom, Shell discuss LNG at Sakhalin
Published: Sept. 21, 2009 at 12:50 PM

MOSCOW, Sept. 21 (UPI) -- The newly appointed head of Royal Dutch Shell met with a delegation from Russian gas monopoly Gazprom to discuss liquefied natural gas developments.

Alexei Miller, the chief executive at Gazprom, met with Shell's Peter Voser to discuss progress at the Sakhalin-2 project.

Voser took the reins at Royal Dutch Shell in July.

Gazprom and Shell signed a 20-year deal on gas pipeline development and liquefied natural gas purchases from Sakhalin facilities in April. That deal followed the first LNG shipments from Sakhalin-2 to Asian markets.

Both parties lauded the successful launch of the project, noting its production rate for 2009 was more than initially projected.

Miller and Voser agreed to move forward with plans to develop a working group to discuss development at the Sakhalin facility and corresponding resource fields.

Sakhalin-2 will reach its nominal capacity of more than 9 million tons of LNG per year by 2010.
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