chronicle

Venezuela does not recognize Iraqi delegation in Vienna

The Venezuelan authorities announced that they will not recognize the Iraqi delegation at the meeting of OPEC oil ministers, which will take place on July 31 in Vienna, AP reports. According to Caracas, Iraqi representatives cannot attend the OPEC meeting. "Perhaps some Arab countries will be able to meet with them informally," said Venezuelan Energy and Mining Minister Rafael Ramirez. According to him, no Iraqi representative will be able to participate in OPEC meetings until an internationally recognized government begins to operate in the country. He also added that Venezuela, which ranks fifth in the world in oil production, will not sign any agreement with the new Iraqi leaders. Meanwhile, as ITAR-TASS reports, the Iraqi State Pipeline Company (SOMO) has concluded new agreements for the export of Iraqi oil with American, European, Chinese and Japanese concerns. The contract period is set for the period from August 1 to December 31 of the current year. The right to export oil under these agreements is granted to Shell, British Petroleum, TotalFinaElf, ChevronTexaco, ConocoPhillips, Valero Energy, Marathon Oil and a division of the Japanese corporation Mitsubishi.

LUKOIL acquired an American flotilla General Maritime Corporation and LUKOIL entered into a contract for the charter of tankers of an American transport company for the transportation of oil from the ports of the Black and Mediterranean Seas. As INTERFAX-ANI reports, General Maritime Corporation received the preemptive right to load LUKOIL oil in the ports of Novorossiysk (Russian Federation), Ceyhan (Turkey) and Supsa (Georgia). The American company plans to use a flotilla of 19 tankers for these transportations. It is the world's second largest medium-duty tanker operator.

Kazakhstan is speeding up the construction of a railway bypassing Russia The Ministry of Transport of Kazakhstan is speeding up the construction of the Altynsarino-Khromtau railway line bypassing Russia, Vice Minister of Transport and Communications Nurzhan Baidauletov, who is in charge of this project for the ministry, said in Astana. According to him, completion of the main stage of construction (docking) is scheduled for December next year, that is, almost a year earlier than previously planned. Contractors Zheldorstroy and Kazavtostroy, moving towards each other from Aktobe and Kustanai, will connect rail-sleeper grids with a total length of 403 km. In general, communications between the northern and western regions of the republic will be reduced by approximately 1.5 thousand km, while Kazakh goods will be able to bypass the long and expensive transit through Russia, RBC reports.

MTS has completed the consolidation of shares of the Ukrainian operator Mobile Telesystems (MTS) announced that the meeting of participants of the Ukrainian Mobile Communications (UMS) company, held on July 25, approved the transfer of a 16.3% stake in UMS to MTS. UMS must submit the required documents to the registration authorities of Ukraine next week for registration, after which MTS becomes the owner of the participation interest. As RBC reports, the company is acquiring 16.3% in UMS for $91.7 million from the Danish company TDC in accordance with an option agreement signed in November 2002. If the transaction is completed, MTS's share in UMS will increase to 100% (MTS will own 99% of participation shares in UMS directly and 1% of participation shares through its 100 percent subsidiary PTT Telecom Kyiv). The total amount paid by MTS for the Ukrainian operator will be $374.9 million.

SUN Interbrew bought Yantar The brewing holding SUN Interbrew bought a 41% stake in the Yantar brewery (Nikolaev), increasing its share in the authorized capital of the plant to 97.5%. According to AK&M, the holding bought shares from the investment fund INVESCO Asset Management. According to SUN Interbrew Chief Executive Officer Joseph V. Strella, “the company’s increased share in the enterprise indicates that its management believes in the continued stable economic development of Ukraine and is positive about the prospects for the beer market in the country.”

Fenosa projects went to the Italians The Italian oil and gas concern ENI has completed the process of purchasing a 50 percent stake in the Spanish company Union Fenosa Gas, RBC reports. The transaction value is estimated at $502.5 million. As a result of the purchase, Fenosa's debt to ENI Corporation in the amount of $692.5 million was written off. The new board of directors included five representatives from each company. As a result of the completion of the transaction, ENI automatically becomes a participant in long-term projects previously owned by Spain's Union Fenosa Gas, such as the supply of gas to Oman and Egypt, as well as the construction of a gas terminal in Damietta (Egypt).