MOSCOW - TMK Steel Limited (Cyprus) has become the owner of 51% of the shares of ZAO TMK , according to a TMK press release. The company explained that the consolidation of the share package is one of the stages of the program to transform ZAO TMK into an open joint-stock company. "The transition of TMK from ZAO to OAO will take place no earlier than 2005," the source specified. (INTERFAX).

MOSCOW - The Ministry of Economic Development expects that the issue of the mechanism for creating wholesale generating companies (OGK) in the electric power industry will be resolved by the end of 2003. This was reported by the First Deputy Minister of Economic Development Andrei Sharonov. The Ministry of Economic Development plans to determine its position on OGK by the next meeting of the RAO UES board of directors, which will take place on December 26. Sharonov reported that the RAO board considered the options for holding auctions for OGK proposed by consultants and chose two as the most likely. (PRIME-TASS).

MOSCOW - The Kaskol Group of Companies and Airbus announced their intention to conclude the first contract on December 19 in Moscow for the production of components for Airbus aircraft at the facilities of one of the Russian plants. The companies' statement said that the contract will be signed between the European aircraft manufacturing corporation and the Nizhny Novgorod aircraft plant Sokol, which is part of Kaskol. (INTERFAX).

MOSCOW - At a meeting on December 17, the Federal Securities Commission suspended the additional issue of shares of the company ZAO YUKOS-Mamontovo, the commission said in a statement. This decision was made in connection with the need to verify the company's compliance with the requirements for notifying creditors about the reorganization of joint-stock companies participating in the merger. The 100% subsidiary of NK YUKOS - YUKOS-Mamontovo - plans to increase its authorized capital by 3.3 times to 9.952 billion rubles and merge several subsidiaries of YUKOS. (AK&M).

VLADIVOSTOK - The Finance Ministry may pay off Kamchatskenergo's debt to the Swiss company Woodbridge Trading Ltd in exchange for shares in the energy company, said Viktor Myasnik, CEO of the Far Eastern Energy Management Company (DVEUK, which manages Kamchatskenergo). According to him, the Finance Ministry may receive 48-50% of Kamchatskenergo's shares after an additional issue. Woodbridge acquired Kamchatskenergo's debts to foreign suppliers of oil products in 1996-1998. After the 1998 default, Kamchatskenergo was unable to fully pay off its partners; the energy company's debt amounted to $85.9 million. Now Woodbridge insists on collecting the principal debt and fines in the amount of $108 million. 49% of Kamchatskenergo's shares belong to RAO UES. (INTERFAX).

MOSCOW - The Ministry of Economic Development proposes to transfer the authority to make decisions on dividend payments from shareholders' meetings to the boards of directors of companies. This was announced by First Deputy Minister of Economic Development Andrei Sharonov. According to him, the shareholders' meeting should retain only the authority to recommend the maximum and minimum amount of dividend payments. (PRIME-TASS).

According to the Ministry of Economic Development, Russia's GDP grew by 6.8% in January-November 2003, said Deputy Minister Arkady Dvorkovich. According to him, in November, seasonally adjusted, GDP increased by 0.2% compared to October. Over the 11 months of 2002, GDP grew by 4.2% compared to the same period in 2001. Industrial production also grew by 6.8% in January-November 2003. According to the Ministry of Economic Development's forecast, GDP will grow by 6.6% in 2003. (INTERFAX).

US President George W. Bush told ABC News that former Iraqi President Saddam Hussein deserves "the ultimate punishment... for what he did to his people." Bush said Hussein, who is currently being held by US troops somewhere near Baghdad, should be tried in Iraq. Meanwhile, UN Secretary General Kofi Annan said Hussein should not be sentenced to death.

Bush - for "capital punishment" for Hussein