Word: rosneft
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...deals with Brazil and China highlight Beijing's ability to use loans a means of securing energy supplies. In mid-February, Beijing negotiated a $10-billion loan to Brazil's state-owned oil company Perobras, as well as a $25-billion loan to Russia's state-run oil company Rosneft. Both companies' revenues have plummeted in recent months as crude oil prices fell by more than two-thirds. China offered large cash amounts in a tight credit market, but rather than require that the loans be serviced and repaid in cash, Brazil and Russia will repay the loans in crude...
...billion as the state has been forced to spend to bail out state-run banks and prevent abrupt devaluation of the weakening ruble. There is no telling if the policy has worked, though, and there's worse to come: major state-run corporations such as Gazprom and Rosneft, as well as Russia's regional governments, have accumulated debts amounting to some $448 billion that can't be paid without the help of the federal government. Deputy Prime Minister Igor Sechin has just called for another $100 billion to bail out major companies, which can expect to jump ahead...
...announced that Russia would lend Venezuela over a billion dollars to fund purchases of Russian weaponry in the next few years, which complements the joint naval and air exercises agreed upon this summer. Moreover, the two countries signed deals that allow Kremlin-controlled energy behemoths Gazprom and Rosneft to invest in Venezuela, less than two years after Chavez nationalized all assets from European and American companies in the country...
...Business even wants the government to reduce the required two months' severance pay for laid-off workers to a single month. Meanwhile, in the past two months, Russia's hard currency reserves have plummeted $51 billion down to $546 billion. Putin has just given another $50 billion to Gazprom, Rosneft, Lukoil and other energy conglomerates to pay their accrued foreign debts by the end of this year. Russian companies and banks are to pay yet another $115.7 billion by the end of 2009. Furthermore, Moscow will have to pick up the tab for debts accrued by regional governments...
...headaches caused by Sarbox, as it is sometimes called, have worked to London's benefit. From Russian Big Oil (Rosneft) to a Peruvian silver mining group (Hochschild), international businesses together raised $19.6 billion on London's exchanges last year. The number of international firms on the lse's Alternative Investment Market (aim) - the lightly regulated bourse for small-cap companies - has doubled in the past two years to more than 300 (prompting accusations from the n.y.s.e. that aim lacks rigorous enough standards; the lse said the claims appeared "to indicate a misunderstanding about the operation and regulation...