Russia plans to switch from a flat rate of tax on natural gas producers to a formula that takes into account energy prices and the difficulty of extracting the fuel, according to a draft released today.
OAO Surgutneftegas, Russia’s third- largest oil producer, reported it has 921 billion rubles ($29.7 billion) of cash and deposits in its first results under international standards in more than a decade.
Russia’s fourth-largest oil producer pumps more crude than the U.K., employs 100,000 people and trades on stock exchanges in Moscow, London and New York. What’s not disclosed is how much cash OAO Surgutneftegas holds and the identity of its biggest shareholders.
CA Cheuvreux, the equity brokerage unit of Credit Agricole SA , is scaling back operations in emerging Europe, the Middle East and Africa after the regional heads of its research and sales teams left the company, said two people with knowledge of the decision.
President Vladimir Putin retained key ministers in Prime Minister Dmitry Medvedev’s new Cabinet, keeping control over the levers of power during what he called a challenging time for the global economy.
OAO Gazprom, the world’s biggest gas producer, gained the most in almost seven weeks after saying it may double its dividend payout for 2011 to a record and cut planned investments for next year by 39 percent.
TNK-BP fell as Citigroup Inc. called the stock “high risk” on expectations of increased volatility after BP Plc said it will pursue a sale of its 50 percent stake in Russia’s third-largest oil producer.