Russia’s 49% shareholding in the Mongolian joint venture Erdenet, which produces 25 million tons of ore every year, may be “transferred” to Gazprombank. Shareholders of Sibur Holding, Gazprom’s petrochemical unit, approved a plan to raise $10.1 billion in bonds and loans. Evraz Group, part-owned by Roman Abramovich, has abandoned plans to merge two Siberian coal miners in a deal that would have created the world’s No. 3 producer of coking coal. Egypt and Russia have drafted a nuclear energy deal, which could be signed next week in Moscow, to allow Russia to take part in the tender to build nuclear reactors in Egypt.
It is being reported that Ukraine‘s government has made changes to a natural gas agreement with Russia, insisting that RosUrkEnergy, a middleman company, be removed from the trade. Ukraine has been insisting on this provision for months.As detailed by RA, police have raided the Moscow offices of BP. The Russian ministry of interior is investigating the company in relation to a criminal case related to Sidanko, an oil company that merged with TNK-BP when BP bought into the venture in 2003.WORLD ENERGYConcern that a US-led global slowdown economy will reduce demand for raw materials has caused the major stocks of BHP Billiton, Anglo American and Rio Tinto to fall in London after commodity prices dropped.