Rosneft Cancels Sale of Dollar-Denominated Bonds, Bankers Organizing Say

(Bloomberg) -- OAO Rosneft, Russia's biggest oil
producer, canceled its plan to sell dollar-denominated bonds,
according to bankers organizing the offering who asked not to be
identified because the decision hasn't been publicly disclosed.

Moscow-based Rosneft had hired ABN Amro Holding NV,
Barclays Capital, Citigroup Inc. and Morgan Stanley to arrange
the sale, according to an e-mailed statement sent by Morgan
Stanley on July 4. BNP Paribas SA, Calyon, JPMorgan Chase & Co.
and Goldman Sachs Group Inc. were also organizing the sale.


Read more at Bloomberg Bonds News

Chavez Wants Producers to Cooperate to Keep Oil Prices Above $60 a Barrel

(Bloomberg) -- Venezuelan President Hugo Chavez told
Russian legislators he wanted oil producers to cooperate to keep
oil prices above $60 a barrel.

``Sixty dollars as a floor,'' he said earlier today to the
Duma in Moscow. ``For a ceiling, as high as it can go.'' The
remarks were shown on Venezuelan state television. He said that
Russia, the world's second-largest oil exporter, cooperated on
supporting the price of oil. Russia isn't a member of OPEC.


Read more at Bloomberg Energy News

Putin Visits Balkans to Bolster Russia's Energy Role in Southeast Europe

(Bloomberg) -- Russian President Vladimir Putin
meets with leaders of the 10 Balkan countries in Croatia today to
bolster Russia's presence in southeast Europe as the region
becomes a hub for energy transport.

Putin will use the summit to help Russian energy companies,
such as OAO Gazprom, set up new partnerships, buy assets and win
contracts in the region, the Russian presidency said in a
statement. Gazprom, Russia's gas-export monopoly, and Eni SpA,
announced yesterday a plan to build a new gas pipeline linking
Russia to the European Union across the Black Sea and through the
Balkans.


Read more at Bloomberg Energy News

UPDATE 1-Russia merges top energy shippers

(Reuters) - "You know that I have signed a decree forming a new company
on the basis of the two existing ones -- Sovcomflot and
Novoship," Putin was quoted by RIA Novosti news agency as
telling Sovcomflot's Director General Sergei Frank.




Russia has been seeking to merge Sovcomflot and Novoship
for several years, in line with the Kremlin's
strategy of enhancing control over the strategic energy sector
by creating mighty state giants.


Read more at Reuters.com Mergers News

Russian Stocks Decline for Third Day, Led by Gazprom, Sberbank Shares

(Bloomberg) -- Russian stocks fell for a third day
as rising bond yields weighed on the market. OAO Gazprom and OAO
Sberbank paced the retreat.

The ruble-denominated Micex Index dropped 0.9 percent to
1573.00 at 2:40 p.m. in Moscow. The dollar-denominated RTS Index
lost 1.1 percent to 1783.45.


Read more at Bloomberg Stocks News

Russian Stocks Decline, Led by Oil Producers After Citigroup Downgrade

(Bloomberg) -- Russian oil stocks retreated, paced
by OAO Lukoil after Citigroup Inc. cut its recommendation and
price estimate on the shares. The brokerage also lowered its
share-price projections for five other Russian oil producers.

The ruble-denominated Micex Index lost 1.1 percent to
1602.9 at 1:12 p.m. in Moscow, as 25 stocks dropped and four
advanced. The dollar-denominated RTS Index slipped 0.3 percent
to 1824.10.


Read more at Bloomberg Emerging Markets News

Russian Oil Stock Price Estimates Cut at Citigroup on Higher Tax and Costs

(Bloomberg) -- Russian oil stocks including OAO
Lukoil are worth less than previously estimated because of high
taxes, rising costs and the possibility the companies will
struggle to pump oil from newer fields, Citigroup Inc. said.

The world's biggest financial-services company cut its price
estimates for six Russian oil companies, including Lukoil, the
country's second-largest oil producer, even as it raised its
projection for crude oil prices, according to a report by
analysts James Neale and Alexander Korneev.


Read more at Bloomberg Stocks News

Russian Stocks Gain, Paced by Norilsk Nickel: World's Biggest Mover

(Bloomberg) -- Russian stocks climbed for the first
time in four days after brokerages recommended buying local
shares, saying the recent slump may be ending. OAO GMK Norilsk
Nickel paced the gains.

The ruble-denominated Micex Index added 2.2 percent to
1549.99 at 4:06 p.m. in Moscow, as 29 of its 30 members
advanced. The dollar-denominated RTS Index increased 2 percent
to 1759.72.


Read more at Bloomberg Stocks News

OMV-Gazprom deal revives fear of Russia

(Reuters) - A deal signed this week between Russia gas monopoly Gazprom and Austria's OMV revived fears Moscow is tightening its stranglehold over its European customers.

For some, however, the leading gas exporter poses no threat and this accord with a transit country strategically located between eastern and western Europe could improve security of supply.


Read more at Reuters Africa

Sugar Rallies in New York as Brazil Harvest Lags, Russian Demand Increases

(Bloomberg) -- Sugar in New York rose the most since
December on speculation that harvest delays in Brazil, the
biggest producer, and increasing demand from Russia are leading
to near-term tight supplies.

Rain and storms may disrupt the harvest in Sao Paulo, the
largest sugarcane grower in Brazil, according to Meteorlogix LLC
in Woburn, Massachusetts. Raw-sugar demand in Russia, the biggest
importer, rose as the domestic white sugar price jumped. Parts of
Ukraine and Russia have experienced drier-than-normal weather
since April, increasing stress to crops, Meteorlogix said.


Read more at Bloomberg Commodities News

Russian Indexes Drop Amid Political Concern, IPOs: World's Biggest Mover

(Bloomberg) -- Russian stocks fell after the country
said it won't extradite a murder suspect to Britain, raising
concern that increasing political tensions will discourage
foreign investment.

OAO Gazprom and OAO Unified Energy System led today's
decline. Russia's equity market has also been hurt as initial
public offerings drained investors' cash, according to traders.


Read more at Bloomberg Stocks News