The joint stock company Baltic Petroleum set up by the British concern British
Petroleum, the Baltic Shipping company, the association Permnefteorgsintez and the joint
stock company Neftenalivnoy zavod hold its presentation and the first meeting of its
founders on Feb. 10 in St.Petersburg. Baltic Petroleum is going to build a motor oil
factory according to the technology of British Petroleum - the world leader in the motor
oil production. Construction of the motor oil factory in St.Petersburg is the first
project of this kind. Baltic Petroleum was registered as a joint stock company with the
authorized capital of US $ 500,000 in late 1992. British Petroleum owns 52% of the capital
while Russian founders own 16% each. The factory which is going to be built on the
territories of the Baltic shipping company and the oil port of St.Petersburg has 40,000
metric tons per year planned capacity. Mr. Jim White, manager of British Petroleum, was
appointed the Chairman of the Directors Board.
Gasprom has signed a contract worth US $50 mln with the US company Compressor Controls
on purchasing control equipment which will make it possible to raise efficiency of
Gasprom's pipelines and gas processing stations. The contract is for over 7 years. Gasprom
experts say the new equipment will save 10-15 bn cubic meters of gas per year which are
now lost due to inefficient equipment.
Hewlett Packard has signed an agreement with the Moscow company Steepler. According to
the agreement Steepler is going to be the exclusive distributor of new powerful computers
HP Apollo 9000 series 700 on the Russian market.
Rb 1,5 bn was invested in the reconstruction of the Pulkovo airport in 1992. The
international airport Pulkovo-2 is going to be put into operation in June 1993. A 2600
meter long runway will be put into operation in 1993. The air company Pulkovo and the
large Austrian hotel company GHB have started building a 600 room hotel and a business
center on the territory of Pulkovo-2.The project is worth US $ 250-300 mln. US 70-80 mln
will be spent at the 1st stage of construction works which will take 2 years. Several
stores and movie- houses are also going to be built there.
The Russian- British joint stock company Peterstar started its official work in
St.Petersburg in Jan 1993. The company set up a telephone network of its own. The main
difference of the new telephone system from the municipal one is that the former provides
its clients with telephone communication service of higher level. Peterstar is going to
set up a digital telephone network within the city limits.
The St.Petersburg air company Pulkovo is going to set up a joint air company with a
large foreign partner. Representatives of the world largest air company Boeing are
participating in devising the new project. Feb. 10 was the last day of the visit of a
group of Boeing experts headed by Kostya Zolotusky, Director of the European bureau, to
St.Petersburg. Boeing company got interested in selling or renting its air planes. Boeing
representatives offered three Boeing 737-400 and three Boeing 767 airplanes for
exploitation on Russian air lines. Boeing 767 air planes are planned to be employed for
long distance flights and flights to European countries.
An agreement on establishing a joint stock company Taganrogsky Petrovsky port was signed on Feb. 10 in Taganrog. The authorized capital of the company will be over Rb 1,5 bn. The company has been set up to carry out the project of constructing a new commercial port which will require US $ 4 bn of investments. Together with the oldest sea port in the Southern Russia which was founded by Peter 1 in 1698 the new port will make a sea enterprise of large capacity. The cost of the construction of the new port is estimated to be US $ 4 bn. According to calculations of the Russian academy of foreign trade the flow of goods through the new commercial port of Taganrog will be 20 mln metric tons by 1995.
____________rate (Rb/$) ________turnover (mln $)
Feb 4 __________572 ______________46.51
Feb 9 __________561 ______________55.63
Feb 11 _________560 ______________60.76
_____________________Feb 10_____________Feb 12
MOSCOW:
Avtobank____________ 640/680____________ 630/670
Menatep _____________600/660 ____________600/660
Inkombank ___________645/690____________ 630/690
Kredobank ___________630/680 ____________620/660
Rossiyski kredit _______590/650____________ 590/650
Stolichniy ____________620/682_______________-
Centrokredit ____________-__________________ -
Black market _________620/685_____________ 615/670
ST.PETERSBURG:
Promstroybank ________660/726____________ 650/695
Russkobank___________615/- ______________615/665
Black market_________ 660/700 ____________620/665
(*) rate of purchase/rate of sale,
- no information is available
The month of ____Price at the ______The price at the __The number of the contract
the contracts_____moment of the ____moment _________________signed
execution_______ end of the________of the end of the
_______________previous auction__ auction
February 1993______ 773 ___________773 ______________________-
($10, $50, $100)
March 1993($100)___ 949___________ 895_____________________ 5
April 1993($100) ___1069___________ 944____________________ 13
May 1993($100) ____1260__________ 1197_____________________ 2
______________________Credits ____________________Deposits
_______________Jan 26-31 __Feb 1-8 ______________Jan 26-31__ Feb 1-8
Menatep _______140-150___ 145-150_______________ 65-85_____ 85-110
Inkombank _______140_______ 145__________________ 80 ______70-100
Kredobank _______135_______ 137 __________________- _________75
Stolichny -________- __________- ___________________- _________90
Toribank ________154 _______158 __________________86________ 86
_________________________Feb 2______________Feb 12
Latvian Roublis ________0.294/0.22-0.33 _______0.294/0.22-0.33
Lithuanian coupon______ 0.74/0.53-0.7 _________0.74/0.55-0.70
Estonian Crona_________ -/0.0179-0.0227 ______-/0.0185-0.0227
Ukranian Karbovanets ___1.689/2.5-3.3 _________1.689/2.5-3.5
________________________Feb 2 _______________Feb 12
Yekaterinburg________ 643-680/697-750 _____608-627/679-698
Khabarovsk _____________643/770_____________680/750
Minsk ________________720/750___________ 640-668/700-735
Kiev(*) _______________1800-2000/-_______ 1800-2000/2050-2100
Yerevan________________ 600/620 _____________610/670
Tashkent ________________572/600 _____________681/715
(*) in Ukranian Karbovanets
________Issuer ______Share rate (Rb thous.)/Nominal value (Rb thous.)
___________________________Feb 2________Feb 12
Avtovazbank________________ 2-2.1/1________ 2/1
Bank Sankt Peterburg__________ 2.3/1 _______2.4-2.5/1
Bank Delovaya Rossiya______ 0.012/0.01 ____0.012/0.01
RINAKO___________________ 0.55/1________ 0.55/1
Toribank____________________ 7.7/5_________7.7/5
_______Issuer_______ Share rate (Rb thous.)/Nominal value (Rb thous.)
___________________________Feb 2 ________Feb .12
Avtovazbank________________ 2.812/1 _______2.158/1
Vitabank ____________________1.4/1__________ 1.4/1
Vostochny port _______________9/1____________ 9/1
Inkombank __________________24/10 _________24/10
Kamaz ______________________2/0.1_________ 0.7/0.1
Metal exchange______________ 300/100 _______300/100
Moscow stock exchange _______3500/500 ______3500/500
Permavia___________________ 0.85/0.25______0.78/0.25
Promstroybank_________________ 2/1 ___________2.1/1
RINAKO____________________ 0.65/1_________ 0.49/1
Russian commodity and
raw material exchange ________2200/100 _______2200/100
St.Petersburg stock exchange ____750/250 _______750/250
Russian Savings Bank___________ 58/50________ 58/50
Tulachermet __________________3.5/1__________ 3.5/1
Frezer ______________________160/100 _______165/100
US $ 2862 mln was sold by Moscow and St.Petersburg currency markets in 1992 and the
total volume of the Central bank's currency interventions amounted to US $ 1055 mln, Mr.
Potyomkin, Director of the Department of international operations of the Russian Central
Bank, said at his press- conference.
Results of the first DM auction held by the Moscow currency market on Feb.10 were as
follows: the DM rate was DM 1 per Rb 337,5 and the exchange turnover amounted to DM
1,980,000. The DM rate calculated by the Central bank throuth US $ is DM 1 per Rb337,55.
18 banks participated in the DM auction.
The State Investment corporation set up according to the President's decree - makes examinations and selections by means of contests and carries out investment projects at the expense of centralized capital investments allocated by the Government, credits of the Central bank, borrowed finances and internal funds taking into account economic efficiency of the projects and priorities of federal and regional investment programs; - acts as a guarantor towards foreign and domestic investors; participates in developing federal, regional and other programs and projects concerning issues within its competence; - provides training courses for specialists who are going to carry out investment programs and projects; - the State shall invest in the authorized fund as well as properly worth US $ 1 bn to be used as pledge to provide financial guarantees to foreign investors.
330,5 metric tons of gold was mined in Yakutia in 1992. The gold output reduction was
7,6 per cent as compared to the 1991 level, which is the lowest reduction index among
basic industries of Yakutia. The gold output reduction rate has been falling since July
1992.
The amount of oil pumped by Russia may fall by 50 mln metric tons from 400 to 350 mln
metric tons - in 1993, said Alexandr Shokhin, Deputy Chairman of the Russian Council of
Ministers. He emphasized that two oil processing plants have been already halted and
several plants more maybe halted soon. Under these conditions Russia has to reduce energy
supplies to the ex-USSR republics.
1,5 mln blue fox skins and 11-12 mln mink skins are manufactured by Russia and CIS
countries annually. In Dec. 1992 average world market prices for fur were as follows: US $
30-35 per one blue fox skin and US $ 1-14 per one mink skin. The world fur market prices
depend on the quality and the color of the fur as well as on what it is going to be used
for. In Dec. 1992 fur prices on the Russian market were slightly higher than world market
prices (if the US $ price is converted into the Rb price according to the Dec. exchange
rate). Russian prices ranged Rb from 15000 to 25000 for one blue fox skin and Rb from
10000 to 12000 for one mink skin. The main exporter of Russian furs is the state
enterprise "Foreign trade association Novoexport" which includes the company
Soyuzpushnina. Besides "Novoexport" a number of private Moscow companies are
engaged in the fur business.
Prices for staple food stuffs grew by 5,8 per cent from Jan 26 through Feb 2 and 33 per
cent since Jan 1 1993. The increase of prices for butter, eggs, meat and dairy products
was the largest. Prices for meat products have grown 49 per cent since Jan 1 1993, for
dairy products - 43 per cent, for animal fat - 45 per cent. On Feb 2 the average value of
the basket of 19 staple food stuffs was Rb 5,635 per month which is 39 per cent more than
in Dec 1992.
Dec.5 the joint stock company Orgkomitet hold the 1st in 1993 auction of municipal
apartments. All the 14 apartments located in the new district Mitino that had been put up
for the auction were sold. The average auction price of 1 sq. m of the living space was Rb
288,000 which is 30% higher than prices of Orgkomitet's Dec.1992 auction when the selling
price was Rb 200,000-250,000 per 1 sq m. Two-room apartments (total space 53,5 sq m) were
sold at Rb 15,5-17,5 mln (their asking price was Rb 11,5 mln), three-room apartments
(total space 74,5 sq m) were sold at Rb 22-24 mln (the asking price was Rb 15,5-16 mln).
US $ prices for municipal apartments in new districts have remained on the Dec. 1992 level
- US $ 25,000-27,000 for 2-room apartments and US $ 30,000-32,000 for 3-room apartments.
______________________________________Name of the exchange
Name of the Commodity ___Rossiyskiye metally___ Metal exchange ___Moscow commo-
________________________(Russian metals) ______________________dity exchange
Ferrous metals
Rolled metal sheets up to 1,5 mm ___33.4_____________ 34 ________________37
1,5-3 mm ______________________30 _____________26-32 _____________27-35
Pipes:
Pig iron _______________________25.2 ____________18-27 _______________-
steel__________________________ 37.1 ___________33-55_____________ 34-48
Non-ferrous metals
Refined copper _________________510_____________ 450
Brass _________________________235 _____________175
Bronze________________________235 _____________175
Nickel _______________________1620 _____________1500
Aluminium ____________________290 ______________280
Lead_________________________ 190______________ 160
Zinc __________________________325______________ 350
Tin __________________________1700 _____________1400
Titanium______________________ 400_______________ 300
__________________________Name of the exchange
______________1 __________2 _______3______ 4 ______5
______________________Name of the food stuff
Wheat ________36 _________60_______ -_______ - _____28
Wheat flour____ 42_________ 42______63______40 _____52
Beef _________256 _________-_______ -_______ -____ _297
Butter ________830_________900______-_______0______ -
Milk powder___ - __________380______- _______- ______-
Cooking oil ___225_________ 250 _____170_____ - ______-
Granulated
sugar ________185 _________105______ - ______170____ -
Coffee beans __1.48 ________1.15______- _______- _____1.2
1 - Russian Commodity and Raw Materials Exchange ,
2 - Moscow Commodity Exchange ,
3 - Commodity and Stock Exchange Sankt-Peterburg ,
4 - Rosagrobirzha ,
5 - Moscow International Exchange .
_____Russian commodity ____Moscow Commodity _____Commodity and
_____and raw material_________ Exchange ___________Stock Exchange
_____exchange___________________________________Sankt-Peterburg
Red bricks ____18.1_____________ 17 ____________________6.5
(Rb/one)
Silicate bricks _10.5_____________ 12_____________________ -
(Rb/one)
Cement ______2600 ____________2500___________________ 6423
(Rb/(metric ton)
Window glass_351______________ 380 ____________________261
(Rb/sq.m)
Corrugated
asbestos______94________________87_____________________ -
board
(Rb/sq.m)
According to the Decree the Russian Federation as the state succeeding the Union of the
Soviet Socialist republics shall enjoy all the rights to the real and movable property of
the former USSR located in foreign countries and assume all commitments connected with
using this property.
The Government of Belarus adopted a resolution on prices for oil products being
regulated by the state. Preferential treatment will be granted to enterprises of the
following ministries: The Ministry of agriculture and food, The Ministry of transport, the
Ministry of the power idustry, the Ministry of housing and communal services. Enterprises
of the above ministries as well as will private car owners buy gasoline, diesel fuel and
black oil at the price 1,7 times higher than the old one.
Russian President Boris Yeltsin signed the Decree "On measures to provide state
support to the economic and social development of the Adygheya republic: The Government of
the Adygheya republic has been granted the right to fix rates of the annual quota on
export of products including strategically important kinds of raw materials until 1995.
Export duties on goods exported by enterprises of the Adygheya republic shall come to the
republic's budget. The government of the Russian Federation has been charged with the
responsibility of granting low interest credits for 1993 to provide development of
industrial and farming enterprises and small businesses of Adygheya.
Amendments to "Regulations for licensing the insurance business on the territory
of the Russian Federation" came into force on Feb.10. According to the Amendments the
minimum size of the authorized capital has been increased two times. From now on any
insurance company shall have the authorized capital of minimum Rb 4 mln: Rb 2 mln is for
providing life insurance and Rb 2 mln is for other kinds of activity. In case the company
accepts liabilities worth over Rb 2 mln insurance directions, it shall have the reserve
fund. In order to be given the license the company shall pay the sum equal to 50 minimum
state wages to the federal budget.
The governmental resolution of Jan 28 1993 regulates practical issues of the
application of the Law on entry to and exit from Russia by the Department of visas and
registration of the Internal Affairs Ministry and the consular service of the Foreign
Ministry. The resolution legalizes the division of functions between the two bodies. After
March 1 1993 the Department of visas and registration shall give civil passports to
Russian citizens going abroad irrespective of the aims of their trips while the Foreign
Ministry shall give diplomatic and official passports. Any person who applies for a visa
shall be examined by the Ministry of Internal Affairs and the Security service not before
every trip as it used to be but only once - before being given his foreign passport which
will be valid during five years.
Viktor Chernomyrdin, Chairman of the Council of Ministers, signed the governmental resolution " On the procedure of licensing export and import of war products (services, works) on the territory of the Russian Federation. It was the final step in establishing the new base of the state control over the most efficient export article. The procedure ratified by the government is totally different from the one used for licensing export of non-war products. In order to be given the license for war product export the government's permmission for export is required. The final decision on granting the license is made by the Russian Ministry of foreign economic affairs. Before being submitted to the Ministry of foreign economic affairs applications for export licenses shall be examined by the Ministry of defense industries and the Ministry of defense of Russia. Applications for licenses for export of state property abandoned by the army shall be considered by the State Committee for property. Single licenses are given for one transaction and valid during up to 12 months. General licenses are given for one year, the number of transactions being unlimited. The Ministry of foreign economic affairs shall consider the application within 25 days after it was submitted. The Ministry may cancel the export license on the basis of the resolution of the government or interdepartmental committee for military cooperation which makes final decisions when settling disputes. -
8 enterprises will be put up for the auction:
1 - The joint stock company Sokol
2 - The joint stock company Stroitelny master Byurobin
3 - The joint stock company Sutrik
4 - The joint stock company Presnensky sausage factory
5 - The joint stock company Mosstroy konstruktsiya
6 - The joint stock company Mosteplosetstroy
7 - The joint stock company Shkom
8 - The joint stock company Kombi
_____________1______ 2 ______3 _______4 _______5______ 6 ____7 ____8
The quantity
of stocks ____12443 __2025___ 3666 ____2898 ___13203 ___11713__2154__7878
The nominal
value of one
common stock
(Rb) _______1000 ___1000 ___1000____ 1000___1000 ____1000 ___1000 ___1000
Products __Clothes _Construc_- Under-__ Sau-_ Concrete,_ Building __Furni- _Baking
manu- ____________tion and __ground__ sages _Concrete __enginee-_ ture____goods
factured __________repair ____commu- ______Solutions __ring for
by the____________works____ nication______ systems, ___schools
company ___________________links,________ transport
__________________________tonnels _______services
Volume
of Sales in
1992 prices ______183000 ____66326__ 183000 _1100000_ 485735_ 13464_ 620000
Staff _____979 ____979 _______281 _____121____ 830____ 915 ____162____ 1161
Authorized
capital
(Rb thous.) 31905 _4132_______ 8332 ____7431 __39142 __30033 __4396____ 20200
Size of the
land lot___ 3.2 ____- __________3.2______ - ______18.4 ____- _____2.3 _______-
(hectares)
Share in
other
companies
capital ___No_____No ________No ______- _______No____ - ______No________ -
Non-tangible
assets ___No _____No_________ No_____ - _______No_____-______ No ________-
Financial position on 07.01 1992 (including obligations) Rb thous:
In clearing
account _4176 ___1661 _________287____1661___ 14741 __822 ____4056 ______6356
Trade-
liabilitie 22730__ 8450_________ 14911 __8450 __135841_ 4678 ___318872____ 48090
Debt
receivable
______105197___ No __________26327 __8450 __203372 __2894____ No ________-
Undebtedness
under long-
term credits
______ 494 ______No____________- ______- ______- ______- _______- __________-
1 - Giprosteklo
2 - Elektromontazh-55
3 - Sestroretsk bakery
4 - Smolninsky bakery
5 - Kronshtadtsky bakery
____________1_____________ 2_____________ 3 ___________4 ___________5
The quantity
of stocks ___1087 __________7896 __________1044 ________1479 _________841
The nominal
value of
one common
stock (Rb) __500 ___________1000__________ 500 _________1000 _________500
Products ____Design plans ___low current ____bread, ________bread, ______bread
manu- ______and ____________and __________rolls ________rolls ________rolls
factured ____engineering ____adjustment _______and _______and buns, _____and
by _________specifi- _______works __________buns ____confectionery ____buns
the company _cations
Staff________ 478 __________1353_________ 136__________ 342 _________139
Authorized
capital
(Rb thous.) __1874 _________26320 _________1800 ________5100 _________2900
Size of
the land lot
(hectares)___ 0.18 ___________10.1 __________1.2__________ 0.6___________ 0.74
Share in
other
companies
capital______ No____________ No __________No __________No _____________No
Non-tangible
assets_______ No ____________No__________ -____________ - ________________-
Commercial
liabilities ___6301__________ 60512 _______7040 _________11583_____________ 47
(Rb thous)
The Supreme Soviet of Belarus at its closed meeting ratified the Agreement on strategic
offensive arms-1 and the protocol to it as well as the 1968 treaty on Nonproliferatien of
nuclear weapons. The Supreme Soviet also ratified the Agreement on coordinating activity
in the military field between Belarus and Russia and the bilateral agreement on strategic
forces temporarily deployed on the territory of Belarus.
Petru Luchinsky, Ambassador of Moldova in the Russian Federation, former 1st secretary
of the Moldova Communist Party Central Committee has been elected the Chairman of the
Parliament of Moldova by the majority vote (213 of 242).
Alexandr Zaveryukha has been appointed the Deputy Chairman of the Council of Ministers
of the Russian Federation by the President Decree of Feb. 10 1993. The new Vice-Premier is
expected to be responsible for the agriculture sector.
In 1992 we managed to work out the routines on regulating foreign economic activity, which answer the purpose of the transition period, Sergei Glaziev, Minister for foreign economic relations of the Russian Federation, said at a press conference. According to Mr. Glaziev, one of the best achievements of the Government in 1992 was introducing the export rate which was 15 per cent of the customs value of raw materials on the average. "The export rate, Mr. Glaziev said, covers raw materials only and its main purpose is to prevent domestic prices for energy and raw materials growing to the world level". In 1993 this method will be the instrument of regulating export of raw materials and will be employed by the government for minimum 2 or 3 years. .
Mr. Karl Bildt, the Prime-Minister of Sweden, was on an official visit to Russia in
Feb. 3 through 7. Mr. Bildt visited St.Petersburg to meet leaders of the city and the
region. According to Anatoly Sobchak, Major of St.Petersburg, the sides negotiated the
issue of establishing the Baltic cooperation market where Sweden could play the
coordinating part. This concerns economic relations, rights of Russian residents in the
Baltic countries and environmental protection problems. Karl Bildt said the examples of
cooperation were allocating Swedish krona 200,000 to the Vavilov research institute or the
Swedish government's granting Rb 2 bn guarantees to the Baltic countries and the
North-West region of Russia for certain projects. Swedish krona about 80 mln has been
allocated to joint project aimed at solving environmental problems and training experts.
According to Mr. Bildt 100-150 representatives of Swedish companies are now working in
St.Petersburg. The issue of establishing the House of Sweden in St.Petersburg is being
discussed now. On the whole, Mr. Bildt said, the North West region and St.Petersburg are
of paramount importance for Sweden.
Mrs. Baranovskaya-Falk, the artist's daughter, attended the opening ceremony. The
exhibition was organized by the State Tretyakov Gallery, the Pushkin Fine Arts Museum and
the Russian museum.
According to the Committee for Employment of the Major's office the average subsistence
minimum in St.Petersburg was Rb 6287 per capita. The subsistence minimum was Rb 7564 for a
working man, Rb 6456 - for a working woman, Rb 4341 - for an old-age pensioner, Rb 5195 -
for children aged 1-6, Rb 7468 - for children aged 6- 15. Residents of St.Petersburg have
to spend 70 percent of their income on staple food. The Jan. subsistence minimum cost grew
20 per cent as compared to the Dec. level.
UNIDO allocated US $ 100,000 to the Kirov plant as technical assistance to start
production of cheap carriages for disabled in St.Petersburg. In order to establish
carriage production UN is also going to attract foreign investors and give them UN's
guarantees if necessary. Experts believe the total sum of investments will amount to US $
6 to 10 mln. 50000 carriages are planned to be manufactured in 1993. UNIDO project is the
first UN conversion project in St.Petersburg.
Meeting between Mr. Putin, Chairman of the Committee for External Affairs, and the General Consul of Germany Mr. Eberhard von Puttkamer. Feb.9 Talk between Mr. Sobchak, Mr. Putin and Mr. Do Ge Li, the Executive Director of the company Lotte (South Korea). The annual turnover of the Lotte company was US $ over 10 bn in 1992. Meeting between Mr. Putin and a representative of the company River Spise (France). Feb.10 Talk between Mr. Yuzhanov, Deputy Chairman of the Committee for Economic Development, and a delegation of US businessmen (among them representatives of Certificate Public Escauting, Real State, Bawroft and McAlister companies). The issue of carrying out the Baltport project (construction of a new port) near St.Petersburg and Primorsk and that of the Real State system introduction are going to be discussed at the meeting between Mr. Putin and Deutsche Bank representatives (Germany) Feb.11.
© A&G Information Services, Inc. 1993