Monday, June 24, 2019
The main shareholder in Russian real estate developer LSR, Andrey Molchanov, plans to keep control over the company even though he reduced his stake last month, Reuters reported. The businessman and founder of LSR reduced his stake by 9.71 percent via a sale to investors last month, leaving him...
Housing construction and industry were the two prime growth drivers last month with volumes of the former up by 6.7% y/y (0.6% in March) and industrial production jumping by 4.6% y/y on higher oil and gas output and the calendar factor, BCS Global Markets said, commenting on the latest...
Russia’s Kalashnikov Concern, owned by state-run tech corporation Rostec, has completed the acquisition of shipbuilding assets, gaining a full set of competencies to enter the industry, the company’s CEO Vladimir Dmitriev told TASS news agency in an interview on Wednesday. "We are not planning to expand this business and...
A Russian company is planning to build the country’s first private spaceport for suborbital flights, Moscow-based daily newspaper Izvestya reports. The project’s price tag is expected to reach $40 million. The facility could be constructed on the territory of the Nizhny Novgorod Region or in Tatarstan, according to the report.  One...
A ruined palace once used by the Russian tsars can now be taken over and renovated by the country’s biggest oil company, state-run Rosneft, draft legislation provisionally backed on Tuesday by lawmakers reveals, according to Reuters. The Ropsha Palace, 18th-century residence near St. Petersburg built by order of Peter the...
Turkish construction companies have expressed interest in transport projects in Russia which are part of the Comprehensive Plan for upgrade and expansion of the Russian mainline infrastructure by 2024, transport minister Yevgeny Ditrikh said on Friday at the Russian Investment Forum in Sochi. "Our preliminary negotiations with Turkish companies highlighted...
Russia’s state-owned gas major Gazprom has ended the practice of awarding construction contracts to small businesses, which the company introduced almost two years ago, Interfax reports. In 2017, the monopoly concluded a series of construction contracts worth around $236 million with three enterprises, in response to the government's demand to...
The Russian Federal State Statistics Service (Rosstat) has revised up its estimate for growth in the construction sector for the end of 2018 from zero to 5.3% y/y, in a move that raised eyebrows amongst Russian analysts, Intellinews reports. Rosstat has already been under fire for the poor quality of...
A port in Russia's Far East could be developed by South Korea in order to help local companies take advantage of its strategic location, the country’s Oceans Ministry said on Monday, according to Yonhap News. The Ministry of Oceans and Fisheries said it will carry out the feasibility study until...
The construction of the Russian industrial zone in the area of Suez Canal has begun, Russian Foreign Minister Sergey Lavrov has announced, according to TASS news agency. Trade between Russia and Egypt is increasing, currently exceeding $6.5 billion, Lavrov wrote in an article for Egypt's state-run Al-Ahram Daily newspaper, quoted...