Edition:
India

Anastasia Lyrchikova

OPEC, Russia debate deeper oil cuts as new glut looms

04 Dec 2019

MOSCOW/VIENNA OPEC and its allies led by Russia are gearing up to approve deeper oil production cuts this week to prevent a new glut and a collapse on oil prices with OPEC member Iraq saying the move was supported by key members.

Russian firm in Siemens turbine scandal moves to liquidate

27 Nov 2019

MOSCOW A Russian firm part-owned by Siemens that was hit by sanctions for its role in installing the German company's turbines in Crimea has started liquidation proceedings, according to filings to a Russian companies database.

UPDATE 2-Nornickel plans to cut dividends to boost investment

18 Nov 2019

* Expects costs of sulphur project to increase to $3.5 bln (Adds details about Nornickel's environmental project, the Arctic Palladium JV)

Russia's Rusal faces tough market for aluminium even after sanctions dropped

18 Nov 2019

By Anastasia Lyrchikova MOSCOW, Nov 18 Russian aluminium group Rusal has faced tough negotiations with clients over 2020 supply contracts as trade wars and an economic slowdown have created a "buyer's market" for the metal, its sales director said. Rusal entered the aluminium "mating season" - when customers and producers get together to strike deals - hoping to win back clients lost a year ago, when U.S. sanctions hit the company's bottom line and roiled world aluminium markets. Washington lifted the sanctions on Rusal in late January after intense negotiations and a series of organisational changes, though restrictions on its founder Oleg Deripaska remain. Sanction risks are no longer an issue in discussions with clients, Rusal's Sales and Marketing Director Roman Andryushin said, but trade wars and a slowdown in global economic growth have created a "depressive" market. Aluminium prices have fallen by around 10% from their 2019 peak in March. "Overall the market is not straightforward right now," Andryushin said. "Global consumption fell this year for the first time in the past 12-13 years. It's a buyer's market right now." Most aluminium sellers have run into difficulties during the current negotiating season as a result, Andryushin said. Talks with clients are continuing later into the year than usual. Though almost complete in the United States, they will not wrap up in Europe until the end of November, Andryushin said. Producers have been under pressure to cut prices in their 2020 contracts due to weak market conditions, sources in the sector told Reuters in October. Rusal, the world's largest aluminium producer outside China, expects to win back the majority of its clients, however. "No one is discussing sanctions right now. I am once again seeing my belief confirmed that the market is absolutely objective, and moreover it has a very short memory span," Andryushin said. "Rusal is currently positioning itself as a player in the premium segment," he said, adding the company expects value-added (VAP) product sales - such as alloyed ingots and slabs - to make up 45-50% of its total sales next year. VAP sales to the United States, which fell last year as sanctions deterred clients, have recovered and are expected to reach 250,000-300,000 tonnes next year, Andryushin added. The company has also made its first product deliveries to the U.S. west coast and entered the Canadian market. The sales director said he expected mining giant Glencore to remain one of Rusal's clients, after a long-term contract between the two companies expired last year. However, he said he was not yet ready to comment on the likely extent of their future relationship as negotiations were not complete. Rusal expects global demand and prices to start recovering from current levels in the second quarter or in the second half of 2020. (Writing by Polina Ivanova and Polina Devitt; Editing by Jan Harvey and Mark Potter)

Cobalt market to avoid shortage despite Congo mine closure: Nornickel

29 Oct 2019

MOSCOW Cobalt supply will remain robust despite a price slide that has already led to the closure of a major mine, Russia's Norilsk Nickel said, as most is produced as a byproduct of more buoyant metals like nickel and copper.

LMEWEEK-Cobalt market to avoid shortage despite Congo mine closure - Nornickel

29 Oct 2019

MOSCOW, Oct 29 Cobalt supply will remain robust despite a price slide that has already led to the closure of a major mine, Russia's Norilsk Nickel said, as most is produced as a byproduct of more buoyant metals like nickel and copper.

Russia's Polymetal may consider special dividend payout: CFO

27 Aug 2019

MOSCOW Russian gold and silver producer Polymetal may consider a special dividend payout as rising gold prices bring the company closer to achieving its target debt burden, chief financial officer Maxim Nazimok said on Tuesday.

Russian businessman eyes Gazprombank's stake in coal project

23 Aug 2019

MOSCOW Russia's A-property group, owned by businessman Albert Avdolyan, has requested approval from the country's antimonopoly service to buy 49% of the Elga coal project from Gazprombank , the group said on Friday.

Russia's Rusal resumes aluminum supplies to U.S. market

01 Apr 2019

KRASNOYARSK, Russia Russian aluminum giant Rusal has resumed supplies to the U.S. market and aims to win back customers it lost due to sanctions by about September when the industry seals supply contracts for 2020, its chief executive said.

After sanctions lifted, Russia's Rusal boosts aluminum smelter capacity

29 Mar 2019

KRASNOYARSK, Russia Russian aluminum giant Rusal has launched new production at its Boguchansk aluminum smelter in Siberia on Friday, doubling its capacity to 298,000 tonnes a year.

World News

UK destined for Brexit as Johnson wins big

Prime Minister Boris Johnson's Conservative Party was on course for a resounding victory in Britain's election after voters backed his bid to deliver Brexit on Jan. 31, the country's most significant geopolitical move in 70 years.