` Russian Lukoil Will Supply Diamonds From Northern Arkhangelsk ‘

#AceFinanceNewsST. PETERSBURG, – May 23 –  Russian oil company Lukoil will supply diamonds from a field in the northern Arkhangelsk region in its first such venture next month, chief executive Vagit Alekperov told journalists at the St. Petersburg International Economic Forum on Friday.

Lukoil

Investment is estimated at $850 million, and the processing plant there will employ about 3,000 workers.

Diamonds will reach the market and export destinations in August-September from a field named after Russian geologist Vladimir Grib, where resources are estimated at 100 million carats.

Some 58 million carats will be open-pit mined 460 metres deep over 16 years. The rest will be dug underground at a location also known as the Verkhotinskoye field.

It is located 130 kilometres northeast of Arkhangelsk city in the largest region of European Russia, larger in territory than France and Spain.

The “pipe” containing the geological structure is one of the world’s major extraction sources.

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` Shell closes another ` Six Filling Stations' in ` Crimea ' Citing ` Commercial Considerations' leaving Lukoil '

#AceFinanceNews – MOSCOW- March 31 – Shell has closed six filling stations in Crimea, a spokesman for Shell’s office in Ukraine, which is responsible for the filling stations network in Crimea, told Itar-Tass on Monday.

According to the spokesman, Alliance Holding, the operator of Shell retail network in Ukraine, has closed six out of 22 filling stations in Crimea. A decision to this effect was taken by the Alliance Holding board of directors back in October 2013 and stemmed from commercial considerations aiming to optimize the company’s activities.

“As of now, we can provide no comment about the future of our 16 remaining filling stations in Crimea. We are closely watching the development of the situation,” the spokesman said.

In the meantime, filling stations in Crimea operated by Russia’s oil major LUKOIL are working in the routine mode, the company told Itar-Tass.

Russian Oil News

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Fitch International Rating Agency : Downgrades the Ratings of 9 Russian State Owned Companies and Revises Outlook on 16 Banks ‘

#AceFinanceNews – MOSCOW, March 24 – The Fitch international rating agency has downgraded the ratings of nine Russian state-owned companies, including Gazprom and LUKOIL, to negative from stable.

The agency has also revised its outlook to negative from stable on 16 Russian banks, including Sberbank, Rosselkhozbank, Alfa Bank, Gazprombank and Vensheconombank.

“The rating actions follow Fitch’s revision of the Russian Federation’s Outlook to Negative from Stable and the affirmation of its Long-term foreign and local currency Issuer Default Ratings (IDRs) at ‘BBB’ on 21 March 2014,” the agency said in a press release on Monday, March 24.

On March 21, Fitch revised its rating of Russia to negative from stable citing a potential impact of Western sanctions on the economy and business environment in Russia.

Fitch analysts think that the direct effect from the declared sanctions will not be significant, but in the future investors can face new measures such as restrictions on Russian companies’ access to international capital markets.

Russian Finance Sources

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` Rosneft and Gazprom are Officially the only `Two ‘ to be `Awarded’ Arctic Shelf Permits though exact amount paid is Unknown ‘

#AceFinanceNews says that Gazprom and Rosneft are officially the only companies with the right to explore the Russian Artic shelf, as they both received exclusive extraction licenses in return for large cash payments.

In 2009, Rosneft agreed to pay 1.4 billion roubles ($450 million) and Gazprom 1.2 billion in a resolution passed by the state Duma, but the exact amount paid in June 2013 for the licenses is unknown.

Russia has passed a law that only companies in which the state owns more than half and have at least 5 years of Arctic experience are eligible for permits

Lukoil, the country’s second largest oil company, is publicly owned, and Sugtneftegas, known to have close ties with the Kremlin, is also publicly owned, and therefore not up for a permit.

Tatneft is the country’s sixth largest and operates out of the Republic of Tatarstan, which is also the company’s primary shareholder.

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