By John Helmer, Moscow

Faced with a Bulgarian government-ordered shutdown of its Burgas oil refinery, LUKoil, the Russian oil producer and exporter, began emergency negotiations with Bulgarian officials this morning, a LUKoil source told Fairplay. Bulgarian opposition politicians say the negotiations are being staged by Bulgaria’s Prime Minister Boyko Borisov (image right) to protect his party and himself from voter wrath, as petrol prices continue upwards and the Bulgarian presidential election approaches its due date on October 23.

The Bulgarian Customs agency triggered today’s negotiations by revoking the Burgas refinery’s license to sell and buy crude oil products. The published reason is that LUKoil did not instal the meters required by the Customs to measure the crude and product flows to and from the refinery, and verify the product taxes it should collect.
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by John Helmer - Thursday, July 28th, 2011
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By John Helmer, Moscow

On February 1, 2010, the United States Securities and Exchange Commission (SEC) released a report on operational results for the previous year, 2009, of the Mechel steel and mining group, Russia’s fifth-ranked steelmaker, which is also listed on the New York Stock Exchange. The group is owned by Igor Zyuzin (image, centre) with 66.8% of the shares; and at the time of the SEC filing, he was the group chief executive officer. He also signed the disclosure.
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by John Helmer - Wednesday, July 27th, 2011
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By John Helmer, Moscow

The fight by China Inc. to keep control over the flow and price of manganese into Chinese refineries, and out of the hands of pesky international shareholders, has moved into Round-3 after Rounds 1 and 2 turned into bruising knockdowns.

OM Holdings (OMH) — a Singapore-based manganese miner and metals refiner with mainland Chinese control shareholders — faces a new challenge from minority Australian and Singaporean shareholders, who formally announced today their call for an emergency general meeting (EGM) and the election of a new board of directors. A shareholder meeting and vote should be called by August 15 in Singapore.
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by John Helmer - Monday, July 25th, 2011
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By John Helmer, Moscow

In the finale of the film Casablanca, the Humphrey Bogart character has shot the German officer to enable his ex-lover Ilsa and her husband, a Resistance man on the run, to make good their escape. Captain Renault sees an opportunity to do the right thing for a change, protecting Bogey and his friends. He orders the subaltern off to “round up the usual suspects.” Ilsa flies away, and Renault and Bogey walk into the fog, heading south for Brazzaville, in the Congo.
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by John Helmer - Sunday, July 24th, 2011
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By John Helmer, Moscow

Russia, it turns out, has the only government in the world able and willing to do real damage to Rupert Murdoch – and throw him out.

While the UK and US governments hold their breaths as squads of policemen poke through the Murdoch media files to find evidence of corrupt entertainments and backdoor understandings with powerful politicians – some of them still hanging on to power — the Russian state bank VTB has put together a consortium and obliged Murdoch to accept $270 million for his 79% control stake in the outdoor advertising company, News Outdoor Russia.
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by John Helmer - Friday, July 22nd, 2011
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By John Helmer, Moscow

Far Eastern Shipping Company (Fesco), owned by Sergei Generalov, announced yesterday it has acquired MetizTrans, a small railcar operator in eastern Siberia. No value for the transaction was disclosed; MetizTrans owns 971 railcars, used mostly for delivering Russian coal to Sea of Japan ports for export.

The announced purchase makes a small increment to Fesco’s railcar fleet of 19,000 units, according to a Fesco release. “We believe the acquisition … will further boost our presence in rail transportation in these regions”, Fesco quotes Alexey Grom, its Vice-President for Rail, as saying.
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by John Helmer - Thursday, July 21st, 2011
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By John Helmer, Moscow

EN+, one of Oleg Deripaska’s holding companies, announced today it has swapped $500 million of its debt to VTB, the Russian state bank, for a 4.35% shareholding which the bank will now hold in EN+. Oleg Deripaska, who owns all of EN+ through another of his holding companies, Basic Element, was the seller. The transaction price means that Deripaska accepted a valuation by VTB for all of EN+’s assets of $11.5 billion:
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by John Helmer - Wednesday, July 20th, 2011
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By John Helmer, Moscow

On Saturday, while the controlling shareholders of Sky News, Rupert Murdoch and his son James, were having to eat their words and apologize for invasion of privacy, bribery of policemen, lying to parliament, and other law-breaking — losing control of Sky News in the process — one of their ace reporters was claiming to have uncovered this scoop: “Exclusive: Hayward Eyes £8bn Russian Deals.”
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by John Helmer - Tuesday, July 19th, 2011
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By John Helmer, Moscow

Not since the Biblical one – 5 (loaves) x 2 (fish) ÷ 5,000 (mouths) — has the division of assets proved to generate a value multiplier like the one Igor Zyuzin, owner of the Mechel steel and mining group, is trying to pull off. Or proved less convincing to the crowd in the market place, who over the past few weeks has chopped 20% off Mechel’s share price:
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by John Helmer - Sunday, July 17th, 2011
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By John Helmer, Moscow

Sergei Frank (bottom image), chief executive of Sovcomflot, is hanging on to his job despite judgements by the UK High Court last December and this March that he is a liar and worse.

Sovcomflot, one of the largest oil tanker companies in the world, has sought leave to appeal against the rulings, and the trial judge’s dismissal of its first appeal application. The final judgement in the case has been delayed until October.
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by John Helmer - Friday, July 15th, 2011
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