The program may be extended for three years. The deal is similar in nature to one made between Gazprom and Royal Dutch Shell last November. ENI's press release mentioned the possibility that the company could purchase Gazprom shares. Gazprom also signed an over USD 500 million deal with the Italian chemicals producer Technimont to build a polymer plastics plant in Tobolsk in western Siberia. The Russian carmaker GAZ and its long-time partner Fiat signed a USD 850 million contract to produce 150,000 Fiats annually in Russia.
Russian securities commission to investigate four oil companies.
In Sidanko's case, minority shareholders were apparently denied the opportunity to participate in a convertible bond issue last December, and as a result may have had their shares diluted. Sidanko's main owner, Uneximbank CEO Vladimir Potanin insists that his company's actions are completely legal under Russian law. In total Russia has well over 1,600 banks at present. Foreign car manufacturers will will not have to pay import duty if they invest USD 250 million over a period of five years. Feb 11th AvtoGAZ, Nizhnegorod Motors, Fiat and the EBRD agreed on the establishment of a joint venture partner company.