Page 158 - RusRPTOct22

Coal producer SUEK expects a decline in production by the end of 2022,
Chief Executive Officer of Russia’s largest coal company Maxim Basov told TASS on the sidelines of the Eastern Economic Forum (EEF). Last year the company produced 103mn tonnes of coal.
9.2.15 Transport corporate news
TransContainer plans to spend around 20bn roubles ($330mn) this year on railcars, containers, and terminals to account for growing trade in eastern Russia, said first vice president Victor Markov, speaking to reporters on the sidelines of the Eastern Economic Forum in Vladivostok.
Russian President Vladimir Putin has granted the government the right to impose a ban on international road transportation of goods through Russia by vehicles belonging to carriers from “unfriendly” countries, RBC business portal reports citing a respective decree. Following the decree the government banned the entry of cargo trucks from the EU, UK, Norway, and Ukraine from October 10 to December 31, 2022.
Globaltrans published its 1H22 IFRS results, that indicate strong reading.
Adjusted EBITDA nearly doubled y/y to Rb27.2bn, adjusted net profit was up 126% y/y Rb15.7bn. The rates were up quite substantially y/y in 1H22, however the management highlighted that gondola lease rates declined towards the end of 2Q22 and continued declining thereafter. While rail tanker rates were stable and this business segment is operating finely. Going forward, the oil tanker and gondola sub segments will likely to post different dynamics in 2H22. The company in accompanying press-release reminded that loading of coal and metals are declining, while oil products are doing fine. Globaltrans boasts positive FCF, that enabled it to reduce its net debt, due to inability to pay dividends. The company’s expansion capex remained on hold in 1H22, while dividends were suspended due to the technical limitations related to Cyprus incorporation of the holding company. Globaltrans made some vague statement on ongoing analysis to address limitation of corporate structure and listing constraints.
9.2.16 Other sector corporate news
Sibur plans to launch the Amur Gas Chemical Plant (GCP) in 2025-2026
and will change processing technologies due to sanctions, CEO of the Russian petrochemical major Mikhail Karisalov said at the Eastern Economic Forum. "In 2025-2026. We expect that despite the current situation, we will be able to launch the plant with a certain reconfiguring of processing technologies in-situ, subject to sanctions of certain equipment licensors and vendors, and become a reliable partner to Gazprom in this geographic area as well," Karisalov said.
158 RUSSIA Country Report October 2022 www.intellinews.com