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Belgium, had already gotten a transition period until the end of 2024 to continue using steel from NLMK, especially as rising energy prices were making it harder at the time for European companies to find alternatives to cheap Russian semi-finished steel products. The Czech Republic is now asking to prolong that transition period to 2028. The Belgium-based NLMK Belgium is owned 49% by Wallonie Entreprendre, a Belgian investment fund owned by the Walloon region. The talks will continue with the hope of getting the package signed off before the next European Council in mid-December or by the end of the year at the latest.
On November 9 it became known that NSRP (co-owners NCSP and Metalloinvest), which is implementing a project to build a transshipment complex with a capacity of 12mn tonnes per year in the port of Novorossiysk, increased its authorized capital to 6.67bn rubles. (before the change it was 10 thousand rubles). This change may be indirect evidence of the intensification of the terminal construction process. Let us remind you that this complex will be designed for transshipment of bulk iron ore raw materials, and investments are estimated at 46bn rubles. In June 2023, Metalloinvest CEO Nazim Efendiev told Interfax that the company expects to launch the terminal in 2025–2026.
9.2.13 Mines and Minerals - fertilisers 9.2.14 Mines and Minerals - other 9.2.15 Transport corporate news
The net profit of Russian shipping company Sovcomflot amounted to $206mn in July–September, as calculated under Intenrational Financial Reporting Standards (IFRS), the company said in a statement on November 20. The company did not provide a comparison of the results with the same period of the previous year because it did not publish a financial report for July–September 2022. Revenue of Sovcomflot amounted to $543mn in July–September 2023. In January–September of the year, the company posted a net profit of $702.2mn and the revenue of $1.8bn.
9.2.16 Other sector corporate news
Russian President Vladimir Putin has signed a ruling that permits LLC
PSK - Novye Resheniya (New Solutions) to buy the local assets of
121 RUSSIA Country Report December 2023 www.intellinews.com