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operator of the project, and all foreign companies were allowed to keep their stakes in the new operator, but Shell decided to withdraw.
British-Dutch oil giant Shell has restarted the sale of its 37.5% stake in the Schwedt oil refinery in Germany after the country’s government took control over the plant from Russian oil major Rosneft last year, Reuters reported on March 21 quoting industry sources. The German economy ministry put the local unit of Rosneft under a trusteeship as a part of the European sanctions on Russia in September 2022, which made the sale’s relaunch possible, two sources told the newswire. “Shell this week opened a data room for potential buyers with information on the refinery's operations, costs and revenues, the two sources said,” Reuters reported.
9.2.2 Automotive corporate news
Russian truck producer Kamaz has improved its 2023 production plan to over 50,000 vehicles from about 44,000, the company said in a statement on March 1. CEO Sergei Kogogin said at the end of December that in accordance with the 2023 business plan, national and export sales would total about 40,000 trucks, while with the federal procurements the figure might reach 44,000, remaining flat on 2022.
AvtoVAZ, Russia's largest car producer, announced on March 7 in a report that its net profit for 2022 had plummeted by 86.2% Y/y to RUB206.6mn, as calculated under Russian Accounting Standards (RAS). Despite this, revenue increased by 43.7% to 169.6bn, while the cost of sales declined by 41.2% to 162.3bn. However, the company's pre-tax profit suffered a significant drop of 66.7% to 1.5bn.
Top Russian automaker Avtovaz may produce up to 100,000 units of the new-generation Lada Vesta in 2023, given sufficient market demand, company CEO Maxim Sokolov told reporters on Friday upon the launch of serial production of this new model at the automaker’s plant in Togliatti. According to the company head, this summer the automaker plans to beef up the capacity of its first production line, where the new model is made. "At maximum capacity, this assembly line can turn out 40 Vestas. So, for the Largus [model] it is 20 (units - TASS). Accordingly, by boosting production starting from the summer months, when there will already be a large line of Vesta modifications, we plan to turn out up to 100,000 vehicles this year, given relevant market demand," Sokolov said.
Avtovaz sold 23,437 cars as of the end of February 2023 and reported a 4.7% increase in annual sales, the Russian automaker said on Thursday. "Official Lada dealers in Russia sold 23,437 commercial and passenger cars of the brand as of the end of February 2023, which is 34.2% more than in January 2023 and 4.7% higher than in February 2022, when six Lada models
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