Russian Financial Control Monitor

MOSCOW. The federal budget will allocate RUR42.5bn ($1.3bn) over the next four years to support Russia’s leading universities, said Prime Minister Dmitry Medvedev at a government meeting. A total of 15 universities have already been selected in a competition, and each of them will receive about RUR600mn worth of subsidies, he said. The winners include three federal universities, eleven national research universities and an institute that is implementing a programme of special strategic development.

MOSCOW. Stroytransgaz Group, a conglomerate of building, engineering, industrial, oil and gas, and financial businesses, will close the acquisition of closed joint-stock company Stroytransgaz (former Argus Pipeline Service) before yearend. Stroytransgaz Group, controlled by businessman Gennady Timchenko with 80%, announced plans to buy 30% of the company last October. The agreement has been reached except a few technicalities. Argus Pipeline has already changed its name to Stroytransgaz and will become part of the group. The deal may be closed in the third quarter, Timchenko’s spokesman Anton Kurevin said. Argus Pipeline Services, owned by Anton Ray, provides oil and gas pipeline construction and maintenance services. Being one of the largest contractors of Gazprom, the company is preparing to sign €6.6bn worth of contracts for the construction of the land sections of the South Stream gas pipeline in Bulgaria, Serbia and Slovenia.

2023-10-08 11:42:18