Newspaper item 15: Russians Moot Murmansk Oil Export Terminal

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Yukos, Russia's second largest oil company, might join top producer Lukoil in building a major export terminal in Murmansk on the Barents Sea aimed at boosting supply to the US.

Mikhail Khodorkovsky, head of Yukos, which made Russia's first direct shipment of crude oil to the US in June, said Lukoil's plan could increase supplies across the Atlantic and help ease the crowded Bosphorus straits, currently handling the bulk of Russia's crude exports shipped from the Black Sea.

Russia exports up to 3m barrels a day (b/d) of crude to world markets. Its oil output is booming for the fourth consecutive year and Moscow needs to build new export routes as its own domestic consumption is barely increasing.

The US has said Russia's booming output could help cushion oil markets against volatile supplies from Opec producers in the practically turbulent Middle East.

Lukoil raised the idea of a lm b/d terminal in Murmansk, formerly a Soviet era military base, during a Russia-US summit in May. But analysts questioned the plan, saying the outlet would require building a huge new pipeline.

Mr. Khodorkovsky's comments give the idea a significant boost, since Yukos is seen by market analysts as one of Russia's most pragmatic and dynamic oil companies.

Newspaper item 16: Brussels Aid for Yugoslavia

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The European Commission said yesterday it plans to give an additional €l30m to Yugoslavia and issued a favourable assessment of Belgrade's use of prior donations.

The package, €75m of which would be released in the form of grants, requires approval by the European Parliament.

This week Yugoslavia received the third and final tranche of a €345m EU package targeting key economic reforms – public expenditure control, tax policy and administrative reform, banking sector restructuring and private sector development.

Newspaper item 17: mim Holdings to Boost Coal Production

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MIM Holdings, the diversified Australian mining group, is to capitalise on the strong performance of its coal business by almost doubling the division's production over the next five years.

The Brisbane-based group said it aimed to lift coal production from 21m last year to 38m tonnes by 2006-07 by increasing output from existing operations and developing two new mines. A decision on whether to proceed with the commercial development of a Rolleston mine would be taken in the second half of the present financial year, it added.

Higher Australian dollar prices and increased production boosted the group's coal division's operating earnings 68 per cent to A$421m (US$228m) in the year to June. This helped generate a 4 per cent increase in operating profits to A$308m, ahead of expectations. However, net profits fell 15 per cent to A$89m due to a A$116m write-down against two European zinc smelters and a A$272m loss due to currency hedging.

Wordlist

mining		горнодобывающая промышленность
mine		шахта
lo double		удваивать(ся)
to aim		стремиться
to aim at doing smth = to aim to do smth		стремиться сделать что-либо
to lift		1) поднимать (цены) 2) отменять, снимать (ограничения, запрет)
net profit		чистая прибыль
write down write down		1) понижение цены 2) частичное списание (задолженности)
hedging		хеджирование, страхование от потерь