MACROECONOMICS

Spending of Investment Fund means begins in 2007, in 2006 means assigned for Investment Fund formation, will not be spent. The Head of Ministry of Economic Development Herman Gref informed on it. (according to PRIME-TASS).

The minister reminded of that the total volume of Investment Fund means for the three-year period makes 377 bln. rubles. According to him the government commission on investment projects has already approved 10 projects, claimed for financing from Investment Fund, however, the government does not have time to begin financing of them this year. The total volumes of means, which is assumed to assign from Investment Fund for these projects, makes about 170 bln. rubles.

MARKET’S GENERAL ESTIMATION

On Monday the Russian stock market continued correction, the reason of which was the next falling of oil prices. One of the factors, which influenced on drop in oil prices before publication of data on oil and mineral oil stocks in the USA, was weather forecasts concerning warmer than usual winter in the north-east of the USA. On results of trading session on Monday MICEX index dipped 0,64% and made 1490,58 points.

RTS index was down 0,71% and closed at 1677 points. Shares of oil-gas sector on MICEX on results of the session closed with “minus”, having continued falling after oil prices: Tatneft (-2,15%), LUKOIL (-2,31%), Gazprom (-0,81%), Gazpromneft (-2,15%), Rosneft (-0,79%), Surgutneftegaz (-2,54%). The meeting in Kremlin on November, 22^nd concerning questions of energy budget and also regular increases by the Russian investment banks of recommendations on RAO “UES” allowed stock prices to grow 3,23% on results of the day.

RAO “UES” preference stock closed upwardly by 2,6%. Quotations of Vimm-Bill-Dann shares also hiked and made 14,26% on MICEX. Other “blue chips” closed varied: Rostelecom (-0,11%), Sberbank (-1,89%), Severstal (+0,43%).The volume of tenders on MICEX made $3203,37 bln. In classical section of RTS it made $53,44 bln.

GAZPROM

Gas production for January-October 2006, according to Minpromenergo, made 538 bln. cubic meters (102,5% to January-October 2005). Gazprom produced 451,4 bln. cubic meters (100,1% to January-October 2005). And Gazprom’s share in the total volume of production was down to 84% vs. 85,9% to January-October 2005.

According to preliminary data, home gas consumption (supply from Gazprom own volumes) made 313,8 bln. cubic meters (102,9% to January-October 2005 ). Gas export to the foreign and Baltic countries for 10 months made 130 bln. cubic meters (99,7% to the corresponding period of 2005), to the former Soviet republics – 34,6 bln. cubic meters (83,5%).

Quotations of the JSC shares are still in a narrow corridor, there are not yet the reasons for purchases – therefore while remain off the market.

RTS

Gazprom