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    GAZP   RU0007661625

GAZPROM

(GAZP)
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End-of-day quote Moscow Micex - RTS  -  2022-07-07
198.00 RUB   +0.04%
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Gazprom CEO says big part of Nord Stream may need to be replaced

10/14/2022 | 03:52am EST

MOSCOW, Oct 14 (Reuters) - Gazprom CEO Alexei Miller told Russia's State TV Channel One late on Thursday that a big section of the damaged Nord Stream pipelines might need to be replaced, while Russia plans boosting gas exports via the Black Sea and Turkey.

Both Nord Stream 1 and Nord Stream 2 gas pipelines, which were built to transport gas from Russia to Germany via the bed of the Baltic Sea, were damaged last month, spewing out a large amount of gas.

Investigation into the incidents is under way. Russia called it an "act of international terrorism", pointing the finger at the West, while the European Union called it a "sabotage".

Both pipelines, stretching more than 1,000 km (620 miles) under the sea, were idle at the time of the ruptures.

"Experts say that in order to restore work after such a terrorist act, it is necessary to actually cut off a very large piece of pipe, at a great distance, and in fact build a new section on this section," Miller told the TV station.

"And in order to restore integrity, it must be raised, this pipe. And you understand, it is one thing when the pipe is hollow, yes, and another thing when it is filled with sea water for hundreds of kilometres."

On Wednesday, Miller, head of the Russian state-controlled natural gas monopoly, said repairs to the damaged Nord Stream pipelines would take more than one year.

TURKEY HUB

Russian President Vladimir Putin touted Turkey earlier this week as the best route for redirecting gas supplies to the European Union after Nord Stream pipeline leaks. He proposed to set up a gas hub in Turkey.

Miller said that Russia will start "concrete" talks with Turkey next week on the proposals.

He said Russia could boost gas supplies to Turkey by constructing new pipelines in parallel to the currently operational TurkStream pipeline via the Black Sea, adding that the project design documentation has already been prepared.

Miller said the gas supplies via the Black Sea may reach 63 billion cubic metres (bcm) per year. That's compared to 55 bcm of each of Nord Stream's capabilities and 31.5 bcm of TurkStream's transport capacity. (Writing by Elaine Monaghan and Vladimir Soldatkin; Editing by David Gregorio and David Evans)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GAZPROM 0.04% 198 End-of-day quote.0.00%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.88% 72.11 Delayed Quote.-1.98%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.03% 18.82875 Delayed Quote.0.74%
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Financials (USD)
Sales 2021 10 241 B - -
Net income 2021 2 093 B - -
Net Debt 2021 2 927 B - -
P/E ratio 2021 0,05x
Yield 2021 1 143%
Capitalization 4 682 B 65 484 M -
EV / Sales 2020 1,44x
EV / Sales 2021 1,08x
Nbr of Employees 468 000
Free-Float 50,5%
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Income Statement Evolution
Managers and Directors
Alexei Borisovich Miller Deputy Chairman & Chairman-Management Board
Viktor Alexeevich Zubkov Chairman
Denis Vladimirovich Fedorov Head-Marketing & Administration Department
Yuri Stanislavovich Nosov Head-Administration Department
Timur Askarovich Kulibayev Independent Director
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