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MarketScreener Homepage  >  Equities  >  Moscow Micex - RTS  >  Gazprom    GAZP   RU0007661625

GAZPROM

(GAZP)
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Gazprom sees European gas glut in 2021, blames U.S. LNG

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10/12/2020 | 10:02am EDT

MOSCOW, Oct 12 (Reuters) - Russian gas giant Gazprom expects excess supplies in Europe's natural gas market to continue in 2021, the head of the company's exporting arm said on Monday, blaming exports of liquefied natural gas (LNG) from the United States.

Gazprom has seen its share of the European gas market, where it makes 55% of sales revenue, decline amid sluggish demand and competition from other supplies, such as LNG.

"The majority of challenges and threats are still here. One of them is general oversupply, which we are likely to see in 2021 as well," Elena Burmistrova said, as flows of seaborne LNG to Europe increase.

"U.S. LNG suppliers have unbalanced the European market and failed to stabilise it," she said.

Gazprom expects its gas exports to Europe to be at least 170 billion cubic metres (bcm) in 2020, compared with 199 bcm in 2019.

Burmistrova said LNG supplies to Europe in January to June increased by almost 10 bcm, or 17% year-on-year, driving gas prices to all-time lows.

She also called the threat of more U.S. sanctions against the Gazprom-led Nord Stream 2 gas pipeline project an attempt to "oust Russia by using non-market instruments". (Reporting by Oksana Kobzeva and Anton Kolodyazhnyy; Writing by Vladimir Soldatkin; Editing by Edmund Blair and Mark Potter)


Stocks mentioned in the article
ChangeLast1st jan.
GAZPROM -1.87% 159.08 End-of-day quote.-37.96%
GAZPROM NEFT -1.37% 277 End-of-day quote.-34.07%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.81% 77.91 Delayed Quote.24.78%
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Financials (USD)
Sales 2020 78 404 M - -
Net income 2020 2 831 M - -
Net Debt 2020 49 527 M - -
P/E ratio 2020 19,7x
Yield 2020 5,31%
Capitalization 48 717 M 48 860 M -
EV / Sales 2020 1,25x
EV / Sales 2021 1,11x
Nbr of Employees 473 800
Free-Float 50,5%
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Mean consensus BUY
Number of Analysts 11
Average target price 3,20 $
Last Close Price 2,06 $
Spread / Highest target 141%
Spread / Average Target 55,4%
Spread / Lowest Target 6,78%
EPS Revisions
Managers
NameTitle
Alexei Borisovich Miller Deputy Chairman & Chairman-Management Board
Viktor Alexeevich Zubkov Chairman
Timur Askarovich Kulibayev Independent Director
Vladimir Alexandrovich Mau Director
Andrey Igorevich Akimov Director
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