Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Russia
  4. Moscow Micex - RTS
  5. Gazprom
  6. News
  7. Summary
    GAZP   RU0007661625

GAZPROM

(GAZP)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Polish watchdog fines Gazprom $7.6 bln over Nord Stream 2 gas pipeline

10/07/2020 | 05:10am EDT

(Adds analyst, Uniper's comments, detail)

WARSAW/MOSCOW, Oct 7 (Reuters) - Poland has fined Russia's Gazprom more than 29 billion zlotys ($7.6 billion) for building the Nord Stream 2 gas pipeline without Warsaw's approval, its watchdog said on Wednesday, prompting the company to say it will appeal.

The project has stoked concern about Moscow's dominance of European energy supplies and attracted U.S. sanctions, although rival sales of Azeri gas and U.S. liquefied natural gas (LNG) may squeeze Russia's market share in Europe.

Poland's UOKiK anti-monopoly watchdog said it had also imposed a total fine of 234 million zloty spread across five other companies involved in financing the $11 billion project to double Russia's gas export capacity via the Baltic Sea.

Nord Stream 2 is led by Gazprom, with half of the funding provided by Germany's Uniper and BASF's Wintershall unit, Anglo-Dutch company Shell, Austria's OMV and Engie.

OMV and Engie face the biggest fines of 88 million zlotys and 55.5 million zlotys respectively. Engie declined immediate comment and OMV has yet to respond to requests for comment.

Following the watchdog's decision, the companies are obliged to terminate the agreements for financing Nord Stream 2, UOKiK said.

Gazprom said it has not violated Polish anti-monopoly regulations and will appeal against the fine.

"The UOKiK ruling breaches the principles of legality, proportionality and just trial, while the unprecedented size of the fine is a testament to the desire to oppose the Nord Stream 2 project's implementation by any means," Gazprom said.

Uniper also disagreed with the decision and said it was considering an appeal. It said a final ruling could take up to four to five years and any fines would only be payable then.

YEARS OF SCRUTINY

The UOKiK has examined the project for years. In August it fined Gazprom 213 million zlotys over a lack of cooperation regarding the project.

"The launch of NS2 will threaten the continuity of natural gas supplies to Poland. An increase in the price of the product is also highly likely, with the said increase being borne by Polish consumers," said Tomasz Chrostny, president of the UOKiK.

"Completion of this investment project increases economic dependence on Russian gas - not only in the case of Poland, but also of other European states," Chrostny said.

Most of the gas consumed in Poland is from Gazprom, but Warsaw has reduced its reliance through LNG purchases, mostly from Qatar and the United States.

Construction of the 1,230-kilometre Nord Stream 2 pipeline is complete barring a final stretch of roughly 120 km in Danish waters.

Work stopped in December after pipe-laying company Swiss-Dutch Allseas suspended operations because of U.S. sanctions targeting companies providing vessels.

The alleged poisoning of Alexei Navalny, a prominent Kremlin critic, has led Western politicians to intensify demands to block the halt the project permanently.

Dmitry Marinchenko, an analyst with Fitch, told Reuters a permanent stoppage was a risk.

"Europe has yet to work out its opinion on whether implementing the project in the current environment - after what had happened to Alexei Navalny - is the right thing to do," he said. ($1 = 3.8107 zlotys) (Reporting by Agnieszka Barteczko; Additional reporting by Oksana Kobzeva and Vladimir Soldatkin in Moscow, Kirsti Knolle and Vera Eckert in Berlin and Benjamin Mallet in Paris; editing by Jason Neely and Barbara Lewis)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE -0.40% 67.24 Delayed Quote.3.89%
ENGIE 0.52% 12.362 Real-time Quote.-1.69%
GAZPROM 1.02% 279.33 End-of-day quote.31.33%
GAZPROM NEFT 1.22% 415 End-of-day quote.30.94%
OMV AG 0.96% 50.74 Delayed Quote.53.76%
UNIPER SE 1.52% 30.69 Delayed Quote.8.68%
All news about GAZPROM
06/14GAZPROMá : Ukraine Mulls Legal Action Against Gazprom To Unclog Natural Gas Stre..
MT
06/14GAZPROMá : Ukraine prepared to take action against Gazprom over central Asian ga..
RE
06/14Ukraine ready to take action against gazprom over central asian gas - ft
RE
06/11GAZPROMá : Pokras Lampas presents artwork for global football's first-ever NFT t..
PU
06/11Gazprom Expects Domestic Gas Consumption to Grow Nearly 8% Through 2025
MT
06/11Russia's Gazprom sees domestic gas consumption rising 7.5% within 5 years
RE
06/10Cheniere to work with natural gas producers to measure carbon emissions
RE
06/10Nord Stream 2 to start work on filling pipeline on Friday
RE
06/08REFILE-TIMELINE-NORD STREAM 2 : the difficult birth of Russia's gas link to Germ..
RE
06/07GAZPROM NEFTá : prioritizing environmental conservation ináits activities
AQ
More news
Financials (USD)
Sales 2021 118 B - -
Net income 2021 18 190 M - -
Net Debt 2021 49 494 M - -
P/E ratio 2021 4,83x
Yield 2021 8,76%
Capitalization 91 771 M 91 632 M -
EV / Sales 2021 1,20x
EV / Sales 2022 1,17x
Nbr of Employees 477 600
Free-Float 50,5%
Chart GAZPROM
Duration : Period :
Gazprom Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GAZPROM
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 4,10 $
Last Close Price 3,88 $
Spread / Highest target 46,9%
Spread / Average Target 5,71%
Spread / Lowest Target -30,4%
EPS Revisions
Managers and Directors
NameTitle
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
Sector and Competitors
1st jan.Capitalization (M$)
GAZPROM31.33%91 632
SAUDI ARABIAN OIL COMPANY0.86%1 886 693
ROYAL DUTCH SHELL PLC17.22%153 277
PETROCHINA COMPANY LIMITED48.75%141 043
TOTALENERGIES SE15.82%128 286
EQUINOR ASA30.94%73 687