1. Homepage
  2. Equities
  3. Russia
  4. Moscow Micex - RTS
  5. PJSC Gazprom
  6. News
  7. Summary
    GAZP   RU0007661625

PJSC GAZPROM

(GAZP)
  Report
End-of-day quote Moscow Micex - RTS  -  2022-06-23
296.00 RUB   -2.47%
06/24ANALYSIS-RUNNING SHORT OF GAS : Russia's pipeline repair has Europe worried
RE
06/24GLOBAL LNG-Asia spot prices continue to rise on further market tightening
RE
06/24Germany looking at repurposing unused Nord Stream 2 pipeline for LNG use -report
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Russia's top borrowers join calls to let banks use domestic ratings, central bank resists

08/08/2019 | 03:20pm EDT
FILE PHOTO: Gazprom logos are on display at Bovanenkovo gas field

MOSCOW (Reuters) - Russia's top gas producer Gazprom and a raft of other major firms have added to calls for the banking sector to use domestic ratings in implementing new financial regulations, saying this would ease pressure on banks and cut lending rates.

Officials have challenged the way the central bank is instructing lenders to comply with new Basel III regulations.

The finance ministry says the capital buffers banks require under the rules should be set according to ratings by domestic agencies, while the central bank wants to use its own in-house assessments.

"It is very hard to forecast how accessible the external market will be for Russian borrowers for political reasons, so the development of our own financial market, including rating agencies, is timely," Gazprom Deputy Chief Executive Famil Sadygov told Reuters.

"We believe that using national ratings would make it possible to significantly lower pressure on (banking) capital, having a positive impact on the cost of borrowing, both for borrowers and banks."

Russian Finance Minister Anton Siluanov asked the central bank in July to postpone reforms requiring banks to increase capital buffers under the Basel III rules until domestic ratings can be used in that process, according to a letter seen by Reuters.

Russia started to actively develop its domestic ratings system after western sanctions were imposed in 2014. That led global rating agencies to cut Russia's sovereign rating, triggering a revision of the creditworthiness of Russian firms.

But critics say that Russia's domestic ratings lack in-depth statistics on defaults and cover a limited number of companies.

In a separate letter to President Vladimir Putin obtained by Reuters, heads of Gazprom, Tatneft, Novatek and Severgroup asked Putin to support the use of domestic ratings as "the best way to reflect the true credit risks of... borrowers".

According to the letter, a rare example of unity among Russia's top companies, using domestic ratings would allow banks to lower lending rates, strengthen financial stability, and ease the refinancing of external debt.

"Altogether, (it) will lead to an increase in the domestic economy's competitiveness, (and a) strengthening of the country's economic security," it said.

Russia's central bank told Reuters it remained committed to its present stance. "Our approach... allows the Russian banking system to free up much more capital to lend to the economy compared to the ratings-based approach."

A high-ranked source close to the Kremlin confirmed the authenticity of the letter, redirected by Putin to the relevant ministers and officials on July 29, and said the issue is likely to be discussed at governmental level.

A second high-ranked financial official confirmed that the government plans to discuss the issue. "If no common position is agreed, then a meeting at Vladimir Vladimirovich (Putin) level is possible," he said.

Novatek, Tatneft and Kremlin spokesman Dmitry Peskov did not respond to Reuters' request for comment.

(Reporting by Tatiana Voronova, Darya Korsunskaya and Elena Fabrichnaya; Writing by Katya Golubkova; Editing by Andrew Osborn, Jan Harvey and Alexandra Hudson)

By Tatiana Voronova, Darya Korsunskaya and Elena Fabrichnaya


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
GAZPROM 0.00% 0.5814 Delayed Quote.-93.71%
PJSC GAZPROM -2.47% 296 End-of-day quote.-13.77%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -1.63% 53.6 Delayed Quote.-27.29%
All news about PJSC GAZPROM
06/24ANALYSIS-RUNNING SHORT OF GAS : Russia's pipeline repair has Europe worried
RE
06/24GLOBAL LNG-Asia spot prices continue to rise on further market tightening
RE
06/24Germany looking at repurposing unused Nord Stream 2 pipeline for LNG use -report
RE
06/24KREMLIN : Possible German expropriation of Nord Stream 2 would be matter for lawyers
RE
06/24Gazprom's gas exports to Europe via Ukraine edge down on Friday
RE
06/23Analysis-Asian demand, rising costs squeeze Europe's LNG import plan
RE
06/23As Russia cuts gas, German industry grapples with painful choices
RE
06/23WRAPUP 5-Germany triggers gas alarm stage, accuses Russia of 'economic attack'
RE
06/23Russian gas flows to Europe via Nord Stream, Ukraine stable
RE
06/22G7 likely to discuss Russian turbine, but may not find solution -Canada minister
RE
More news
Analyst Recommendations on PJSC GAZPROM
More recommendations
Financials (USD)
Sales 2022 163 B - -
Net income 2022 56 293 M - -
Net Debt 2022 39 823 M - -
P/E ratio 2022 2,80x
Yield 2022 11,9%
Capitalization 130 B 130 B -
EV / Sales 2022 1,04x
EV / Sales 2023 1,38x
Nbr of Employees 468
Free-Float 50,5%
Chart PJSC GAZPROM
Duration : Period :
PJSC Gazprom Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PJSC GAZPROM
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 4
Last Close Price 5,49 $
Average target price 5,30 $
Spread / Average Target -3,45%
EPS Revisions
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
Sector and Competitors
1st jan.Capi. (M$)
PJSC GAZPROM-13.77%129 727
SAUDI ARABIAN OIL COMPANY14.30%2 174 181
SHELL PLC28.72%187 874
PETROCHINA COMPANY LIMITED6.63%140 447
TOTALENERGIES SE11.04%132 008
EQUINOR ASA39.19%106 269