Log in
E-mail
Password
Show 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. Public Joint Stock Company Gazprom
  6. News
  7. Summary
    GAZP   RU0007661625

PUBLIC JOINT STOCK COMPANY GAZPROM

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

Public Joint Stock Gazprom : From abandoned fields to salt caves, Gazprom's gas storage is almost full

10/21/2021 | 03:00am EST

(Repeats story published late on Wednesday)

* Gazprom's storage in Russia nearly full - energy minister

* Firm could increase European exports from Nov - analysts

MOSCOW, Oct 20 (Reuters) - Gazprom's domestic storage is almost full, giving the Russian state gas giant leeway to increase exports this winter, officials and industry experts say, potentially encouraging news for Europe as it toils under surging power prices.

Russia, whose gas production and exports to European Union are already near record highs, said last week it needed to finish filling its own gas storage reserves before it could increase supplies to Europe's spot market.

Energy Minister Nikolai Shulginov said on Wednesday that domestic gas storage was 97% filled, without disclosing the specific figure. Ronald Smith, senior oil and gas analyst at Russia's BCS brokerage, estimates that the storage stands at around 69 billion cubic metres (bcm), close to the company's publicly disclosed target full-storage level of 72.6 bcm.

Gas markets in Asia and Europe have sky-rocketed this year, with benchmark Dutch gas hub spot prices jumping by 365% since the year-start, fuelled by low inventories and surging demand as economies recover from the COVID-19 crisis.

This has put Gazprom, Europe's biggest gas supplier, front and centre, with its exports rising by 13% and production up 17% since the start of the year.

The former Soviet gas ministry, which became a state company in 1990s, runs a network of 23 gas storage sites in various locations; from abandoned gas fields to salt caves, securing between 20% to 40% of all domestic supply in the heating season.

If storage is full by Nov. 1, then "unlike Europe, Russia will start the withdrawal season at a healthy storage level and should have some flexibility to ramp up gas sales to Europe," said Marina Tsygankova, an analyst with Refinitiv.

"The question is if Gazprom wants to do it before Nord Stream 2 is certified," she said, referring to the undersea gas pipeline from Russia to Germany opposed by a number of countries, including Ukraine and Poland, as it could deprive them of transit fees.

While finished and now being filled with the gas, the Nord Stream 2 is awaiting the go-ahead from Germany before it can start transporting supplies.

WATCH THE WEATHER

European inventories are about 14 bcm short of gas, including 8 bcm in Gazprom-linked facilities, partly due to Gazprom booking only a fraction of export capacity via Ukraine and Poland, said Dmitry Marinchenko, senior director at Fitch ratings agency.

"Until the end of the year, Russia should probably be able to provide at least an additional 5-10 bcm. November would be the right time to ramp up deliveries as in December Russia's own consumption will increase," he said.

Russia has said it would prioritise its home market over exports and Gazprom's supplies domestically have already risen by 17% so far this year, or by 26 bcm - equal to what Poland consumes annually.

But even with temperatures lower than usual across Russia last year, which Gazprom predicts may happen again this heating season, it used only 60.6 bcm from the storage at home, leaving another 12 bcm underground untouched.

Nonetheless, Smith of BCS brokerage cautioned that the Russian weather, and its influence on domestic consumption, could play a role in Gazprom's export plans.

"Gazprom's ability to export to Europe will be highly dependent upon Russian weather. September was cold, and October doesn't appear to be warm," he said.

And even if Russia increases supply, it's unlikely to have an immediate impact on European spot prices, analysts at the Sweden-based bank SEB said, as prices at the European gas market are linked to the globally set LNG price.

"We see that more natural gas from Russia would only calm the nerves a bit – and that the TTF will still depend on the global LNG price both now, for the coming winter, and in the years to come," SEB said. (Reporting by Katya Golubkova and Vladimir Soldatkin; Additional reporting by Oksana Kobzeva in Moscow and Nina Chestney in London; Editing by Veronica Brown and Pravin Char)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PUBLIC JOINT STOCK COMPANY GAZPROM 6.81% 323.02 End-of-day quote.-5.90%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.00% 77.9509 Delayed Quote.5.05%
All news about PUBLIC JOINT STOCK COMPANY GAZPROM
05:57pNothing is off the table, EU responds to question on halting Nord Stream 2
RE
05:39aPUBLIC JOINT STOCK GAZPROM : Over 93 per cent of employees vaccinated at Gazprom and core ..
PU
02:12aEastward Yamal gas flows from Germany to Poland decline further
RE
01:49aPUBLIC JOINT STOCK GAZPROM : On paid out revenues on issuer's securities and on other paym..
PU
01:49aPUBLIC JOINT STOCK GAZPROM : On paid out revenues on issuer's securities and on other paym..
PU
12:56aRAGOZIN : Zelenskiy swimming in the shark infested waters of friends and foes
AQ
01/26Nord Stream 2 Operator Forms German Unit To Operate Pipeline Section
MT
01/26Nord Stream 2 registers German subsidiary, certification still suspended
RE
01/26German regulator can't say when certification process for Nord Stream 2 will continue
RE
01/26Nord Stream 2 operator registers a subsidiary in Germany
RE
More news
Analyst Recommendations on PUBLIC JOINT STOCK COMPANY GAZPROM
More recommendations
Financials (USD)
Sales 2021 139 B - -
Net income 2021 32 757 M - -
Net Debt 2021 41 816 M - -
P/E ratio 2021 3,06x
Yield 2021 15,5%
Capitalization 98 006 M 98 186 M -
EV / Sales 2021 1,00x
EV / Sales 2022 0,87x
Nbr of Employees 477 600
Free-Float -
Chart PUBLIC JOINT STOCK COMPANY GAZPROM
Duration : Period :
Public Joint Stock Company Gazprom Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PUBLIC JOINT STOCK COMPANY GAZPROM
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Last Close Price 4,14 $
Average target price 5,93 $
Spread / Average Target 43,1%
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$)
PUBLIC JOINT STOCK COMPANY GAZPROM-5.90%89 374
SAUDI ARABIAN OIL COMPANY3.35%1 966 113
SHELL PLC18.59%196 774
TOTALENERGIES SE14.43%150 210
PETROCHINA COMPANY LIMITED13.26%145 931
EQUINOR ASA9.50%93 735