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    GAZP   RU0007661625

PUBLIC JOINT STOCK COMPANY GAZPROM

(GAZP)
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Record gas prices could hasten Nord Stream 2 launch, analysts say

09/14/2021 | 09:02am EDT
FILE PHOTO: Workers are seen at the construction site of the Nord Stream 2 gas pipeline, near the city of Kingisepp, Russia

MOSCOW (Reuters) - Record gas prices in Europe could hasten clearance for fuel supplies via Russia's Nord Stream 2 pipeline to Germany, analysts said on Tuesday.

Russia's Gazprom last week said it had finished construction of the pipeline and Germany's energy regulator has said it has four months to complete operating certification after receiving all necessary documents.

The pipeline, which would help Moscow to bypass political foe Ukraine in transiting gas to European markets, doubles its annual gas export capacity via the Baltic Sea to 110 billion cubic metres, about half of Russia's total gas pipeline exports to the West.

Europe is hungry for the gas, particularly with prices in the region having hit record highs ahead of winter.

Spot prices in the Dutch TTF gas hub exceeded 66 euros per megawatt hour, or more than $800 per 1,000 cubic metres, on Tuesday amid low levels of underground gas storage in Europe. [NG/GB]

"The German regulator ... will probably try to issue all the necessary permits in the fastest possible way," said Dmitry Marinchenko, a senior director at Fitch.

Gazprom said in August that Nord Stream 2 could deliver 5.6 billion cubic metres of gas by the end of the year.

The Bundesnetzagentur gas regulator's website, which was updated on Sept. 13, said that the four-month period to certify Nord Stream 2 started on Sept. 8.

Alexei Grivach of the National Energy Security Fund, a pro-Kremlin think-tank, also said it was possible that German authorities will hasten clearance despite the resistance from the United States and some European countries.

"This will not be easy, taking into account the political environment ... but in order to stabilise the market the artificial barriers should be overtaken," he said.

Nord Stream 2 has drawn criticism from the United States and Ukraine among others, with Washington saying the pipeline will increase Europe's reliance on Russian energy supplies.

Ukraine reiterated its stance on Tuesday.

"This threatens the energy independence of many Eastern European countries and undermines Ukraine's security," Energy Minister Herman Halushchenko said of the pipeline.

Russia, meanwhile, has said Nord Stream 2 is a commercial project that will strengthen Europe's energy security.

(Reporting by Oksana Kobzeva; Additional reporting by Pavel Polityk in Kyiv; Writing by Vladimir Soldatkin; Editing by David Goodman)

By Oksana Kobzeva


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PUBLIC JOINT STOCK COMPANY GAZPROM 2.35% 334 End-of-day quote.57.04%
PUBLIC JOINT STOCK COMPANY GAZPROM NEFT 0.18% 446.95 End-of-day quote.41.02%
TOTALENERGIES SE 2.56% 39.07 Real-time Quote.7.92%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.14% 73.0711 Delayed Quote.-0.72%
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Financials (USD)
Sales 2021 131 B - -
Net income 2021 25 807 M - -
Net Debt 2021 45 817 M - -
P/E ratio 2021 4,08x
Yield 2021 12,2%
Capitalization 110 B 110 B -
EV / Sales 2021 1,19x
EV / Sales 2022 1,17x
Nbr of Employees 477 600
Free-Float 50,5%
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Number of Analysts 11
Last Close Price 4,58 $
Average target price 4,98 $
Spread / Average Target 8,74%
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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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