Information Group (part of the investment holding company “Finam”) held a conference on global gas market: time for change. ” Its members believe that the drop in gas production in Russia due to insufficient flexible pricing policy, Gazprom, which is losing foreign markets to foreign competitors. The main risk to the domestic gas industry related to the slow pace of implementation of large projects, as well as with their high capital intensity.
reduction of gas production in Russia in 2009 analysts attributed to the policy of the main manufacturer - Gazprom. “According to the gas main problem - inflexible pricing policy of” Gazprom “on the background of the sharp decline in demand, especially in the beginning of the year. Is another matter that the fault of” Gazprom “in this inflexibility, only partial”, - said Head of Analytical Research IG UNIVER Capital Dmitry Alexandrov. This view is supported Head of Research Fund of the National Energy Security Pasechnik, Alexander: “In the EU, the presence of Gazprom”s tangible - it controls a quarter of the market. However, as shown by the last economic crisis, its rigid pricing policy - vulnerability. In particular, the Norwegian Statoil at the peak of the global crisis has reduced the share of Gazprom in the euro area up to 16%. The Norwegians were able to offer lower prices due to “soft” contracts. However, now rosmonopoliya regained its rightful quarter.
Analyst IFD Kapital “Vitaly Kryukov identified several problems that have affected the Russian gas sector last year:” The accelerated pace of production decline of Gazprom associated with reduced consumption and falling supplies in the European market because of rigid price policy of “Gazprom”. Gas prices in the spot market last year were much lower than the prices of Gazprom, which has led to some shift in demand towards the spot purchases. In addition, to increase deliveries of LNG to Europe at more competitive prices. Also, there were losses This makes it possible problems with gas transit through Ukraine in the beginning1000of the year.
A different vision of the situation at the vice-president of the Russian Gas Society Oleg Zhilin: “It would be correct to speak not about the fall in gas production and a decrease in consumption. gas industry is able to provide higher gas demand in both domestic and foreign markets. That there are opportunities to increase gas production in our country is very significant. ” True, not a fact that this potential can achieve.
“The problem of” Gazprom “is that it can not offer the market the cheapest gas for new projects. All of his new projects are very expensive and losing price competition. In this situation, new projects of” Gazprom “will develop slowly. In the long term, if gas demand will grow strongly, and there are no cheap gas in the desired amount in the world, the demand for Gasprom gas will inevitably increase. While in the medium term I see serious risks for Gazprom”s gas in the world market “- is concerned, Mr. Kryukov .
Despite this, Gazprom remains interesting for long-term investment company. “The analysts who call more than 100% growth potential, base their assessment of the project, which will be implemented by Gazprom only after 5-10 years. These projects should add to Gazprom for more than half its current value. However, market participants seem to be waiting when these projects really start to develop. I think, among other things, in 2009, all scared Gazprom”s decision to postpone for a year Shtokman project, which until then was considered a priority because of funding problems. We expect that in 2010 Gazprom attains turnovers, sbavlennye in 2009, in terms of growth rate shares “- said an analyst at Finam” Alexander Eremin.
Expensive gas reduces the share of Gazprom in the global market
Information Group (part of the investment holding company “Finam”) held a conference on global gas market: time for change. ” Its members believe that the drop in gas production in Russia due to insufficient flexible pricing policy, Gazprom, which is losing foreign markets to foreign competitors. The main risk to the domestic gas industry related to the slow pace of implementation of large projects, as well as with their high capital intensity.
reduction of gas production in Russia in 2009 analysts attributed to the policy of the main manufacturer - Gazprom. “According to the gas main problem - inflexible pricing policy of” Gazprom “on the background of the sharp decline in demand, especially in the beginning of the year. Is another matter that the fault of” Gazprom “in this inflexibility, only partial”, - said Head of Analytical Research IG UNIVER Capital Dmitry Alexandrov. This view is supported Head of Research Fund of the National Energy Security Pasechnik, Alexander: “In the EU, the presence of Gazprom”s tangible - it controls a quarter of the market. However, as shown by the last economic crisis, its rigid pricing policy - vulnerability. In particular, the Norwegian Statoil at the peak of the global crisis has reduced the share of Gazprom in the euro area up to 16%. The Norwegians were able to offer lower prices due to “soft” contracts. However, now rosmonopoliya regained its rightful quarter.
Analyst IFD Kapital “Vitaly Kryukov identified several problems that have affected the Russian gas sector last year:” The accelerated pace of production decline of Gazprom associated with reduced consumption and falling supplies in the European market because of rigid price policy of “Gazprom”. Gas prices in the spot market last year were much lower than the prices of Gazprom, which has led to some shift in demand towards the spot purchases. In addition, to increase deliveries of LNG to Europe at more competitive prices. Also, there were losses This makes it possible problems with gas transit through Ukraine in the beginning1000of the year.
A different vision of the situation at the vice-president of the Russian Gas Society Oleg Zhilin: “It would be correct to speak not about the fall in gas production and a decrease in consumption. gas industry is able to provide higher gas demand in both domestic and foreign markets. That there are opportunities to increase gas production in our country is very significant. ” True, not a fact that this potential can achieve.
“The problem of” Gazprom “is that it can not offer the market the cheapest gas for new projects. All of his new projects are very expensive and losing price competition. In this situation, new projects of” Gazprom “will develop slowly. In the long term, if gas demand will grow strongly, and there are no cheap gas in the desired amount in the world, the demand for Gasprom gas will inevitably increase. While in the medium term I see serious risks for Gazprom”s gas in the world market “- is concerned, Mr. Kryukov .
Despite this, Gazprom remains interesting for long-term investment company. “The analysts who call more than 100% growth potential, base their assessment of the project, which will be implemented by Gazprom only after 5-10 years. These projects should add to Gazprom for more than half its current value. However, market participants seem to be waiting when these projects really start to develop. I think, among other things, in 2009, all scared Gazprom”s decision to postpone for a year Shtokman project, which until then was considered a priority because of funding problems. We expect that in 2010 Gazprom attains turnovers, sbavlennye in 2009, in terms of growth rate shares “- said an analyst at Finam” Alexander Eremin.
Department of Public Relations and Media Investment Holding Finam.
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