Russia”s Gazprom has applied to one of its major European customers, the German E. On, the principle of take or pay in full. E. On must pay a $ 500-700 million for unselected in the 2009 gas. But as Gazprom approved the claim of the Germans in the delay asset swap deal on the South-Russian field. As a result, E. On must transfer to Gazprom only $ 140 million before the end of January.
third level of consumption of foreign contractors “Gazprom” - the German E. On Ruhrgas - settled the issues of payment for gas in 2009. “Complete agreement on the settlement of payments under the long-term contracts was reached on Jan. 13,” - said a source familiar with the situation. The deputy chairman of Gazprom board, Alexander Medvedev, yet on January 21 at a conference in Berlin, confirmed that talks with E. On completed. According to him, “contracts were not reviewed, but were small modifications, the main principles of the contracts remain unchanged.” Another manager explained the monopoly that accounts for the year while preparing: “Acts of Reconciliation gas supplies to Germany were signed on January 15 and payment date is coming in between 25 and 30 January. According to one source, after the negotiations it was agreed that Ruhrgas will pay $ 140 million compensation. Another source confirmed that those were “not such a big sum for the German concern - about 100 million euros.
Last year for E. On Ruhrgas, Germany”s largest gas importer (42% market share), was very heavy. Some of his clients over to the small resellers that sell cheaper gas, purchased on the exchange. E. On is threatened with loss of control over the market of the country. Concern has reduced sales by about 10% fall in consumption in Germany to 5,5% in 2009. Following I half falling sales E. On was 44%. On the other hand, the European Commission on the basis of anti-dumping investigation concern has threatened a fine of up to 10% of annual revenue. Also E. On was forced to open its gas pipelines to competitors for pumping gas and promised to lower its reserves in underground storage facilities in Germany from 100% to 54%. In November, the head of E. On Wulf Bernotat explained the German Die Welt, that “the situation is very serious, since a fall in sales of gas by the company for nine months by 15% resulting in lower profits for the same period by 33%, to 1.4 billion euros . Against this background, concern is also threatened by large payments in favor of Gazprom because of the decrease in purchases of gas in 2009.
One source explains that in 2009, E. On bought about 16 billion cubic meters of gas, essentially violating the principle of take or pay “. About how many E. On was obligated to buy under the contract, neither Russia nor the German side did not explain. But the head of E. On Ruhrgas Bernhard Reutersberg in December, warned: “Maybe there is a situation that at the end of the year we bought from Gazprom”s gas is less than specified in the contract. If we did not buy the minimum amount we will have to pay part of the volume and get them later. ” Then he explained that there is no economic sense to import gas in abundance from Gazprom and sell it on the spot markets1000- it will cause prices to fall.
According to the calculations of Chapter East European Gas Analysis (USA) Michael Korchemkina, contract volume last year amounted to 19-20 billion cubic meters, and if the Germans had selected only 16 billion (80-84%), they would have to compensate for Gazprom “$ 500-700 million with an average price of $ 270 per thousand cubic meters. According to sources, E. ON has insisted on the principle of non-use of take or pay, but Gazprom did not go to meet a partner. Then the latter put forward a new condition - Gazprom is obliged to compensate for the delay in registration of JSC “Gazprom YUGRM Development”. This company is involved in the asset swap deal, in which E. On paid shares in Gazprom for a majority stake in the South-Russian field. Legal harmonization of the transaction took longer than envisaged by the agreement E. On and Gazprom and the German side said the loss of profits of $ 300-500 million from the sale of gas from the field. As a result, taking into account counter-claims and there was the sum of $ 140 million, which the Germans were to Gazprom.
Thus, the monopoly was able to normalize relations with major partner, without renouncing the principle of take or pay. Maxim Shein of BrokerCreditService believes that in the predicted stagnation of the gas market in the years 2010-2012 it would be logical to reduce the level of take or pay from the current 85-90% to 70-85%. But Gazprom has no intention of doing so.
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E. On will pay on the accounts of “Gazprom”
Russia”s Gazprom has applied to one of its major European customers, the German E. On, the principle of take or pay in full. E. On must pay a $ 500-700 million for unselected in the 2009 gas. But as Gazprom approved the claim of the Germans in the delay asset swap deal on the South-Russian field. As a result, E. On must transfer to Gazprom only $ 140 million before the end of January.
third level of consumption of foreign contractors “Gazprom” - the German E. On Ruhrgas - settled the issues of payment for gas in 2009. “Complete agreement on the settlement of payments under the long-term contracts was reached on Jan. 13,” - said a source familiar with the situation. The deputy chairman of Gazprom board, Alexander Medvedev, yet on January 21 at a conference in Berlin, confirmed that talks with E. On completed. According to him, “contracts were not reviewed, but were small modifications, the main principles of the contracts remain unchanged.” Another manager explained the monopoly that accounts for the year while preparing: “Acts of Reconciliation gas supplies to Germany were signed on January 15 and payment date is coming in between 25 and 30 January. According to one source, after the negotiations it was agreed that Ruhrgas will pay $ 140 million compensation. Another source confirmed that those were “not such a big sum for the German concern - about 100 million euros.
Last year for E. On Ruhrgas, Germany”s largest gas importer (42% market share), was very heavy. Some of his clients over to the small resellers that sell cheaper gas, purchased on the exchange. E. On is threatened with loss of control over the market of the country. Concern has reduced sales by about 10% fall in consumption in Germany to 5,5% in 2009. Following I half falling sales E. On was 44%. On the other hand, the European Commission on the basis of anti-dumping investigation concern has threatened a fine of up to 10% of annual revenue. Also E. On was forced to open its gas pipelines to competitors for pumping gas and promised to lower its reserves in underground storage facilities in Germany from 100% to 54%. In November, the head of E. On Wulf Bernotat explained the German Die Welt, that “the situation is very serious, since a fall in sales of gas by the company for nine months by 15% resulting in lower profits for the same period by 33%, to 1.4 billion euros . Against this background, concern is also threatened by large payments in favor of Gazprom because of the decrease in purchases of gas in 2009.
One source explains that in 2009, E. On bought about 16 billion cubic meters of gas, essentially violating the principle of take or pay “. About how many E. On was obligated to buy under the contract, neither Russia nor the German side did not explain. But the head of E. On Ruhrgas Bernhard Reutersberg in December, warned: “Maybe there is a situation that at the end of the year we bought from Gazprom”s gas is less than specified in the contract. If we did not buy the minimum amount we will have to pay part of the volume and get them later. ” Then he explained that there is no economic sense to import gas in abundance from Gazprom and sell it on the spot markets1000- it will cause prices to fall.
According to the calculations of Chapter East European Gas Analysis (USA) Michael Korchemkina, contract volume last year amounted to 19-20 billion cubic meters, and if the Germans had selected only 16 billion (80-84%), they would have to compensate for Gazprom “$ 500-700 million with an average price of $ 270 per thousand cubic meters. According to sources, E. ON has insisted on the principle of non-use of take or pay, but Gazprom did not go to meet a partner. Then the latter put forward a new condition - Gazprom is obliged to compensate for the delay in registration of JSC “Gazprom YUGRM Development”. This company is involved in the asset swap deal, in which E. On paid shares in Gazprom for a majority stake in the South-Russian field. Legal harmonization of the transaction took longer than envisaged by the agreement E. On and Gazprom and the German side said the loss of profits of $ 300-500 million from the sale of gas from the field. As a result, taking into account counter-claims and there was the sum of $ 140 million, which the Germans were to Gazprom.
Thus, the monopoly was able to normalize relations with major partner, without renouncing the principle of take or pay. Maxim Shein of BrokerCreditService believes that in the predicted stagnation of the gas market in the years 2010-2012 it would be logical to reduce the level of take or pay from the current 85-90% to 70-85%. But Gazprom has no intention of doing so.
From Russia”s major sales market can protect the U.S. and oil futures, showing positive momentum
Today will probably be able to avoid the landslide of sales on a wide range of securities
Trading robots displace intuitive traders
Above the external background continue to dominate the concerns associated with the tightening of monetary policy, China and the possibility of default Greece
Forex Market 25/01/2010
China”s influence on world markets is growing
IFC will continue to buy bad assets
UIA climbed
The market of mobile terminals: results and forecasts
Ukrainians in the past year acquired about 4.32 million mobile terminals, which accounted for 45% less than in 2008 (7.9 million )…