Key Developments: Gazprom OAO (GAZP.MM)

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Latest Key Developments (Source: Significant Developments)

Fitch affirms Gazprom OAO BBB rating, outlook negative-Interfax
Tuesday, 29 Jul 2014 04:22am EDT 

Gazprom OAO:Fitch Ratings has approved its long-term foreign and local currency issuer default rating IDR of BBB with negative outlook issued to Gazprom-Interfax.The priority unsecured credit ratings in foreign currency were affirmed at BBB, the short-term forex IDR at F3 and long-term national-scale rating at AAA(rus) with negative outlook.  Full Article

Gazprom OAO, Centragas to liquidate RosUkrEnergo-Interfax
Friday, 25 Jul 2014 06:36am EDT 

Gazprom OAO:Gazprom and Dmitro Firtash's Centragas Holding AG (Austria) have decided to liquidate Switzerland-registered RosUkrEnergo AG (RUE), which for a number of a years served as the intermediary for deliveries of Russian gas to Ukraine and the EU-Interfax.The decision to liquidate RUE was approved on July 10, according to an announcement from the company in the Swiss press.The Gazprom board of directors examined the issue of "coordinating Gazprom's position concerning the vote of its representative in the RUE's executive bodies concerning its liquidation" at a meeting on June 17.RUE was founded on a 50-50 basis by Gazprom and Centragas Holding AG in the summer of 2004.It was the monopoly supplier of natural gas to Ukraine in 2006-2008.  Full Article

Gazprom OAO sets up companies in Russia, Netherlands-Interfax
Wednesday, 23 Jul 2014 01:26am EDT 

Gazprom OAO:Gazprom has set up several new companies, the names of which indicate that they are associated with the structuring of a deal to exchange assets with BASF/Wintershall-Interfax.In Russia, Gazprom has set up CJSC Achim Sbyt, which was first registered on June 24, the SPARK-Interfax database shows.The company's core business is wholesale trade of fuel, and it is also involved in wholesale trade of oil, hydrocarbon logistics, shipment by rail, transportation by pipeline and storage of gas, as well as management consulting and audit.The company's shareholders are Gazprom with 67.51 pct, as well as three Netherlands-based firms, Gazprom Achim BV (14.48 pct), Gazprom Export Achim BV (12.46 pct) and Gazprom EP International BV (5.54 pct).Gazprom Achim and Gazprom Export Achim were also registered this year, the Netherlands' Trade Register shows.  Full Article

Moody's confirms ratings of Gazprom OAO, NK Rosneft' OAO and Gazprom neft' OAO
Tuesday, 1 Jul 2014 09:55am EDT 

Gazprom OAO:Moody's Investors Service has confirmed the Baa1 ratings of the Government-related Issuers (GRI) Gazprom OAO (Gazprom) and NK Rosneft' OAO (Rosneft), and the Baa1 ratings of their respective guaranteed debt-issuing subsidiaries.Concurrently, Moody's has confirmed the Baa2 ratings of Gazprom neft' OAO, a subsidiary of Gazprom, and the Baa1 ratings of Rosneft International Holdings Limited (RIHL), a subsidiary of Rosneft, and the respective ratings of their guaranteed debt-issuing subsidiaries.The outlook on all ratings is negative.Gazprom's Prime-2 short-term rating remains unchanged.These rating actions follow Moody's confirmation of Russia's Baa1 government bond rating and assignment of a negative outlook on June 27.The confirmation of Gazprom's and Rosneft's senior unsecured issuer ratings reflects Moody's view that the companies' ratings are closely aligned with that of the sovereign, and that they remain sensitive to changes in sovereign creditworthiness.The confirmation of Gazprom Neft's Baa2 and RIHL's Baa1 senior unsecured issuer ratings reflects these companies' close operating and financial linkage with their respective parents' ratings.  Full Article

Gazprom OAO announces organizational changes-Interfax
Thursday, 26 Jun 2014 02:06am EDT 

Gazprom OAO:Gazprom will transfer 100 percent of shares in CJSC Gazprom Zarubezhneftegaz to the balance sheet of its Dutch subsidiary Gazprom EP International BV, according to a decision approved by the Russian gas giant's board of directors-Interfax.Gazprom said that Gazprom EP International will pay for the asset with its own new shares worth 250.633 million Russian rubles in line with an appraisal by Deloitte & Touche CIS.In addition, the Federal Anti-Monopoly Service said that it has approved LLC Gazprom Gazomotornoye Toplivo's purchase of OJSC Moscow Gas Processing Plant.Gazprom bought 100 percent of shares in the plant last year from Rosneftegaz for 340 million rubles.  Full Article

Gazprom OAO, OMV AG sign South Stream Austria shareholder agreement-Interfax
Tuesday, 24 Jun 2014 06:23am EDT 

Gazprom OAO:Gazprom and Austrian oil and gas concern OMV AG signed the South Stream Austria GmbH shareholder agreement setting out the principles for construction of the Austrian segment of the South Stream gas pipeline-Interfax.Gazprom CEO Alexei Miller signed the agreement with his counterpart at OMV, Gerhard Roiss.Gazprom and OMV own South Stream Austria 50-50.The agreement defines their specific rights and obligations and lays out the principles for financing and distribution of earnings among the shareholders.The agreement signing was accompanied by approval of the final investment decision on construction of the Austrian segment of the pipeline under the previously agreed criteria, Gazprom said in a statement.The sides plan to secure all necessary permits for construction of South Stream before the end of 2015.The pipeline's Austrian segment is scheduled to start up at the end of 2016.The shareholder agreement follows up on the memorandum on implementation of the South Stream project in Austria, Russian presidential aide Yury Ushakov said earlier.The memorandum covered construction of the Austrian segment of the gas pipeline with capacity to ship up to 32 billion cubic meters a year to the terminus at Baumgarten.The Austrian segment of the pipeline is scheduled to attain full design capacity by Jan. 2018.  Full Article

Gazprom OAO to sell majority stake in Gazprom avtomatizatsiya OAO-Interfax
Monday, 23 Jun 2014 08:00am EDT 

Gazprom OAO:Gazprom is preparing to sell the majority stake (49.62 percent) in Gazprom avtomatizatsiya-Interfax.The board will discuss OJSC Gazprom pulling out of Gazprom Avtomatizatsiya on June 27.A year ago Gazprom management put forward a three-year program on the sale of non-core assets, which includes this stake.Gazprom avtomatizatsiya is involved in automating gas industry processes.  Full Article

Gazprom OAO signs 25-year LNG contract with Indian GAIL-Interfax
Thursday, 19 Jun 2014 11:33pm EDT 

Gazprom OAO:Gazprom has signed a firm contract with Indian GAIL on delivery of 3 million tonnes of liquefied natural gas (LNG) a year for 25 years, Gazprom Deputy CEO Alexander Medvedev told journalists-Interfax.He also said that Gazprom has prolonged the memorandum with GAIL under which the two companies are discussing a possible increase in LNG delivery volumes to 3.5 million tonnes a year.They are also discussing possible LNG deliveries to Indian Oil, Medvedev said.In 2012, Gazprom Marketing and Trading Singapore Ltd signed a memorandum of understanding with four Indian customers, Indian Oil Corporation Ltd, GAIL (India) Ltd, Gujarat State Petroleum Company and Petronet LNG Ltd, for LNG delivery.Later a contract was signed with GAIL for the delivery of 2.5 million tonnes for 20 years beginning in 2019.The price of the contract was tied to the price of oil.A source at the company told Interfax that this is the same contract, but with an increased amount, and it has gone into effect.However, the start date for shipments is still being negotiated, but the deadline for these negotiations is limited.  Full Article

Gazprom OAO sells shares in Amber Grid AB
Tuesday, 17 Jun 2014 09:29am EDT 

Amber Grid AB (Amber):Informs that the implementation of the takeover bid to buy up the shares of Amber (Issuer) provided by EPSO-G UAB (EPSO) was completed on June 16.Says that during which the shareholders of the Issuer proposed to sell to EPSO in total 71,287,168 shares of the Issuer, which comprises 39.96 per cent of the share capital and votes of the Issuer.Says from the number of shares proposed for the sale, one may conclude that the shareholder of the Issuer Gazprom OAO, which owns 37.1 per cent shares of the Issuer, also decided to sell its shares.Says that the settlement for the shares of the Issuer will take place on the third business day after the day of the completion of the takeover bid implementation, on June 19.Says on this day the ownership to the shares proposed for the sale during the takeover bid will transfer to the shareholder of the Issuer EPSO.  Full Article

Gazprom OAO announces Singapore Exchange listing-Interfax
Tuesday, 17 Jun 2014 12:48am EDT 

Gazprom OAO:AMmerican Depositary Receipts (ADR) for shares in Gazprom were listed on the Singapore Exchange on June 17 morning, the Russian gas giant said in a statement-Interfax.Bank of New York Mellon is the ADR depositary bank.A source from Gazprom's management told Interfax earlier that the company planned to list on the Singapore Exchange.The company is not expecting its share price to increase as the result of this step.Some 5-7 percent of Gazprom's stock could end up trading on the Singapore Exchange, the source said.Gazprom has already held a number of non-deal road shows in the Asian financial centers, including Singapore, this year.Gazprom's ADRs are traded in London and on the American OTC market.They were admitted to trading in Moscow at the beginning of this year, meaning that they can now be traded 23 hours a day worldwide.At the end of Q1, 26.23 percent of Gazprom's shares were traded as ADRs.The ADR limit is 35 percent of issued shares.  Full Article

UPDATE 1-Market Chatter-Corporate finance press digest

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