Key Developments: Gazprom neft' OAO (SIBN.MM)

SIBN.MM on Moscow Interbank Currency Exchange

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Latest Key Developments (Source: Significant Developments)

Mosenergo shareholders approve 10-year gas agreement with Gazprom neft' OAO-Interfax
Wednesday, 4 Jun 2014 04:33am EDT 

Gazprom neft' OAO:Shareholders of Mosenergo approved a contract with Gazprom Neft for supplies of gas in 2020-2029 for 410 billion Russian rubles, excluding VAT, at their annual meeting, an Interfax correspondent reported from the meeting-Interfax.Overall shipment volumes under the contract will total up to 70 billion cubic meters (bcm) of gas.Annual volumes will be between 5 bcm and 8.5 bcm of gas.The agreement between the companies envisions shipments of gas produced by Gazprom or its affiliates, as well as sales and transportation services.In Oct. 2013, Gazprom Neft's board of directors tasked company management with signing an agreement with Mosenergo by the end of July 2014 for the sale of gas from the Novoportovskoye field.The company had preliminarily received all necessary corporate approval.  Full Article

Gazprom neft' OAO begins production in Iraq
Sunday, 1 Jun 2014 08:00pm EDT 

Gazprom neft' OAO:Says that on 31 May, it began production at the Badra oilfield in Iraq.The central gathering station (CGS) is currently undergoing complex testing of its crude oil processing system.Testing will be completed in three months once enough oil has been accumulated for commercial production to begin.The Badra field will then be ready to reach planned production levels of 15,000 barrels per day.New infrastructure for the field’s commercial development has been put in place.The CGS’s first line has been constructed with a capacity of 60,000 barrels per day and in March the Badra field was connected to the 165–kilometre-long main Iraqi oil pipeline system.Production in the field will reach its peak of 170,000 barrels per day (around 8.5 million tonnes per year) in 2017 and then remain the same for a period of 7 years.  Full Article

Gazprom neft' OAO, SIBUR and Titan Group establish joint venture based on Poliom plant in Omsk
Thursday, 22 May 2014 08:00pm EDT 

Gazprom neft' OAO:Gazprom Neft, SIBUR and Titan Group signed an agreement to establish a joint venture based on Omsk Polypropylene Plant (Poliom).As part of the deal, Sibgazpolimer, a joint venture of SIBUR and Gazprom Neft (each having a 50 percent stake), acquired a 50 percent stake in Poliom from Titan Group.Under the agreement, Gazprom Neft is to supply Poliom with raw materials (propane-propylene fraction from Omsk Refinery), with SIBUR to sell Poliom’s products through its distribution network.Poliom’s Board of Directors is to consist of an equal number of representatives of Titan Group and Sibgazpolimer, with the plant’s operations handled by CEO.Currently, this position is held by Oleg Moloshtanov.  Full Article

Gazprom OAO approves sale of Prirazlomnoye field license holder to Gazprom neft' OAO-Interfax
Monday, 19 May 2014 01:32am EDT 

Gazprom OAO:The board of directors of Gazprom has approved the sale of the license holder to the Prirazlomnoye Arctic offshore oil field, LLC Gazprom Neft Shelf, to oil company Gazprom neft' OAO, Gazprom said in a statement-Interfax.Gazprom has approved the signing of a purchase-sale contract with Gazprom Neft for a 100 percent equity stake in Gazprom Neft Shelf with par value of 1 million Russian rubles.The Gazprom board's decision on this issue is the first stage in transferring Prirazlomnoye from Gazprom to Gazprom Neft.The second step will be to hand over the Prirazlomnaya platform.A fundamental condition will be payment for the platform over seven years from revenues earned on the sale of oil from the field.  Full Article

Gazprom neft' OAO subsidiary begins fueling flights in South Korea-Interfax
Tuesday, 6 May 2014 06:53am EDT 

Gazprom neft' OAO:Gazpromneft-Aero, the operator of Gazprom Neft's aviation fuel business, has begun fueling regular flights for the airline Aurora, which is part of Aeroflot - Russian Airlines, at the Gimhae International Airport in the South Korean city of Busan-Interfax.Gazpromneft-Aero first entered the South Korean market when it expanded its presence to 132 airports in 50 countries.  Full Article

S&P revises outlook on Gazprom neft' OAO-Interfax
Tuesday, 29 Apr 2014 07:19am EDT 

Gazprom neft' OAO:Standard & Poor's (S&P) has changed the outlook on its long-term local and foreign currency issuer rating of BBB-, assigned to Gazprom neft' OAO to negative from positive-Interfax.  Full Article

Gazprom neft' OAO through Naftna Industrija Srbije ad Novi Sad acquires 50 pct stake in RAG Kiha Ltd-Interfax
Friday, 18 Apr 2014 06:48am EDT 

Gazprom neft' OAO:Gazprom neft' OAO through Naftna Industrija Srbije ad Novi Sad has acquired a 50 pct stake in RAG Kiha Ltd-Interfax.No further details disclosed.  Full Article

Gazprom neft' OAO ups stake in Gazpromneft' - Moskovskiy NPZ OAO in buy-out offer-Interfax
Friday, 4 Apr 2014 09:48am EDT 

Gazprom neft' OAO:Gazprom Neft increased its stake in Gazpromneft' - Moskovskiy NPZ OAO (Moscow NPZ) to 95.79 percent from 85.2 percent in the context of a minority shareholder buy-out offer-Interfax.This was completed on April 4, Gazprom Neft said in a statement.Moscow NPZ Holdings BV made a voluntary offer to minority shareholders in Gazpromneft-Moscow NPZ.There were 553,896 ordinary shares (7.03 percent of charter capital) purchased for 7,097 Russian rubles apiece.There were also 611,828 preferred shares (7.76 percent) bought for 5,006 rubles each.  Full Article

Gazprom neft' OAO, Gazprom International sign agreement on cooperation abroad-Interfax
Friday, 4 Apr 2014 07:28am EDT 

Gazprom neft' OAO:Gazprom neft' OAO and Gazprom International have signed an agreement on cooperation, Gazprom International said in a press release-Interfax.The agreement covers systems for interacting and formation of a plan for information exchange on issues concerning development of international business and establishment of long-term partnership relations in that area.The two also agreed on creation of a working group that will define the areas for cooperation in developing countries.  Full Article

Moody's places Gazprom OAO, NK Rosneft' OAO and Gazprom neft' OAO ratings on review for downgrade
Tuesday, 1 Apr 2014 10:21am EDT 

Gazprom OAO:Moody's Investors Service (Moody's) has placed on review for downgrade the Baa1 ratings of the Government-related Issuers (GRI) Gazprom and NK Rosneft' OAO (Rosneft), and the Baa1 ratings of their respective guaranteed debt-issuing subsidiaries.Concurrently, Moody's has placed on review for downgrade the Baa2 ratings of Gazprom neft' OAO, a subsidiary of Gazprom, and Baa1 ratings of Rosneft International Holdings Limited (RIHL), a subsidiary of Rosneft, and the respective ratings of their guaranteed debt-issuing subsidiaries.Gazprom's Prime-2 short-term rating is not affected by this review and remains unchanged.These rating actions follow Moody's placement of Russia's Baa1 government bond rating on review for downgrade on March 28.The placement of Gazprom's and Rosneft's ratings on review for downgrade reflects Moody's view that the ratings of the companies are closely aligned with that of the sovereign, and that they remain sensitive to changes in sovereign creditworthiness.The placement of Gazprom Neft's Baa2 and RIHL's Baa1 senior unsecured issuer ratings on review for downgrade reflects these companies' close operating and financial linkage with their respective parents' ratings.Moody's expects that the ratings of Gazprom and Rosneft will not differ from the rating of the sovereign at the end of the rating review, and that their subsidiaries' ratings will maintain their current positioning relative to their respective parents.  Full Article

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