gazprom oao-spon adr (OGZPY) Key Developments
OAO Gazprom Receives Approval to Expand Export Routes
Mar 3 15
OAO Gazprom has received an approval for its strategy aimed at expanding its export routes. It was noted that gas supply alternatives as well as enhanced reliability and safety of supplies were of primary importance to make Gazprom's products attractive for international markets over a long term. With a view to provide stable and well-balanced supplies of Russian gas to Europe as well as to mitigate the risks related to gas transit via third countries, Gazprom makes great efforts to expand the existing gas transmission routes and to build up the new ones. A project for constructing a new gas pipeline with a capacity of 63 billion cubic meters from Russia to Turkey has entered the execution stage. The gas transmission route will be laid via the Black Sea and will annually supply up to 47 billion cubic meters of gas to the Turkish-Greece border. The gas pipeline will represent the alternative export route, which, in combination with highly reliable Nord Stream, Blue Stream and the Yamal Europe gas pipeline, will secure the whole Russian gas exports beyond the CIS and will make it possible to abandon the transit corridor via Ukraine. Gazprom is also focused on supplying significant volumes of Russian pipeline gas to Asia-Pacific. The work is underway to have the resource and transmission base in place for the start of gas supplies from Russia to China via the eastern route. The company intends to build up its presence in new markets primarily by the way of increasing its own production activity. Gazprom plans to construct LNG plants with a capacity of 10 million tons a year in the Leningrad Region and the Primorye Territory. The company also considers a possibility of constructing a new process train within the Sakhalin II project.
Gazprom Invest over $2 Billion in Belarusian Gas Transmission System
Mar 2 15
Gazprom is investing over $2 billion in the Belarusian gas transmission system to 2020.
Gazprom Reports Production Results for the Year 2014; Provides Production Guidance for the Year 2015
Feb 13 15
Gazprom reported production results for the year 2014. For the period, the company produced a low 444 bcm of gas in 2014.
The company plans to produce 485 bcm of gas in 2015. The announced in a new report that it might be producing 490-555 bcm of gas per year by 2020, depending on effective demand in Russia and if external market trends are favorable.
Ministry of Petroleum and Mineral Resources to Sign a Commercial Contract with Gazprom for 35 Liquefied Natural Gas Shipments
Feb 11 15
The Ministry of Petroleum and Mineral Resources will sign a commercial contract by the end of this month with Gazprom for 35 liquefied natural gas (LNG) shipments. The details of the deal and schedule of supplying the gas shipments are being determined, in addition to the prices and the terms of contract between the Russian and Egyptian parties. The company will supply seven LNG shipments annually to Egypt, starting from 2015 until 2020. The shipments will be supplied according to the global prices during the time of delivery.
The Tarrant County Court Dismisses Litigation File by Moncrief Oil International against Gazprom
Feb 9 15
On February 2, 2015, the Tarrant County Court, Texas, USA located in Fort Worth passed a judgment to dismiss the litigation involving a claim worth over USD 1.38 billion filed by Moncrief Oil International against Gazprom, Gazprom Export, Gazprom Marketing & Trading USA and other defendants with no right of refiling the same claim. This judgment was passed during the case consideration by the jury, after Gazprom's representatives had managed to prove that the plaintiff's main document which had constituted the basis for the claim was fabricated. As a result, the plaintiff waived the claim and pledged not to file other claims against Gazprom or its affiliates in future.