PetroChina’s Gas Deal With Russia Seen as ‘Risk,’ Bernstein Says
This article is for subscribers only.
PetroChina Co., the country’s biggest oil and natural gas producer, risks losing money on piped gas imports from Russia if a deal with OAO Gazprom goes through, according to Sanford C. Bernstein & Co.
PetroChina and Gazprom, which has a monopoly on Russia’s gas exports, are negotiating prices from $9 to $11 per million British thermal units, compared with a city-gate price of $8.80 per million Btu in Shanghai, Neil Beveridge, a Hong Kong-based analyst at Bernstein, said in an e-mailed report today.