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Fitch: Latest US sanctions against Gazprom will not materially affect company’s operations

August 24, 2015, 18:50 UTC+3 MOSCOW
The agency also confirmed the long-term foreign currency Issuer Default Rating (IDR) of the Russian gas giant Gazprom at BBB- level with a negative outlook
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© ITAR-TASS/Yuri Smityuk

MOSCOW, August 24. /TASS/. The international rating agency Fitch Ratings believes the latest US sanctions against the Yuzhno-Kirinskoye oil and gas field should not materially affect operations of the Russian gas major Gazprom, the agency said on Monday.

The agency also confirmed the long-term foreign currency Issuer Default Rating (IDR) of the Russian gas giant Gazprom at BBB- level with a negative outlook.

The United States extended its sector sanctions against the Russian economy to the Yuzhno-Kirinskoe oil and gas field in the Sea of Okhotsk on August 7.

Yuzhno-Kirinskoe gas condensate field in the Sea of Okhotsk was discovered in 2010. The field scheduled for commissioning in 2018 is the resource base for the further development of Sakhalin-2 project.

Fitch expects Gazprom’s export sales to Europe will grow in second half of 2015

Fitch Ratings anticipates that during the rest of the year European gas prices will decline further on low Brent oil prices.

Nevertheless, the rating agency expects Gazprom will increase supplies to the European market.

"We anticipate that during the rest of the year European gas prices will be even lower on low Brent, but sales volumes should increase compared to 1H15. In 2015-17, we expect European gas sales volumes to remain broadly stable despite EU's efforts to diversify away from Russian gas and increase gas market competitiveness," Fitch said.

TASS reported earlier Gazprom’s export supplies to Europe may total 82-84 bln cubic meters of natural gas in the second half of 2015, representative of company’s trading arm Gazprom Export Andrey Zotov said.

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