Gazprom (GAZP.RS) represents a relatively safe route to gain exposure to Russian energy companies, as much uncertainty surrounds the proposed tax cuts for the oil sector, says UralSib.
"If the tax cuts are less than the market expects, then stocks such as Lukoil (LKOH.RS) and Rosneft (ROSN.RS) will fall, whereas Gazprom has not risen so much on this story and has other potential price drivers in place.
If the tax cuts match or exceed expectations, then Gazprom will also benefit via its oil subsidiaries," says analyst Chris Weafer. Shares +1.3% at $15.5. (JGP)