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Gazprom 3Q Europe Gas Sales 'Alarming'

Gazprom 3Q Europe Gas Sales Alarming
dj
Τρι, 16 Νοεμβρίου 2010 - 18:39
Gazprom's (GAZP.RS) 25% lower sales volumes to the European Union in 3Q are "alarming," says UralSib. "The reason behind Gazprom's EU setback appears to be that European buyers are unwilling to pay premiums over spot gas prices," says analyst Alexei Kokin. Notes that although spot prices are likely to rise in 4Q '10, Gazprom's contract prices are likely to remain 20%-25% above.
Gazprom' s ( GAZP. RS) 25% lower sales volumes to the European Union in 3 Q are " alarming," says UralSib. "The reason behind Gazprom's EU setback appears to be that European buyers are unwilling to pay premiums over spot gas prices," says analyst Alexei Kokin. Notes that although spot prices are likely to rise in 4Q '10, Gazprom's contract prices are likely to remain 20%-25% above. 
"Gazprom will probably have to accept a long-term reduction in its contract prices in the future." Keeps at buy with $8.30 target price. Shares -1.1% at RUB169.9. ($5.50).

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