Gazprom (
GAZP.
RS)
could
benefit
in
the
near
term
from
proposed
tax
breaks
for
Russian
offshore
projects
says
Citi.
"We regard the new tax
regime for offshore projects, if approved, to be generally positive for the
whole industry, as coupled with possible access to offshore for non-state oil
companies, it may substantially intensify shelf development," says analyst
Ron Smith.
Gazprom's Shtokman project in particular could benefit. It has been
delayed due to a lack tax breaks "viable for the project's
profitability." Rating is neutral with $6.5 target. Shares 1% higher at RUB177.49.