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school135perm Homepage > Equities > MOSCOW INTERBANK CURRENCY EXCHANGE > Gazprom PAO GAZP RU0007661625

GAZPROM PAO (GAZP)
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Gazprom : Both Ukraine and Russia claim victory in gas dispute

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12/22/2017 | 02:41pm CET
Man walks past headquarters of NaftoGaz company in Kiev

Ukraine's Naftogaz and Russia's Gazprom both claimed victory on Friday in a long-running gas dispute, saying a Stockholm court had ruled in their favour regarding a gas contract.

The dispute is a by-product of the worsening relations between Kiev and Moscow since Russia's annexation of Crimea and the eruption of Russian-backed separatist violence in Ukraine's Donbass region, which has killed more than 10,000 people.

In June 2014, Gazprom and Naftogaz lodged multi-billion-dollar claims against each other with a Stockholm arbitration court, which resolves commercial disputes.

Gazprom appealed a May ruling by the court over a 'take-or-pay' clause in a 2009-2019 contract between the two countries. Naftogaz on Friday said the court had again rejected Gazprom's $56 billion (£42 billion) claim on this issue and other points.

"Naftogaz won the gas sales arbitration case against Gazprom on all issues in dispute," Naftogaz said in an emailed statement.

It said the ruling was worth around $75 billion to Naftogaz in the long term, but did not give a breakdown on how it reached the estimate.

Meanwhile Gazprom said the court had satisfied most of Gazprom's claims and ruled that the main terms of the contract between Naftogaz and Gazprom were valid.

Gazprom said the Stockholm court had ordered Naftogaz to pay more than $2 billion to Gazprom for gas supply arrears and that it had also ordered Naftogaz to buy 5 bcm of gas from Gazprom annually from 2018.

With its claim, Naftogaz had sought a lower price for Russian gas and disputed the take-or-pay clause requiring buyers to pay for gas whether they take physical delivery or not.

In a separate claim with the Stockholm court, Naftogaz is seeking up to $16 billion from Gazprom in relation to a transit contract. A decision is expected in February 2018.

(Reporting by Pavel Polityuk and Denis Pinchuk; writing by Alessandra Prentice; editing by Matthias Williams and Adrian Croft)

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Financials ($)
Sales 2017 108 B
EBIT 2017 15 301 M
Net income 2017 10 910 M
Debt 2017 36 701 M
Yield 2017 5,47%
P/E ratio 2017 4,30
P/E ratio 2018 3,99
EV / Sales 2017 0,89x
EV / Sales 2018 0,89x
Capitalization 59 526 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 2,79 $
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
Alexei Borisovich Miller Deputy Chairman & Chairman-Management Board
Viktor Alexeevich Zubkov Chairman
Timur Askarovich Kulibayev Independent Director
Vladimir Alexandrovich Mau Director
Andrey Igorevich Akimov Director
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