OJSC Gazprom -- Moody's: Gazprom's gas deal with CNPC is long-term credit positive

London, 22 May 2014 -- Moody's Investors Service has today said that it views as long-term credit positive for OJSC Gazprom (Baa1, review for downgrade) the announcement that it has signed a deal with China National Petroleum Corporation (CNPC, Aa3 stable) to export 38 billion cubic meters per annum (bcmpa) of Russian gas to China. Gazprom's CEO, Mr. Alexei Miller, estimates that the total value of the 30-year contract will be $400 billion. While requiring large debt-funded investment over the next 4-5 years, the deal will provide a launch pad for Gazprom's full-scale diversification into the Asia-Pacific region. Moody's views the very long-term nature of the contract and its large guaranteed offtake volumes (potentially expandable to 68 bcmpa), as well as the synergistic and diversification benefits, as being long-term credit positive for Gazprom.

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