The Yugansk, biggest Yukos petroleum production branch, will be auctioned off, December 19, to cover the mother company's back taxes. The federal government appointed at US$8.6 billion an initial price of the Yugansk control block, 76.79 per cent.
The Gasprom may leave the CreditWatch list as soon as vague auction points become clear-its outcome, the final Yugansk price, and Gasprom bid financing, says the release. The matter also concerns tentative partnerly involvement, and what slice of the arrears the bidder ventures to take on itself.
"Gasprom appearance on the CreditWatch is due to its vague future strategies. The same is true of policies the Russian government, its biggest holder, will pursue toward this and other tentative big deals to devour or merge companies. Gasprom credit financing appetites and prospects for its government funding also matter," says Elena Anankina, S&P's credit analyst.
The gas giant may have better ratings if unambiguous prospects appear for the government to back it-especially if government plans come true to build up its Gasprom block from present-day 38 per cent to 51 per cent through exchanging treasury shares into government Rosneft Co. assets.
The Gasprom will certainly gain by building up its assets, diversifying them, and getting more immune to oil and gas prices dropping, say experts. They have a point here-the Yuganskneftegas, and other Russian-based petroleum companies, for that matter, are much better immune to the latter danger than gas companies, what with modest domestic gas prices.
