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Summary: OAO NOVATEK Sep 09 Product Image

Summary: OAO NOVATEK Sep 09

  • Published: September 2009
  • Standard & Poors

FEATURED COMPANIES

Abstract
The rating on Russia-based independent gas producer OAO NOVATEK reflects the company's dependence on the pipelines of state-controlled OAO Gazprom (BBB/Negative/A-3), the dominant player in the sector with 84% of the country's gas production, ownership of the gas distribution system in Russia, and a monopoly on exports. Further rating constraints are the geographic concentration of its operations and low domestic gas prices. In our view NOVATEK is also exposed to the risk of operating in Russia, including uncertain enforcement of tax and regulatory rules and the volatile U.S. dollar/Russian ruble exchange rate. These weaknesses are offset by healthy credit metrics and the company's high profitability. NOVATEK's position as Russia's largest independent natural gas producer and its long reserve base underpin...

Companies mentioned in this report are:
- OAO NOVATEK

Action: Review

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- OAO NOVATEK

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