Novatek Chips Away At Gazprom Monopoly

摘要

Russian independent gas producer Novatek is slowly but surely expanding abroad. Recent successes include its first deal to supply gas directly to German utility ENBW, and an agreement to export oil products to Brazilian petrochemicals company Braskem. But analysts believe its most cherished goal - ending Gazprom's gas export monopoly -is still some way off. Novatek this month started deliveries to ENBW under a ?600 million ($780 million) accord to supply about 2 billion cubic meters per year (193 million cubic feet per day) for 10 years. The company confirmed the gas is being sourced from the European spot market by Geneva trading subsidiary Novatek Gas and Power, rather than via its so-called agent agreement with Gazprom, under which the Russian gas giant would sell Novatek volumes for a fee(WGI Aug.29'12).