November 8, 2012 / 4:13 PM / in 5 years

UPDATE 1-Gazprom expects no large back payments to Europe in H2

* Gazprom paid Europe $4.22 billion in retroactive payments in H1

* Some payments to Poland’s PGNiG have yet to be made

* Says to cut 2013 capex by 10 pct, keeps dividend payout (Adds detail, combines previous stories)

MOSCOW, Nov 8 (Reuters) - Gazprom said on Thursday it expected no significant repayments to customers this year after paying 133 billion roubles ($4.22 billion) in retroactive price concessions to key European clients.

The payments, which included potential payments to its Polish client, gas monopoly PGNiG, hit Gazprom’s profits, which halved in the period from April to June.

The Russian gas export monopoly announced last week a deal to cut prices for Poland, which imports most of its 14 billion cubic metres of annual gas consumption from Russia.

Some payments to Polish gas monopoly PGNiG have yet to appear in Gazprom’s accounts, but most of the retroactive payments were booked in the first half accounts, the head of Gazprom’s consolidated accounting department Mikhail Roseyev, told a conference call with analysts.

“We do not expect significant additional costs for retroactive payments,” Roseyev said.

Finance director Andrei Kruglov said Gazprom would cut capital spending by about 10 percent next year to 800 billion roubles ($25.39 billion) and keep dividends at 25 percent of net profit, while borrowing will remain flat.

Analysts have criticised Gazprom for what they view as a swollen investment programme and ineffective spending, including for gas from Central Asia.

Pavel Oderov, the head of Gazprom’s foreign department, also said the company plans to keep purchases of gas from Central Asian states, such as Turkmenistan and Uzbekistan, unchanged next year. ($1 = 31.5125 Russian roubles) (Reporting by Denis Pinchuk; Writing by Melissa Akin; Editing by Douglas Busvine and Jon Hemming)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below