According to Gazprom?s press service, the company did not sign any agreements with Khartsyzk Tube (HRTR: SELL) for pipes for the North European Gas Pipeline (NEGP). Earlier, the Ukrainian pipe-makers association, Ukrtrubprom, released an announcement stating that Khartsyzk Tube had signed a contract with Gazprom for 400 ths mt of pipes to be used in the NEGP?s construction. Concorde Capital: Although it is not clear yet which information in regard to the pipe contract is correct, we are inclined to believe that Gazprom did not conclude such a huge agreement with HRTR, as it would be more reasonable for the gas major to select a pipe supplier via a tender where HRTR?s Russian competitors could participate as well. In addition, commitment to buy pipes from HRTR may not be a feasible option on the eve of a likely duty imposition on Ukrainian pipes by Russia. In any case, we have been forecasting a drop in the company?s share of the Russian market in 2006-07 and therefore this news has no effect on our rating.