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Gazprom Denies Contract With Khartsyzk Tube.

Gazprom Denies Contract With Khartsyzk Tube.

21 November 2008

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.

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