Fitch Ratings predicts lower sales of "Gazprom"

Sales of gas by the Russian holding "Gazprom" will decline in 2013, a forecast released today by the rating agency Fitch Ratings says. The reasons for this decline, according to analysts, include the weak economic situation in Europe that supports a low demand for gas. 

In the second half of 2012, the company received more than 76% of its proceeds from sales of gas outside Russia, which accounted for only 44% of the volume of gas sold. 

Fitch believes that in 2013, "Gazprom" will have to continue negotiations on further concessions to the European buyers, which may otherwise switch to alternative sources of gas supply.

The investigation regarding market abuse, started against "Gazprom" by the European Commission last fall, also continues, Fitch notes. The analysts do not foresee any impact on the company's ratings as a result of this investigation, however, but  predict that it could eventually weaken the position of "Gazprom" in negotiations with some key European customers, and have long-term financial consequences for the company.