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4-Traders Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  NK Rosneft' PAO    ROSN   RU000A0J2Q06

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Statoil May Leave Shtokman, May Be Replaced By Shell -Paper

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05/25/2012 | 07:22am CET

Norway's Statoil ASA (STO) may leave the international consortium that is to develop the Shtokman liquefied natural gas offshore project in the Russian Barents Sea and may be replaced by Royal Dutch Shell PLC (RDSA), Kommersant daily reports Friday citing unnamed sources.

Russian gas giant OAO Gazprom (>> Gazprom OAO) owns 51% of the Shtokman gas field, Total SA (TOT) of France owns 25% and Statoil owns 24%.

The project has suffered a number of delays on the investment decision recently.

A Gazprom official said Wednesday the company may review the list of participants in its project to develop the Shtokman field next month. According to Kommersant the changes may be announced at the St. Petersburg economic forum in late June.

If Statoil leaves the project, it would still have a foothold in Russia. The company agreed May 5 to form a joint venture with Russia's state-controlled oil company OAO Rosneft (>> Rosneft' NK OAO) to develop Russia's mostly untapped offshore energy resources in the Arctic.

Gazprom and Shtokman declined to comment.

A Statoil spokesman also declined to comment but said the company "supports Gazprom, and there was agreement in the previous board meeting to move on with the project to make it profitable."

-By Alexander Kolyandr, Dow Jones Newswires; alexander.kolyandr@dowjones.com (Kjetil Malkenes Hovland in Oslo contributed to the report)

Stocks mentioned in the article : Rosneft' NK OAO, Gazprom OAO
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Financials ($)
Sales 2016 77 623 M
EBIT 2016 11 113 M
Net income 2016 4 114 M
Debt 2016 46 033 M
Yield 2016 2,26%
P/E ratio 2016 20,22
P/E ratio 2017 8,09
EV / Sales 2016 1,49x
EV / Sales 2017 1,14x
Capitalization 69 508 M
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 5,97 $
Spread / Average Target -9,0%
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NameTitle
Igor Ivanovich Sechin Chairman-Management Board & Vice Chairman
Andrey Removich Belousov Chairman
Petr Ivanovich Lazarev Finance Director
Valeriy Vladimirovich Nikitin Director-Information Technology
Artur Matthias Warnig Deputy Chairman
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