Gazprom postpones IPO: Ahead of a series of presentations to potential investors in Hong Kong and Singapore this week, Gazprom has signalled that it is putting off plans for the IPO that had been scheduled for 206-2017 as it emerged that its year-on-year earnings before taxes had dropped from $15.75bn to $10,86bn by the end of the third quarter of 2014. Its Deputy Chairman Alexander Medvedev also indicated that the company had drastically reduced the amount of gas it was intending to buy from Turkmenistan and Uzbekistan, from 10 to 4bn m³ and from over 4 to 1bn m³ respectively. Gazprom’s roadshow for Asian investors comes hard on the heels of the Dagong credit rating agency’s decision last week to give it a AAA credit rating and reflects a strategic decision to turn eastwards for both new business opportunities and investment in the wake of sanctions and the general deterioration of the relationship between Russia and the West. Moscow Times, Interfax, rbth
Gazprom postpones IPO as Q3 EBITDA drops by 40%
Alexander Medvedev, Gazprom Deputy Chairman