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The analysts believe Gazprom’s sales “are likely to fall further in 2013 as weak economic conditions lead to continued low demand in Europe”.
Fitch Ratings agency outline several reasons for the expected slump: “We forecast that eurozone GDP will contract by 0.1% in 2013, following an expected 0.5% contraction in 2012.”
And that Gazprom will have to negotiate further concessions with European buyers that may have alternative sources of gas supply.
Th European Commission is continuing to investigate Gazprom for market abuse.
The credit rating of Gazprom is unlikely to suffer from the decline in sales or from the ongoing investigation, the report says.
Moreover, the trend in the eurozone will reverse in 2014 with GDP growing by 1.2 per cent and gas demand increasing as well, according to the report.