Fitch Ratings, a reputable international rating agency, has confirmed Gazprom’s rating at the BBB level with a negative outlook. However, despite downgrading, Fitch specialists still consider Russia’s gas giant to be the only alternative for Europe in terms of energy sources. Indeed, only Russian gas supplied by Gazprom is able to heat consumers in the Old World in winter.
“The current rating reflects our expectations that Gazprom is to remain a vital gas supplier to Europe despite the competitive and political pressure. Meanwhile, European consumers of Russian gas are being restricted in their possibilities to diversify gas imports in the current environment when Europe is facing a decline of its own gas production amid rising global prices for liquefied natural gas,” Fitch reports in a statement. Besides, the Russian gas monopoly exploits over 15% of the available natural gas fields worldwide. Gazprom supplies account for one third of the EU energy market. Therefore, it would be extremely hard to replace the Russian gas giant. So, experts of the Fitch agency are certain that “regardless of the low rating, the gas corporation has enough funds to be allocated for new large projects. For example, they are working at development of gas fields in East Siberia to supply gas to China as well as building new facilities for liquefied natural gas production. We suppose such new projects should ensure Gazprom’s sustainability in the long run by means of export diversification to boosting Asian markets.” The Gazprom management believes that at present there is no threat to transit of Russian gas via Ukraine. So, Russian gas encounters the only obstacle on its way to Europe – irresistible desire of EU policymakers to support sanctions. Though, they obviously do not want to freeze in winter.
