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Vostok Nafta
moabdu1
19.09.2005 23:40
#2

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Et selskap notert i Sverige som har doblet seg de siste 3 måneder. Hoved investrering er i gazprom. De eier 1,4% av gazprom share. Jeg synes at selskap har veldig mye potensialt siden gazprom er verdisatt til mindre en 1$/fat. Hoved aksjonær er adolf lundin med 28% av selskap. Han eier også lundin petroleum og tanganyika oil. Håper vi kan ha en diskusjon om den.
gorwell
19.09.2005 23:42
#6707

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Link til selskap, ticker mv?

gorwell
moabdu1
19.09.2005 23:52
#3

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Hjemmesiden er Vostoknafta.com

Legge en artikkel om vostok nafta.

Nyheter från di.se

Skriv ut

Oljan gör honom till en av Sveriges rikaste

Adolf Lundin har blivit 6 miljarder kronor rikare i år på oljeprisuppgången. De fyra senaste åren har han tjänat över 10 miljarder på sina oljebolag.
Själv är Adolf Lundin övertygad om att världen får vänja sig vid dyr olja.

"Dagens oljepris motsvarar 3 kronor per liter och vem kan säga att det är dyrt eller billigt för den här högt efterfrågade produkten? Det är ingen som kan. Varför inte 5 eller 10 kronor?", säger han.

Adolf Lundin är huvudägare i Lundin Petroleum, Tanganyika Oil och Vostok Nafta som alla gynnats kraftigt av de stigande oljepriserna. Aktiekurserna har fördubblats i år. Lundin Petroleum har gått bäst med en uppgång på 144 procent. Adolf Lundins aktier i bolaget har ökat i värde med 4 miljarder kronor i år.

Adolf Lundins förmögenhet kan i dag uppskattas till mellan 12 och 13 miljarder kronor, och han är därmed en av Sveriges rikaste. Bara Ingvar Kamprad, Hans och Birgit Rausing, Antonia Ax:son Johnson och Stefan Persson är mer förmögna.

Själv är han ödmjuk inför den exempellösa förmögenhetsutvecklingen.
"Vi är i rätt bransch och har anställt duktiga människor. Jag tror på det här med att skomakare bliv vid din läst. Vi har alltid ägnat oss åt att leta och utvinna olja och malm. Vi har ingen nisch utan slåss mot Exxon och Shell."

Han har stora förhoppningar till investmentbolaget Vostok Nafta som investerar i rysk olja och gas.
"Vostok Nafta äger 1,4 procent av Gazprom som sitter på 25 procent av världens naturgasreserver. 1,4 procent är mer än vad Rockefellers äger av Exxon i dag och Gazprom har sex gånger större reserver än Exxon. I praktiken sitter Vostok Nafta på motsvarande 2 miljarder fat olja i reserver."

Adolf Lundin har arbetat med olja i 50 år. Han känner de stora namnen i branschen och har kontakter på regeringsnivå i många av världens stora oljeländer. Han är övertygad om att uppgången för oljepriset inte är tillfällig utan underbyggd.

"Jag har sagt att oljepriset kommer gå upp. Nu är det uppe i 70 dollar per fat. Om det går upp till 90 eller ned till 50 dollar igen de närmaste månaderna vet jag inte, men om tre år är jag övertygad om att oljan står mycket högre än i dag."

Hur högt?
"Över 100 dollar fatet."

Problemet är att oljan som varje år pumpas upp inte ersätts med ny. Världens oljereserver krymper.
"De sista riktigt stora upptäckterna var Nordsjön och Alaska. Det är 35 år sedan. I modern tid har vi bara Kazagan i Kazakstan som hittades 2002. Annars har vi varje år konsumerat tre, fyra gånger mer än vi hittat."

"90 procent av Saudiarabiens produktion kommer fortfarande från de fem första oljefälten som hittades och fyra av de fälten är över 50 år gamla. Inom fem år kan Saudis produktion mycket väl vara 30-40 procent lägre än i dag."

Samtidigt har produktionen svårt att möta efterfrågan.

Oljekonsumtionen ökade 3 procent i fjol och uppskattningsvis 2 procent i år.

Adolf Lundin tror att brytpunkten kan passeras redan om någon månad.
"Sista kvartalet i år kommer konsumtionen att gå upp till 86 miljoner fat om dagen och det är frågan om världen kan producera så mycket olja? Om inte kommer priset att gå upp ännu mer. Det som avgör konsumtionen är ändå priset."











moabdu1
22.09.2005 00:45
#4

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Vostok nafta fortsetter sin himmelferd
Den neste par eller dno. Den har gått opp mer enn 24% på en uke og 49% på en måneder. Det er bare å sjekke selv. Aksje er notert på stockholm børsen. Det er så stor potensial i aksje at 3 dobling på ett år er godt mulig. I disse olje tider med vostok investert så tungt i olje business i russland ( sky is the limit)
tosche
30.09.2005 17:15
#948

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Noen som har link til børsmeldinger for Vostok på Stockholmsbørsen?!
tosche
30.09.2005 17:56
#949

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Antar denne kan brukes:
http://www.omxgroup.com/stockholmsborsen/stockinfo.aspx?stock=SSE1068&isin=SE0000367823
tosche
02.10.2005 00:43
#958

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Et par interessante kommentarer fra svenske DI forum:

Gazprom liberaliseras väldigt snabbt men investeringarna i nya pipelines tar naturligtvis tid.

www.moscowtimes.ru/stories/2005/09/30/001.html

Reserverna i Gazprom består nästan bara av gas. Resever i oljebolag i väst väderas till ca 10 USD/fat. I andra olje/gas bolag i Ryssland värderas reserverna till ca 2-4 USD/fat. Gazproms reserver värderas till under 1 USD/fat.
Jag menar att en omvärdering kommer att ske i första hand upp till 3-4 USD/fat. Vostk Naftas andel av Gazprom är 1,33 % vilket innebär att andelen av reserverna är ca 2 miljarder fat. Om de värderas till 3 USD/fat blir börsvärdet 6 miljarder USD x 7,5 SEK vilket är 45 miljarder SEK. Dagens börsvärde är 47 227 196 aktier x 308 kr =14,5 miljarder SEK. 45/14,5 x 308 kr = 955 Sek är min riktkurs för 2006.
tosche
02.10.2005 00:44
#959

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Her er artikkelen det refereres til:

Friday, September 30, 2005. Issue 3264. Page 1.

Sibneft Deal May Just Be the Start
By Valeria Korchagina
Staff Writer

Although Gazprom's $13 billion takeover of Sibneft is the largest in Russian history, it is unlikely to significantly affect Gazprom -- at least in terms of reserves or output. The buyout does, however, indicate that the Kremlin is pursuing more civilized acquisition tactics and signal that Gazprom could soon become a major player in the oil industry.

Gazprom, when the deal is formally closed, will become the nation's No. 5 oil producer. For Gazprom to match Western majors with large-scale oil as well as gas production, it would have to buy the rest of the Russian oil sector, United Financial Group said Thursday. Acquiring Sibneft, however, means that the gas giant would be able to compete for new oil projects in Eastern Siberia and the Far East.

But the deal, which came as no surprise to industry and market insiders, left analysts divided over whether the buy was a straight gain for Gazprom.

"This is a non-deal for Gazprom," said Adam Landes, oil and gas analyst at Renaissance Capital investment bank. "It doesn't add anything economically, while it adds yet another priority among the many other priorities it has."

Gazprom is already swamped with several large-scale projects, including recently announced plans to build a gas pipeline to Germany under the Baltic Sea and the multibillion-dollar development of the Shtokman offshore Arctic gas fields, which sometime after 2010 are to supply North American markets with liquefied natural gas.


Andrei Illarionov, President Vladimir Putin's outspoken economic adviser, on Thursday expressed surprise that the government appeared to have been left out of the decision-making, at least formally, despite controlling a majority of Gazprom's shares.

"The board of directors is an important institution, but the government as the representative of the public should also look at this issue," he said, Interfax reported. Illarionov also said that the deal was not in line with Gazprom's 2005 investment program, which had not foreseen such a major purchase.

Chris Weafer, chief strategist at Alfa Bank, said that the move into major-league oil production outweighed the relative insignificance of the deal, which represents about 10 percent of Gazprom's annual hydrocarbons output.

Also, the way the acquisition is being handled -- at a fair price and without the state applying any force -- shows that the Kremlin has learned some lessons, Weafer said.

The Sibneft deal comes just nine months after Yukos' main production unit, Yuganskneftegaz, was acquired by Rosneft for $9.4 billion, as a result of $28 billion in back tax demands against Yukos.

"Last year, the state didn't care. Now, they do. ... The deal is a start of a peace treaty, or at least better relations between the state and the private sector," Weafer said.

"The government has learned the lesson of cases like Yukos and will continue to try to avoid any events that might damage investment flows. For the market overall, this is a very positive development," he said.

Weafer said the change had also been noticed by the private sector. Unlike former Yukos owner Mikhail Khodorkovsky, now languishing in jail after last week losing the appeal of his conviction on tax evasion and fraud charges, Sibneft owner Roman Abramovich is not known to pose any political threat to the current leadership, and for that reason he appears to have gotten a fair price for his company, Weafer said.

The $100 million paid for Sibneft in 1995 has been parlayed into about $20 billion for its current owners: through the $13 billion sale, a series of generous dividend payouts and another $3 billion received from Yukos in a failed merger in 2003. In mathematical terms, the returns on $100 million are roughly equal to 4.6 percent compound monthly interest paid over 10 years, or 60 percent annual interest.

Energy analysts on Thursday said the Kremlin's drive to increase its grip over the oil sector was unlikely to stop at Sibneft. With Gazprom's purchase, the state will control about 30 percent of Russia's total oil output.

One way to increase the state's share of the pie would be through the acquisition of Yukos' Tomskneft and Samaraneftegaz production units, which could well change owners before long. If they end up in the hands of state-owned Rosneft, the state will control about 33 percent of the country's oil output -- well in excess of the 20 percent share government officials said they wanted to see ahead of the Yugansk sale last year.

Valery Nesterov, oil and gas analyst at Troika Dialog, said that such an increase in state control would hardly come as a surprise.

"It would still be bearable, as long as private ownership dominates and gives a competitive push to the state companies," Nesterov said. "And besides, worldwide, it is mostly state-owned companies that pump oil, be it in Saudi Arabia, Iran, Algeria or Mexico."

tosche
02.10.2005 00:45
#960

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Klipper in Adolf Lundins kommentar


- Vi tror mycket på Gazprom. Bolaget har reserver som är fem gånger större än Exxon, världens största privata oljebolag. Deras marknadsvärde är 500 miljarder dollar och Gazproms är endast 100 miljarder dollar, säger Lukas Lundin, ordförande i Tanganyika Oil och styrelsemedlem i Vostok Nafta.

Detta skulle betyda att Exxon värderas ca 25ggr högre en väldigt kraftig ryss rabatt som kommer gradvis försvinna iom restriktioner släpps och marknaden får mer tillit till Putin och rysk politik snart ska även utdelnings policyn beslutas vilket kan öka intresset än mer om det blir attraktiva utdelningar

Allt detta förutsätter endast att Putin inte gör en helvändning med frisläppandet, chockhöjer skatter eller en Yuokos dessa är de största riskerna med VN som kan orsaka kraftigare fall i kursen..
tosche
02.10.2005 01:23
#961

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Intervju med adm. dir. i Vostok Nafta:

2005-08-23 | 10:34
Per Brilioth

… vd för svenska Vostok Nafta, vars portfölj till 90 procent består av aktier i ryska energijätten Gazprom. På tre månader har aktien gått upp med 66 procent, igår med 6,6 procent. Är det för sent att hoppa på rallyt?

– Räknar man om bolagets gas i oljeekvivalenter är värdet på Gazprom baserat på 0,5 dollar per fat olja som ligger som reserv i marken. Konkurrerande ryska oljeföretag företag i Ryssland har ett värde motsvarande 2-3 dollar per fat olja i marken och för internationella bolag är den siffran 10-15 dollar per fat. Det finns en stor uppsida kvar.

I slutet av juli rapporterade Vostok Nafta ett substansvärde på 147,93 kronor per aktie. Aktien kostar idag 210,50 kronor. Talar inte det för en övervärdering?
– Jämför man med priset på de fria aktierna i Gazprom handlas vår aktie till rabatt. Jämför man med de bundna aktierna handlas vi till en premium. Vi äger bundna aktier i Gazprom, och handlas de upp till priset på de fria aktierna, då kommer vi att kunna presentera ett substansvärde som överstiger dagens aktiepris.

I dag finns två aktieslag i Gazprom, bundna lokala aktier som bara får handlas i Ryssland av ryska medborgare eller ryska juridiska personer, och dyrare utländska depåbevis, så kallade fria aktier. Kreml har aviserat att restriktionerna kring aktiehandeln kommer att hävas när, och om, statligt ägda Rosneftegaz köper ytterligare 10,7 procent av aktierna i Gazprom. Om affären går igenom får staten över 50 procent och aktierna och tar därmed kontroll över bolaget.

– Den sammanslagna aktien kommer att gå starkt, spår Per Brilioth.

I går avslöjade Financial Times att västerländska banker är intresserade av att ge Rosneftegaz ett lån på 7,3 miljarder dollar för att finansiera köpet. Dessutom ska Gazprom ha fört samtal med banker som ABN Amro, Barclays, JPMorgan, Chase, Morgan Stanley, Dresdner, Kleinwort Wasserstein och BNP Paribas om ett lån på 10 miljarder dollar för att finansiera ett köp av Sibneft, det ryska oljebolaget som kontrolleras av oligarken Roman Abramovich.

Är det här informationen som ligger bakom gårdagens kursuppgång?
– Att staten planerar att ta kontroll över Gazprom vilket skulle möjliggöra sammanslagningen av de två aktieslagen är egentligen ingen nyhet. Möjligen kan bankernas intresse ha övertygat tvivlare om att affären verkligen blir av. Och även om köpet av Sibneft är en bra affär är Gazprom så stort att Sibneft egentligen varken gör till eller från, säger Per Brilioth.

När säljer ni Gazprom?
– När det är rätt värderat.

Och sedan?
– Vi har en portfölj på över 100 miljoner dollar utanför Gazprom. Vår näst största investering är i dotterbolag som ägs av det rysk-brittiska oljebolaget TNK-BP. Den aktien kommer att konsolideras – aktierna i dotterbolagen kommer alltså att bytas ut mot aktier i TNK-BP vilket ökar likviditeten och värdet av innehavet. Vi har också intressen i Kazakhstan och Ukraina, vilket är i enlighet med vår affärsidé. Vi handlar aktier som har dålig likviditet och som inte kan handlas av alla och överallt. Annars skulle det ju inte finnas någon anledning att gå omvägen via Vostok Nafta.
tosche
03.10.2005 22:08
#969

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Vostok opp over 2% i dag og Gazprom nesten 5%! :-)

5% var vel litt drøyt, så på feil ticker. Gazprom var vel relativt flat i går...



[Endret 04.10.05 14:11 av tosche]
tosche
04.10.2005 18:20
#972

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Startet pent i dag Vostok men ble vel som de fleste andre innen sektoren
rammet av markant nedgang i oljeprisen.
tosche
05.10.2005 13:56
#982

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Vostok Nafta kjøper Eniro Russland. Er det ikke Eniro som lukter på
Findexa i Norge??

VOSTOK NAFTA: VOSTOK NAFTA ACQUIRES ENIRO´S OPERATIONS IN RUSSIA

2005-10-05 11:00:05


Vostok Nafta Investment Ltd. ("Vostok Nafta") has, via a newly formed subsidiary, agreed to acquire Eniro´s business interests in Russia.

Eniro Russia consists of the off-line yellow page directory business in Moscow and St. Petersburg, a business-to-business navigator service and the kontakt! brand in several Russian cities, as well as the on-line internet search business in Russia, yellowpages.ru / YP.ru.

The purchase price amounts to approximately EUR 5 million(in cash and on a debt free basis).

Eniro´s Russian operations had combined sales of approximately SEK 64 million in 2004, with an operating profit before depreciation (EBITDA) of approximately SEK 2 million. The number of employees amounted to 432 as of June 30, 2005.

"We are excited to be able to announce this investment that - even though outside our traditional sectors - offers substantial potential. Eniro has developed a strong portfolio of leading brands in the two main population clusters in Russia - Moscow and St. Petersburg. We look forward to being a shareholder in a company that will further develop the existing directory business and position yellowpages.ru as a leading internet brand at a time when the Russian business service and consumer sectors are envisaged to show a substantial growth", comments Vostok Nafta´s Managing Director, Mr. Per Brilioth.

The current plan calls for an IPO of the newly formed subsidiary during the coming 12 month period.

Mr Jan Friedman, Swedish media and e-commerce entrepreneur, will be appointed Chairman of the newly formed subsidiary and will hold five per cent of the shares in the subsidiary along with options to purchase another 4 per cent on a fully diluted basis.

"Our business starts with printed directories, but it certainly doesn´t end with them. We have a short term focus on successfully strengthening the present business in Moscow and St. Petersburg while at the same time look into new opportunities, not only in Russia but also in neighbouring countries in the former Soviet Union, as well as in Eastern Europe", comments Mr. Jan Friedman.

Other external parties will hold five per cent of the shares in the subsidiary.

The deal is subject to necessary regulatory approvals, including approval by local Russian anti-monopoly authorities and is expected to be completed during November.

Remium Securities has acted as financial advisors to Vostok Nafta

For further information please contact:

Per Brilioth, Managing Director, Vostok Nafta
Tel +41 22 319 66 00
E-mail: per.brilioth@vostoknafta.com

Robert Eriksson, Head of Investor Relations, Vostok Nafta
Tel +46 8 545 015 50
E-mail: robert.eriksson@vostoknafta.com

Jan Friedman, Tel +46-705 61 24 22
jan@friedman.se
tosche
05.10.2005 16:08
#985

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Dette er positivt!

URGENT: Putin hopes Gazprom share liberalization will happen soon

RIA NOVOSTI. October 5, 2005, 4:43 PM

MOSCOW, October 5 (RIA Novosti)-Russian President Vladimir Putin said Wednesday that he hoped the ring fence around Gazprom shares would be lifted soon to allow foreign investors to buy shares in the natural gas monopoly. "I hope it [the liberalization] will happen soon," Putin said. "This is in the company' s plans and is a matter for the company," Putin said.
"We [the state] will not interfere. Everything that was done up until now, represented preparation for liberalization."
tosche
06.10.2005 00:10
#991

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Vostok over 1000 (SEK...) ;-)

1000 kr baserar sig på en mycket enkel fundamental matematik som följer:
Tag hela Gazproms samlade BEVISADE(p1) reserver konverterade till BOED.Dividera detta sedan detta tal med antal GZ-aktier.

Tag sedan de drygt 1,3% som Nafta idag har i Gazprom utav detta GZ-reservtal = just nu drygt 2 miljarder fat BOED (Sibneft är inte med och skulle höja siffran med ganska exakt 10%).

Använd sedan den gängse snittprissättningen i Ryssland som är USD 3.25/fat/BOED. Multiplicera som följer:

2 miljarder fat x USD 3.25 x USD/SEKá7.75 och dividera med antalet Vostok Nafta-aktier så får du ganska exakt 1000 kr/aktie.

Denna "matte" kommer marknaden inom de närmaste åren snart att ta till sig, särskilt när bara ett aktieslag i slutet av dec finns. Du kan lägga till Sibneft och få nästan 1100 kr.

Här har vi inte tagit hänsyn till den omfattande rad av dramatiska gasprishöjningar som GZ nu genomför mot alla köpande länder allt från 10%(Västeuropa) till över +100%(vissa fd Sovjetstater).

Priset lokalt Ryssland är beslutat höjas 100% över 2 år (från mycket låga nivåer men ändå)

Ovan är fundamenta som lätt kan kontrolleras hos VN:s vd. Han berättade ungefär samma story själv i onsdags inför 30 personer .

Med andra ord så ser ni tydlig vad siffrorna säger och detta lågt räknat. Abgör själva ifalkl nafta är mycket köpvärd eller inte men jag tror på stark köp , mycket mycket stark köp nu .
tosche
06.10.2005 22:57
#1011

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VOSTOK NAFTA: MERRILL LYNCH UPPREPAR KÖP FÖR GAZPROM

STOCKHOLM (Direkt) Merrill Lynch upprepar sin
köprekommendation för Gazprom. Depåbevisen bedöms ha en
uppsida på 25 procent, enligt ett analysbrev.
Merrill Lynch har stärkts i sin övertygelse att
restriktionerna för handeln med aktierna i Gazprom, det så
kallade "ring fence", kommer att lyftas inom kort. Troligen
blir det under nästa års första kvartal. Detta kommer att bli
en positiv katalysator för aktien.
Merrill Lynch anser att priset som Gazprom betalade för
aktieposten om cirka 73 procent i oljebolaget Sibneft var
marginellt högre än väntat. En uppsida finns i att ta fram
oexploaterade oljemöjligheter i Gazproms nuvarande portfölj,
enligt banken.
Gazprom är investmentbolaget Vostok Naftas huvudsakliga
innehav./PH
tosche
07.10.2005 13:31
#1016

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Jordanfonden om Vostok Nafta :-)

VOSTOK NAFTA [2005-10-06 09:27]
Det visade sig att "diket" man skulle över för att framgångarna för Gazprom/Vostok Nafta skulle accelerera (efter Putins bekräftelse igår 14.30) var djupare än man trott, kanske förorsakat av negativ amerikansk statistik och kraftiga nedställ på ryska marknaden både igår och idag rent allmänt bl a. Grundtanken kvarstår dock och det gäller att hitta "vändningsbotten". JF tror fortfarande att framtiden är mycker ljus och att rekylen nu är ett bra tillfälle att gå in i aktien. "Timingen" är alltid det svåra inom aktiehandel och däför bör man gå in i en intressant aktie lite spritt i tiden. Gårdagens besked av Putin var emellertid så starkt bekräftande att man nu är nära aktieslagsammanslagningen, vilket betyder att alla aktier kan handlas av alla och att New York-noteringen skall utgöra starten för detta inom kort. När detta sker måste alla indexfonder och breda fonder in i GAZPROM-aktien och efterfrågan blir då mastodontisk.
JF hade lite otur med timingen i går eftermiddag men "caset" är mycket klart.

Själva korrigeringen på svenska börsen i allmänhet har JF pratat om sedan i somras att Stockholmsbörsen i sig skulle stå lägre vid årsskiftet än i somras. Detta är inget nytt. Skälet till detta är bl a de höga energikostnaderna.
tosche
07.10.2005 16:23
#1020

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Gazprom skal samarbeide om gass i Pakistan:

MOSCOW, October 7 (RIA Novosti) - Russian natural gas giant Gazprom and Pakistan's petroleum ministry have signed a memorandum cementing agreements on cooperation in the oil and gas sector, the company said Friday.

The sides agreed to prospect and develop natural gas fields in Pakistan and use natural gas as motor fuel. Under the memo, the parties will jointly operate Pakistan's underground storage facilities for natural gas, work on transnational gas pipelines, and train oil and gas experts for Pakistan.

Pakistan's established natural gas reserves total 800 billion cu m, making the country the sixth largest natural gas producer in the Asia-Pacific region after Indonesia, Australia, Malaysia, China and India. In 2004, Pakistan produced and consumed 27.4 billion cu m of gas, up 8.7% on 2003. Pakistan exports and imports natural gas.

The country's petroleum ministry forecasted that the demand for natural gas would rise to 44.5 billion cu m annually by 2010.
tosche
09.10.2005 22:27
#1027

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Stockpicker med kursmål 390 for Vostok Nafta:

Vostok mot 390 kr
Stockpicker höjer riktkursen för Vostok Nafta till 390 kr på 6-12 månader sikt.

Analysbladet ser positivt på den oväntat snabba utvecklingen i investmentbolagets största innehav, ryska Gazprom. Rekommendationen köp upprepas.

Rekommendation från
Stockpicker (2005-10-06)
Kurs då rekommendationen gavs: 293,5 Kr
riktkurs: 390 Kr

http://ekonominyheterna.se/analyser/showanalyze.asp?intAnalyzeID=6980
tosche
10.10.2005 09:23
#1029

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VOSTOK NAFTA: NET ASSET VALUE OF VOSTOK NAFTA INVESTMENT LTD AS OF SEPTEMBER 30, 2005

Net asset value per share: USD: 29.67, SEK: 229.80

Change in net asset value (USD/share) September 2005: 32.33%

ROS index development, September 2005: 15.38%

Three largest holdings, September 30, 2005 (Share of stockholdings):
1. Gazprom 92.04%
2. Orenburgneft Pref 2.18%
3. Valkyries PC 1.02%


Vostok Nafta's estimated net asset value as of September 30, 2005 amounted to approximately USD 1,402.8 mln (SEK 10,864.4 mln according to SEK/USD 7.74). The number of shares per September 30, 2005 was 47,277,196. The NAV for the majority of the positions in the portfolio has been calculated by taking the mid value of the bid and ask spread provided by two independent brokerage firms on the Russian equity market.

This report has not been subject to review by the company's auditors.

Per Brilioth
Managing Director
tosche
13.10.2005 10:10
#1039

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Da ser Sibneft kjøpet ut til å være i boks:

Government approves Gazprom's purchase of Sibneft stake

13.10.2005, 10.39

MOSCOW, October 13 (Itar-Tass) - The Russian government approved at its meeting on Thursday the proposal by the Economic Development Ministry regarding the purchase of a stake in the Sibneft oil company by the gas giant Gazprom.

The representatives of the state therefore will back the acquisition of Sibneft in absentee voting at the meeting of Gazprom's board, the government's press service said.

Western banks will extend a loan to Gazprom to fund the 13-billion-dollar deal.

Fra:
http://www.itar-tass.com/eng/level2.html?NewsID=2514228&PageNum=0
tosche
18.10.2005 01:31
#1070

Endre
MOSCOW. October 17 (RIA Novosti political commentator Peter Lavelle) - Russia's oil and natural gas giant is set to have its traded shares liberalized.

Abolishing what is known as the "ring fence" is expected to dramatically increase the company's liquidity and boost capitalization. Gazprom stock, long known to be investor-adverse, could soon become one of the most sought after equities on international bourses.

A 1997 presidential resolution barred foreign-controlled firms from owning Gazprom shares traded on Russian exchanges. The decree capped foreign ownership of Gazprom shares to 20%, and limited this to American Depository Shares (ADS) traded in London and New York. Gazprom ADS's trade at a higher price than local common shares, and make up a paltry 3% of the company's current non-local traded free float. Market estimates suggest that as much of 10% of Gazprom shares are owned by foreign entities through "gray schemes", grudgingly tolerated by the government and Gazprom. All of the above is about to dramatically change.

Through the share liberalization plan, up to 49% of Gazprom shares will be publicly traded with no restrictions - the government will retain its recently-acquired majority control of the company. The liberalization of Gazprom's shares will be nothing less than Russia's own investment "big bang". Holding 20% of the world's gas reserves, producing 85% of Russia's gas and 16% of global output, supplying a quarter of the western European market, and, importantly, accounting for up to 25% of federal tax receipts, Gazprom is an extremely attractive investment target - it could not be otherwise.

Share liberalization will result in a huge increase in demand for the company's stock, and Gazprom will become Russia's biggest company by market capitalization. It could even become the second most liquid emerging-market stock, after South Korea's Samsung Electronics, and very close to PetroChina.

With a current market capitalization of $124 billion, Gazprom is priced much lower that its vast reserves of 114 billion barrels of oil equivalent would suggest. Judging by its international peers, in term of prices and reserves, Gazprom's market capitalization should be in the region of $300 billion.

Investors know this, and will aim to profit from Gazprom's current low valuation. A few examples suggest the kind of upside investors are looking for: the shares of Russia's largest oil producer Lukoil trade at $2.40 per barrel of reserves, and Sibneft traded at $3.13 per barrel before Gazprom announced its intention to buy a super-majority stake in the company; China paid about $10.60 per barrel with its purchase of PetroKazakhstan, and Western oil majors are priced at between $16 and $18 per barrel of reserves. For Gazprom, the current cost of oil equivalent is $1.09 per barrel.

Investors are very likely to profit from buying Gazprom shares, but the company's management (i.e. the state) faces a number of challenges to sustain investor interest and enhance the less-than-efficient current bottom-line.

Gazprom is a company in a hurry, and with enormous ambitions. It plans to become the world's biggest oil and gas producer within five years, and is slated to expand both upstream and downstream, and into related sectors such as electricity generation, at home and abroad. This goal is entirely plausible, but Gazprom will have to match ambition with internal reform.

Gazprom's production record in recent years is anything but impressive. In 2004, output was at the same level as in 1999; during the same period, other major oil companies raised output by 50%. Gazprom's output did increase by 1.9% in 2002 and 3.5% in 2003, but in 2004 output growth was only 0.9%. Moreover, the lion's share of this output increase is attributed to registered affiliates and non-core companies.

Gazprom will have to address long-standing issues such as mismanagement, nepotism, and an overbearing Soviet-style bureaucracy. The company's non-energy assets, ranging from Russia's largest media business and mining interests, to yacht clubs and hunting lodges, bother investors. Such assets are deemed a distraction from what Gazprom should be doing - creating value based on its core assets, and a profitable return on investment.

Russia's most important company is opening up to the world, and it is very much being welcomed. Russia also has the opportunity to offer itself and the world a 'big bang' that firmly integrates itself into international financial institutions. Whether this 'big bang' will result in value-building, or a world-historic fizzle, depends on Gazprom's management and the Kremlin.

Russian News and Information Agency

Poster's note: Article comports with reports of some interesting 'local' share activity in Gazprom, the demise of Yukos, and Putin's geopolitical O&G positioning...

With Russian output now reportedly slightly exceeding Saudi Aramco, as investors what to make of investing in state-owned O&G? Certainly the possibility of a return to nationalization in the event of a wider, more serious geopolitical conflict is a possibility, in which case the 51% owned state controlled entity would certainly say: "Thanks for the dough, but your shares, well, Da svidaniya!!! (goodbye in russian"
tosche
18.10.2005 01:31
#1071

Endre
Kilden til forrige er:
http://en.rian.ru/analysis/20051017/41800342.html
tosche
23.10.2005 00:39
#1097

Endre
Interessant artikkel i forbindelse med Gazprom's pr-tur i USA:

Russia's Gazprom plans big sales to U.S.

By MARTIN WALKER
UPI Editor

WASHINGTON, Oct. 21 (UPI) -- Russia's energy giant Gazprom is launching a major drive into U.S. and Asia-Pacific markets with gas from its new Siberian and Arctic fields, but it needs money from Western investors.

"My message is very simple; if you can invest in Gazprom, do it now," the $115 billion company's Deputy Chairman Alexander Medvedev told an audience of U.S. officials, policy analysts, diplomats and academics in Washington Friday.

"We want to liberalize share ownership to eliminate restrictions on foreign capital," Medvedev told the interested but often skeptical audience at the Carnegie Endowment for International Peace think tank, who asked pointed questions about the 51 percent control kept by the Russian state, and about Gazprom's use of energy price subsidies for political purposes.

One questioner noted that the same message, that the cleaned-up and reformed Russian energy industry was open for business and Western investment, had been delivered to the same audience two years earlier by Mikhail Khodorkovsky, the tycoon of the Yukos energy giant, who this week started his 8-year prison term in a Siberian labor camp after what was widely seen in the West as a political trial.

"In future, better pay your taxes in full," snapped a grim-faced Medvedev, who had briefly worked for Yukos when it took over another Russian oil company where he was vice-president.

"I never faced such cynical fraud and exploitation or resources," he added, suggesting Khodorkovsky should not be seen as a martyr for private enterprise.

Other questioners asked why Gazprom would spend more money to build a submarine pipeline through the Baltic Sea, if not to threaten Poland and the Baltic states with the withholding of gas supplies. Another asked about Gazprom's bid to double the amount Ukraine paid for its gas to $125 per 1,000 cubic meters after the Orange revolution elected a less pro-Russian government in Kiev, while the pro-Russian and authoritarian Belarus regime paid only $46.

Medvedev is not only the deputy chairman of Gazprom, but also runs its crucial export arm, Gazpromexport, and Washington policy-makers and oil industry officials were keen to get a close-up look at the man who controls the sale of 20 percent of world gas production, and more energy reserves than Saudi Arabia's Aramco.

Medvedev made no secret of Gazprom's global ambitions, and its commitment to "vertical integration," by which he meant controlling as much as possible from the well-head in Siberia to the eventual customer in Texas or Tokyo. Gazprom planned to increase its production from its new fields, to enhance its transport facilities, mainly the pipelines its own or leases that snake across Europe from Russia to Britain, and also to boost sales and marketing in the new markets of the U.S. and Asia.

"It is a win-win situation for us and for the United States," he said. "An energy bridge between our countries creates good relations."

Gazprom has ridden the oil price boom with great success, its market capitalization soaring from $33 billion in 2003 to $67 billion last year to $115 billion now. But to develop its big new fields in Sakhalin, off the Pacific coast to the north of Japan, and the Shtokman field in the Barents Sea north of Siberia, it needs more capital and Western partners. And Medvedev made it clear that he felt he was in a strong position to drive a hard bargain.

Five Western groups have been short-listed to help develop the Shtokman field, which contains 113 trillion cubic feet of gas -- enough for 25 years of Russian gas exports to Europe. The five are Chevron, Phillips-Conoco, Statoil and Hydro from Norway, and France's Total. Two, or at most three, would be picked as partners, Medvedev said, and "the final decision will rest on access to downstream and midstream facilities."

This means that the successful Western partners will have to be ready to share their distribution and marketing networks with Gazprom.

Medvedev made it clear he was prepared to be tough with former Soviet customers. One questioner from the former Soviet republic of Georgia asked about price policies.

"You cannot talk about free markets on the one hand, and then start expecting us to behave in old Communist way," Medvedev said, rejecting the idea of preferential pricing or subsidies -- though he also said the preferential pricing regime for Belarus would remain "as long as Belarus fulfills its obligations."

The sharp questioning and evident skepticism from some of the audience did not quite detract from the grand design that Medvedev sought to describe, for U.S. consumers in an energy-hungry world to turn to a reliable and experienced Russian supplier, whose vast Shtokman field is also the closest of the giant natural gas fields to the U.S. market.

Gazprom had already started supplying the U.S., Medvedev said, citing the delivery of 138,000 cubic meters of Liquified Natural Gas this year to a terminal at Cove Point, Maryland, although in fact the gas came from Egypt.

Medvedev dismissed concerns about the Gazprom monopoly and political concerns raising a question about the reliability of dependence on Russian energy supplies. There was no monopoly possible in the international energy market, Medvedev insisted, saying that in Europe Gazprom faced competition from Algeria, Britain, Norway and other gas suppliers, and that Gazprom was "interdependent" with its customers.





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