PetroChina Co., the country’s biggest oil and gas producer, and the nation’s utilities stand to win from Russia’s $400 billion deal to supply gas to China, which will will provide the fuel at a price lower than expected.
OAO Novatek and OAO Gazprom Neft, agreed to acquire Eni SpA’s holding in a natural gas producer in the Russian Arctic for $2.94 billion, increasing control in one of the nation’s largest new energy projects.
OAO Novatek, Russia’s biggest non- state natural gas producer, climbed to an 18-month high in London after the investment banking arm of OAO Sberbank said net income is poised to double in three years.
OAO Gazprom may increase natural gas deliveries to the European Union and add as much as $2 billion to operating profit as the Netherlands cuts output at its biggest deposit, according to Sberbank CIB.
OAO Surgutneftegas, the Russian oil producer that reported a 39 percent jump in profit yesterday, may have almost as much cash as its market value, showing that investors are ignoring its ready funds, Troika Dialog said.