Mechel has signed several loan agreements with Gazprombank OAO totaling 1 billion US dollars.
In the steel division, Beloretsk Metallurgical Plant signed a loan agreement for 1.7 billion rubles (some 54 million US dollars*) and Urals Stampings Plant signed another for 1.6 billion rubles (some 50 million US dollars*). For the steelmaker the credit lines can be used with the possibility of drawing down funds during a three-year period. The maximum period for each tranche is two years with repayment at the end of such period.
NLMK has successfully passed an audit conducted by Det Norske Veritas (DNV), a Norwegian certification agency, to become a potential supplier of slabs for large-diameter pipe manufacturing for the Nord Stream Extension Project (NEXT).
DNV audited NLMK’s production processes for heavy slabs 355 mm thick and 2,150 mm wide: scrap preparation – steelmaking, secondary metallurgy, and casting – and steel slab surface and macrostructure quality control. The auditors verified the Company’s process documentation for compliance with international standards, and audited the training and education programmes for staff in BOF Shop #2.
On Tuesday November 8, Federal Chancellor Angela Merkel together with President Dmitry Medvedev and the Prime Ministers of France François Fillon and the Netherlands Mark Rutte and EU Energy Commissioner Günther Oettinger will formally inaugurate the first of Nord Stream's twin 1,224 kilometre gas pipelines through the Baltic Sea.
When fully operational in late 2012, Nord Stream's two lines will have the capacity to transport 55 billion cubic metres of Russian gas a year to the EU for at least 50 years.
Gazprom reported in-line 3Q10 financial results yesterday, beating analyst’s sales forecast by 5% on the higher export volumes’ realized price, but failing to carry the gains through to EBITDA and net income due to higher-than-forecast operating costs. The results beat the consensus by 3% on revenue and 2% on EBITDA, but missed by 1% on earnings.
Another detail attracting attention in the results was the disclosure that Gazprom sold a 9.4% stake in Novatek in December. Gazprombank paid RUB 57.5bn for the stake, a roughly 31% discount from the market price at the time; Interfax cited Gazprom’s press service as saying that market prices were only one of the factors affecting transaction prices in such large sales. Gazprom continues to own a 10% stake in Novatek.
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