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The following table
shows estimated revenues of Gazprom from sales of 1000 cubic meters
(mcm) of gas to selected countries, net of customs duties and costs
of international transit.
Netbacks from Gas
Exports to Selected Countries, $/mcm
|
Importer |
Netback (1)
|
|
Germany -
Waidhaus |
150-155 |
|
Estonia |
235-240 |
|
Moldova |
147 |
|
Belarus |
185 |
|
Turkey -
Malkoclar |
147-154 |
|
Turkey -
Blue Stream |
270-280 |
|
Turkey -
Blue Stream - if customs duties
were introduced (2) |
189-196 |
|
Ukraine |
236 |
|
Ukraine - if
customs duties were restored (2) |
165 |
(1) Revenue net of customs duties and
costs of international transit.
(2) In case of introduction of customs
duties at 30% of contract price.
Gas exports to the
former Soviet states are more profitable than sales to the rest of
Europe, except the duty-free sales of gas to Turkey via the Blue
Stream pipeline. As a matter of fact, the duty-free status of Blue
Stream has saved Gazprom more than $4.0 billion, compared to $3.2
billion of the total cost of the project.
Because of the high
netbacks from sales to Ukraine, Gazprom is unlikely to restore the
freedom of transit of Central Asian gas through the Russian
territory. Now the netbacks from exports to Ukraine are 50% higher
than these to Germany. Using the Kremlin's terminology, one can say
that Gazprom is subsidized by both the Russian state budget and
Ukrainian Naftogaz. If the customs duties were restored, exports to
Ukraine would still be more profitable than sales to the most of
other European clients of Gazprom.
Mikhail Korchemkin
May 20, 2010
Malvern, PA, USA
Note:
Netback at the Russian border is
equal to the price minus customs duties (30% of the price) minus cost of
international transit (outside of the territory of the Russian Federation).
Exports to Belarus and Ukraine are free of duties, same as exports to Turkey
via the Blue Stream pipeline.
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