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In the financial report of Gazprom for 2012, the incremental
value of gas transportation assets does not match other numbers.
In
2012, Gazprom commissioned 3213 km of trunk pipelines and 1249 MW of
compressor capacity compared to 2470 km and 1000 MW in 2011 and 1339
km and 64 MW in 2010. However, the reported incremental value of gas
transportation assets is less than the value of the first line of the
Bovanenkovo-Ukhta pipeline (BUP)
that was completed (with partial
compression - 2 out of 9 compressor stations) among other pipeline projects
last year.
I was unable to find an explanation of
this phenomenon. If the BUP and other pipelines were
formally added to Gazprom books in early 2013, then we may expect a
sharp growth of the value of gas transportation assets in Q1-2013.
Mikhail Korchemkin
East European Gas
Analysis
Malvern, PA, USA
June 3, 2013
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