In 2015, the share of STNG, SGM and Stroygazconsulting received orders for 821 billion rubles, of which 803.4 billion rubles. (97.8%) divided the structures of Rotenberg and Timchenko: 498.4 billion and 305.2 billion rubles.
STNG's positions were strengthened thanks to the construction of the Power of Siberia export pipeline and the development of the Chayandinskoye field, in which the company takes an active part (230.7 billion rubles). The largest of the contracts related to the new gas pipeline was the contract for the construction of facilities on the 255-kilometer section of CS-1 Saldykelskaya - CS-2 Olekminskaya (RUB 74 billion). In the western part of Russia, STNG had only one major contract in 2016 - 86.6 km of the second string of the Ukhta-Torzhok gas pipeline (12.7 billion rubles).
Rotenberg's company, on the contrary, has focused on increasing the transit capacity of pipelines through which gas will go to Turkish Stream and Nord Stream 2 in the future. In the project for the expansion of the South European Gas Pipeline, SGM received seven contracts with a total value of almost 79 billion rubles. The largest of them is work on the 126-kilometer Pisarevka-Anapa section (56.7 billion rubles). Another 40 billion rubles. SGM will receive three contracts for the construction of the second string of the Ukhta-Torzhok gas pipeline, which will be put into operation in 2019 and is designed to deliver gas from the Bovanenkovskoye field to western Russia. Of the contracts related to the construction of the Power of Siberia, SGM received only one contract in 2016, and that one is relatively small - 660 million rubles. for work on the section between Blagoveshchensk and the border with China.
Stroygazconsulting in 2016 received two contracts each in the western and eastern directions: 33 billion rubles. the company will bring the construction of the gas pipeline Ukhta - Torzhok and 56.3 billion rubles. - "The Power of Siberia".
From point of view financial results 2016 (according to RAS), SGM remains the leader with revenue of 276 billion rubles. – it practically did not change compared to 2015, when it amounted to 279.5 billion rubles. But the net profit of Rotenberg's company fell from 29 billion rubles. in 2015 to 11.2 billion rubles. in 2016
Breakthrough of the Year
In 2016, one more contractor appeared among Gazprom's largest contractors major player- NIPI NG "Peton". The value of the order portfolio of the Ufa company has increased over the year by more than 110 times to 227 billion rubles. Among them, only the general contract for the construction of an LNG plant in the area of the Portovaya CS will cost Gazprom 126.7 billion rubles.
STNG's revenue fell by more than one and a half times and amounted to 120.8 billion rubles. – in 2015 it was 188.3 billion rubles. The profit of the Timchenko company decreased less significantly than the profit of the Rotenberg company, from 10.5 billion to 8.1 billion rubles.
Stroygazconsulting became the record holder in terms of revenue growth - it increased by 3.8 times: from 40 billion to 153 billion rubles. However, the company's loss has not gone away, which remained approximately the same as it was in 2015 - about 6.5 billion rubles.
The amount of dividends paid to STNG and SGM at the end of 2016 amounted to 4 billion and 20.5 billion rubles. respectively. Stroygazconsulting, according to SPARK-Interfax, dividends for the same reporting period did not pay.
Real alternative Gazprom does not have Timchenko and Rotenberg, says RusEnergy partner Mikhail Krutikhin: “Other than these two contractors and Stroygazconsulting, there is objectively no one in Russia to take on projects of the Power of Siberia scale. Therefore, there is nothing surprising in the fact that most of Gazprom's large contracts are distributed precisely between them. There is no reason to talk about any dependence in making these decisions.”
Stroygazconsulting (SGK) has returned to the ranks of the largest contractors of Gazprom, being along with the companies of billionaires Gennady Timchenko and Arkady Rotenberg and having received orders from the monopoly for 18.2 billion rubles since the beginning of the year, RBC reports on Tuesday, April 19, citing for materials on the public procurement portal.
The publication notes that only the traditionally largest contractors of the monopoly, Stroygazmontazh by Rotenberg and Stroytransgaz by Timchenko, receive more orders from Gazprom. These companies received orders for 25 billion rubles and 20.4 billion rubles, respectively, RBC specifies.
Basically, SGK received contracts for overhaul gas pipelines. Stroygazconsulting declined to comment on this information, while Gazprom did not respond to the publication's request.
Four years ago, SGK, founded by Ziyad Manasir in 1996, was one of the largest executors of monopoly orders. During the four years of Dmitry Medvedev's presidency, Stroygazconsulting, according to Forbes calculations, won contracts from state-owned companies for almost 730 billion rubles. 2012 brought the company orders for another 80 billion rubles. But in 2013, Forbes calculated, Manasir was able to get contracts for only 35 billion rubles, which is almost half as much as a year earlier.
In the summer of 2013, the former owner and president of SGK Manasir complained to Igor Sechin, executive secretary of the presidential commission on the fuel and energy complex, that Gazprom was delaying payments to contractors and was not giving new contracts. In 2014, the company did not receive a single new contract from Gazprom.
January 2015 new president SGC Mikhail Yakibchuk sent a letter to the head of Gazprom, Alexei Miller, in which he asked him to make a decision on the participation of SGC in investment program gas holding since 2015 and instruct controlled entities to pay the company's expenses.
SGC started working with Gazprom again after the change of ownership. In the spring of 2015, Gazprombank and the UCP fund, managed by Ilya Shcherbovich, bought the company from Manasir and his partner Ruslan Baisarov. On August 19, 2015, SGC won the Gazprom Doby Nadym tender for the construction of a rotational complex worth 293 million rubles at the Bovanenkovskoye field, RBC reminds. In total, in 2015, the company received contracts from the monopoly for 20.2 billion rubles.
Due to the lack of new Gazprom contracts, SGC had problems with creditors. According to the database of the Arbitration, creditors filed claims for the recovery of 11.2 billion rubles, in 2015 - for 46.6 billion rubles. Since the beginning of 2016, the company has received claims from creditors for another 6 billion rubles. The amount of the company's debts transferred bailiffs and outstanding, exceeds 17.7 billion rubles, RBC notes, citing SPARK data.
Contractors for the construction of the next sections of the Power of Siberia gas pipeline have already been identified, Alexei Miller, Chairman of the Board of Gazprom, said on Tuesday. According to the public procurement portal, a decision on the second and third sections of the highway should be made no later than October 9.
Miller explained that this decision was made taking into account the suspension of work on the Southern Corridor system, the released forces will be directed to the Power of Siberia. The main contracts in the Southern Corridor were awarded to CJSC Stroytransgaz and Stroygazmontazh.
Yakutsk and Irkutsk gas production centers
Gas production in Yakutia (on the basis of the Chayandinskoye field, gas reserves - 1.2 trillion cubic meters) will be developed in a single complex with production in the Irkutsk region (based on the Kovykta field, gas reserves - 1.5 trillion cubic meters), the resource base of which will be connected at the next stage.
Gas transportation system
The Power of Siberia will become a common gas transmission system for the Irkutsk and Yakutsk gas production centers and will transport gas from these centers through Khabarovsk to Vladivostok.
At the first stage, the main gas pipeline "Yakutia - Khabarovsk - Vladivostok" will be built, at the second stage, the Irkutsk center will be connected by a gas pipeline to the Yakutsk center.
The route of the GTS route will run along the route of the existing main oil pipeline " Eastern Siberia- Pacific Ocean”, which will optimize the cost of infrastructure and energy supply. The GTS route will overcome, among other things, swampy, mountainous and seismically active areas.
The gas pipeline will be built almost entirely from pipes of domestic production. About 11,700 specialists will be involved in the construction of the first stage of the Power of Siberia, and about 3,000 more people will operate the gas pipeline.
The GTS received its name based on the results of the competition.
Investment decision
In October 2012, the Gazprom Management Committee (since July 17, 2015 - Gazprom PJSC) made the final investment decision on the Chayandinskoye field development project, construction of the Yakutia - Khabarovsk - Vladivostok gas trunkline, as well as gas processing facilities in the city of Vladivostok. Belogorsk.
Specifications
length - about 4000 km (Yakutia - Khabarovsk - Vladivostok - about 3200 km, Irkutsk region - Yakutia - about 800 km);
diameter - 1420 mm;
working pressure - 9.8 MPa (100 atm.);
productivity - 61 billion cubic meters. m of gas per year.
Project implementation timeline
Commissioning of the first part of the Power of Siberia GTS - the Yakutia - Khabarovsk - Vladivostok gas pipeline - by the end of 2017.
Socio-economic development
The expansion of Gazprom's activities in Yakutia is a serious stimulus for the growth of the region's socio-economic development. In particular, the construction of gas transmission facilities on its territory will provide an opportunity for the development of gasification. The Yakutia - Khabarovsk - Vladivostok gas pipeline will pass, among other things, through the southern regions of Yakutia. The route of the gas pipeline was chosen in such a way as to gasify the maximum possible number of their settlements.
In addition, the creation of the Yakutsk gas production center will increase the level of employment local population. About 3,000 specialists will need to be involved in the operation of the gas pipeline and production facilities of Gazprom in the republic. Today, Gazprom organizes the training of specialists, including from among the residents of Yakutia, in Russian specialized educational centers, and stimulates the development of new educational programs.
Export potential
A powerful resource base in the East of Russia, the consistent formation of large gas production centers and the creation of the necessary transport corridors will make it possible to organize here a new center for the export of Russian gas, oriented to the Asia-Pacific region.
The start of the development of the Chayandinskoye field and the implementation of the project for the construction of the Yakutia - Khabarovsk - Vladivostok gas pipeline made it possible, along with the "western" route of pipeline gas supplies, to start negotiations with China on the "eastern" route.
On May 21, 2014, Alexey Miller, Chairman of the Gazprom Management Committee (since July 17, 2015 - Gazprom PJSC) and Zhou Jiping, President of the China National Petroleum Corporation (CNPC), signed a contract for the supply of Russian pipeline gas to China. The contract for a period of 30 years provides for the export to China of 38 billion cubic meters. m of Russian gas per year.
Microcompany with authorized capital 150 thousand was able to get contracts from Gazprom for the construction of the Power of Siberia gas pipeline in the amount of about 8 billion rubles. The winner of the auction has no more than 5 people in the state, and its general director was previously involved in organizing the delivery of pensions. Experts believe that there is a transfer of a major contract to a "laying" company.
LLC Inter Management received 34 contracts from Gazprom for the construction of the Power of Siberia export gas pipeline to China. total amount under contracts - 7.85 billion rubles. According to Interfax, each of the contracts does not exceed 400 million rubles, the work relates to the construction of temporary technological passages, technological sites, landfills for TB and software, overhead power lines, as well as the lineman's house and the construction of a landing site for helicopters. At the same time, the only competitor of Inter Management at the public auction was the Moscow company OOO TEKSvyazengineering. But for some of the purchases won by Inter Management, only he was declared.
Little is known about the company, which will receive almost 8 billion. According to the SPARK-Interfax system, it was registered in Moscow in August 2016 with an authorized capital of 150 thousand rubles, it employs no more than 5 people. The company is owned by General Director Sergey Samarin, who was a co-owner of the already liquidated company Sever Stroy Engineering LLC from the city of Nizhnevartovsk, as well as the director municipal institution"Pension delivery" in the same Nizhnevartovsk.
Such a somewhat inappropriate contractor raised questions. “This is not the first time. Gazprom has already expressed its preference for companies that had no experience in the proposed work. As far as I remember, one of the companies also won a big contract for construction works within the framework of the Power of Siberia project, a company that had previously been delivering pizza in a small regional town. Of course, Gazprom has no legal grounds for choosing such a contractor, since such companies cannot prove their competence and, in principle, should not even go through the initial pre-qualification selection to participate in such tenders. The only explanation is that such companies are "pads" or "screens" for someone who doesn't want to shine. Apparently, Gazprom will again have very familiar contractors for the production of such major works, companies whose owners are Mr. Timchenko, Rotenberg, and so on, and formally this company will be represented by this “gasket,” commented a partner to Bfm.ru consulting company Rusenergy Mikhail Krutikhin. Forbes magazine previously wrote about Gazprom's suspicious "tendency" to hand out billions of contracts to micro-enterprises. “Now Gazprom has quite exotic, at first glance, desires – to give orders to unknown or little-known companies. Yevgeny Lavrinenko's enterprise Tomskpromtrans with five employees received 40 contracts worth 8 billion rubles for the construction of Power of Siberia facilities, the publication wrote in its rating Kings of State Orders - 2017.
However, according to Pavel Zavalny, Deputy Chairman of the State Duma Committee on Energy, it is not Gazprom that is “to blame” in this situation, but the laws on public procurement. “I know that there is a small business support program, and Gazprom and any monopolies, in my opinion, should give up to 15% of all contracts to small businesses. That's all, this program is being implemented. If the company meets the criteria, no matter how big, Gazprom has no reason to reject. It is clear that small businesses will not do the work themselves, they will hire someone. We insisted on giving 15% of all contracts. Obviously, they are giving it away, ”the parliamentarian is quoted by Bfm.ru.
By the way, the correspondents of the radio station got through to Inter Management LLC. A man who introduced himself as Alexander answered the phone. He did not specify the position and did not explain anything about such a successful contract for the microfirm, asking to send an official request, he refused oral comments, because "there is a very large flow of information and there is simply no time."
Sberbank CIB analysts named Gazprom's largest contractors as the main beneficiaries of the construction of export pipelines.
They estimated the costs of Power of Siberia, Nord Stream 2 and Turkish Stream at $93.4 billion
Beneficiary ContractorsThe main conclusion made by Sberbank CIB analysts Alex Fack and Anna Kotelnikova in the May report on Russian oil and gas companies, - the main beneficiaries of Gazprom's projects for the construction of three export gas pipelines to China (Power of Siberia) and Europe (Nord Stream-2 and Turkish Stream) are not its shareholders, but contractors, including Arcadia's Stroygazmontazh Rotenberg and Stroytransneftegaz (about 50% is owned by Gennady Timchenko and his family).
According to investment bank experts, investments in these projects are low-margin. “We find that Gazprom's decisions become absolutely understandable if we assume that the company is managed in the interests of its contractors, and not for commercial gain,” the report says.
"This review is a commercial product that is not distributed to the general public and is intended only for qualified investors who are clients of Sberbank CIB. We do not comment on the details of commercial relationships with clients,” a representative of Sberbank CIB told RBC. Two clients of the bank confirmed to RBC the authenticity of the analytical report. Alex Fack declined to comment. ?
A representative of Arkady Rotenberg, co-owner of Stroygazmontazh, told RBC that this company is not a beneficiary of Gazprom's investment program, since the constructed Power of Siberia gas pipeline will remain the property of Gazprom and it will be he who will receive the ultimate benefit from the implementation of the investment project. “SGM participates in this project as a general contractor and performs construction and installation works on a paid basis under the concluded contracts,” she added. A representative of Stroytransneftegaz did not respond to a request from RBC. A spokesman for Gazprom declined to comment.
"Power of Siberia" instead of "Altai"
Speaking about specific projects, Sberbank CIB analysts write, in particular, about the high cost of building the Power of Siberia against the background of the previously considered alternative - the Altai project - and doubt the benefits of the contract for the supply of 38 billion cubic meters. m of gas annually, which Gazprom entered into with the Chinese CNPC in May 2014, with average price oil at $65 per barrel.
Power of Siberia was chosen despite the fact that Altai was much cheaper: $55.4 billion versus $10 billion, Sberbank CIB experts note.
Sberbank CIB analysts claim that the Chinese were ready to sign a contract for Altai back in 2010. The length of "Altai" would be comparable to the "Power of Siberia" - about 3 thousand km, but the gas would come from the existing fields of Nadym Pur-Tazovskaya province and would be cleaned at the existing plants of "Gazprom" - there would be no need to build new facilities, argue the authors of the report.
The choice of "Power of Siberia", in their opinion, could be due to the benefit of the main contractors of "Gazprom" - "Stroytransneftegaz" and "Stroygazmontazh", which divided "almost equally" the main contracts for this project. "How more project, the more profitable the contracts are, the report says. “Unfortunately, none of these companies are publicly traded, so you can’t invest in them.”
The supply of gas through the Power of Siberia involves the development of the Chayandinskoye and Kovykta fields for $20 billion. The construction of the Amur GPP, which will process gas before sending it to China, will cost another $14 billion (Gazprom's latest estimate) to almost $20 billion ( Energy Minister Oleksandr Novak’s estimate) is indicated in the report. At the Amur GPP, NIPIGazpererabotka, associated with Sibur, will start working, which received a contract for 790.6 billion rubles. Among the shareholders of Sibur is Timchenko, who also owns a stake in Stroytransneftegaz, the authors of the report recalled.
In addition, linking the gas contract with China to oil prices negatively affects profitability, say Sberbank CIB experts. With oil prices at $110 per barrel, a contract for 38 billion cubic meters. m of gas per year was estimated at $400 billion. Accordingly, Gazprom will sell gas at 10-11% of the oil price, Fek and Kotelnikova calculated. This means that with oil at $60 per barrel, gas will cost $6-6.6 per 1 million British thermal units (MBTU). “Even with an average oil price of $65 per barrel, the net present value (NPV, shows the expected return on investment. - RBC) of this project will be negative and will amount to about $11 billion,” the authors of the report stated.
The Power of Siberia project is likely to have a rate of return lower than the cost of capital of Gazprom (the cost of raising funds for the company), which means that it has a negative impact on the company's shareholder value, agrees Ildar Davletshin, a leading oil and gas analyst at Wood & Co.
But in "Gazprom" they spoke earlier about the "undoubted" profitability of the "Power of Siberia".? “We have no doubts about the profitability of the gas pipeline. The price formula, which is written in the contract with China, allows us to feel absolutely confident at the current prices for hydrocarbons,” said Alexei Miller, CEO of Gazprom, in an interview with the Rossiya 1 channel in February 2018.
There were objective reasons for choosing Power of Siberia instead of Altai, Alexey Kokin, an analyst at Uralsib Capital, argues with colleagues: in western China, where Altai would come, the demand for gas is much less due to supplies from Central Asian countries than in the east (through the "Power of Siberia" gas will be supplied to the east of China). At current oil and gas prices (on Thursday, May 17, Brent oil exceeded $80 per barrel for the first time since November 2014), the minimum acceptable return on the investment of the Power of Siberia project can be ensured, but everything will depend on its final cost, concluded He.
The co-owner of one of the Gazprom contractors claims that the construction of the Altai project has so far been abandoned "not because of the whim of the contractors, but because it was unprofitable for the Chinese to buy gas at the end point of the project: they preferred to buy this gas in Turkmenistan cheaper." “Today, taking into account the policy of Gazprom, many large contractors in certain sections of the construction of gas pipelines generally turn out to be at a loss,” another source in the Gazprom contractor stated. “The era of high earnings from Gazprom projects is long gone.”
Low cost streams
The construction of gas pipelines to Europe bypassing Ukraine - Turkish Stream and Nord Stream 2 - is also beneficial primarily for contractors due to the high costs of onshore infrastructure in Russia, although the pipelines are considered offshore, according to the report by Fek and Kotelnikova . In particular, the pipeline to Turkey involves a significant expansion of Gazprom's gas pipeline system in the south. total cost project, according to the forecast of Sberbank CIB, will exceed $20 billion, while $3.5 billion has been invested - more than half was spent in Russia. In February 2018, Andrey Kruglov, deputy chairman of the board of the company, estimated the cost of the project at €7 billion.
Nord Stream 2, according to Sberbank CIB, will cost $17 billion - this amount also includes ground approaches to the gas pipeline (Gazprom estimated the project cost at €9.5 billion). The contract for the construction of one of these approaches worth 74.6 billion rubles. Stroytransneftegaz recently received without competition, analysts recall.
Although both projects do not involve entering new markets (Gazprom already supplies gas to Europe through Ukraine and other routes), their main financial advantage, according to Gazprom, is savings on transit through Ukraine after 2019, when the contract ends, remind the experts. According to their calculations, in the case of Nord Stream 2, we are talking about $ 800 million, with Turkish Stream - about $ 500 million per year.?
While maintaining gas exports through Ukraine, additional costs for Gazprom to transport 30 billion cubic meters. m would amount to $25–42 billion over 25 years, Miller said in June 2016: gas transit through Ukraine costs 20% more than through Nord Stream 2.
However, the implementation of both projects will not completely abandon transit through Ukraine, Sberbank CIB experts believe: “This will happen only if Gazprom’s exports to Europe decrease by about 20% compared to last year (or by almost 40 billion cubic meters ). According to their estimates, Turkish Stream “will not break even for almost 50 years, even without taking inflation into account”, its negative NPV will be $13 billion. 20 years".
If Nord Stream 2 is used only as a replacement for Ukrainian transit without attracting new contracts in Europe, then, of course, it will be unprofitable, says Davletshin. But if Gazprom succeeds in attracting new contracts, especially against the backdrop of favorable conditions on the gas market, then we can talk about a rate of return of 7-8%, which is also not attractive enough for investors, he concludes. Nord Stream 2 will not allow a significant increase in revenue, Alexey Kokin notes. But one should not consider the project only from this point of view: the pipe is a substitute due to political reasons (conflict with Ukraine) and issues of supply stability: the Ukrainian gas pipeline system has historically been underinvested, he noted.
20-50 years is a good payback period for an infrastructure project, says a co-owner of one of Gazprom's contractors. And in addition to financial advantages, gas pipelines bypassing Ukraine have technical and geopolitical benefits, adds a source in one of the largest construction contractors of Gazprom: the gas supplier does not depend on the dictates of transit prices and is insured against the risks of problems with the failure of the Ukrainian GTS, which has not been modernized for a long time.
We talked about Igor
Sberbank CIB analysts are known for their critical attitude towards the largest oil and gas state companies. In October 2017, Alex Fack, Valery Nesterov and Anna Kotelnikova sent out a report on oil and gas sector Russia, in which one of the chapters was called Rosneft: We Need to Talk About Igor (“Rosneft”: we need to talk about Igor). In this chapter, analysts criticized Rosneft's strategy, pointing out that after buying TNK-BP in 2013, the company directed $22 billion "on acquisitions without a clear focus." “The problem is that organic growth will be too slow to satisfy the ambitions of the CEO [Igor Sechin],” the document said.
Rosneft reacted sharply to this report. “There is a feeling that the people who compiled the report are on the verge of pathology. I would very much like the management of the backbone bank of Russia to provide them with all possible assistance,” said the company's press secretary, Mikhail Leontiev. Sberbank CIB later withdrew this report and issued new version, softening some of the wording and removing critical remarks about Sechin. The investment bank also apologized to Rosneft. Its head, Igor Bulantsev, noted that the first version of the report contained “gross violations of the accepted quality standards for Sberbank CIB analytics,” namely, “the established compliance procedures were not followed.”
In early May, Rosneft's board of directors approved changes to the strategy, which include, among other things, a reduction in capital expenditures and a reduction in debt this year by about $8 billion, or about 10%. “This can be seen as a response to questions that we raised in our October 2017 report,” Sberbank CIB analysts wrote in their May report.
Pipes instead of dividends
Sberbank CIB analysts are not the first to pay attention to the cost of Gazprom's large-scale construction projects. “One gets the impression that the company for some reason does not work for shareholders, not for consumers, not for the state, but in fact for contractors who build various facilities for them,” the director of Prosperity Capital (minority shareholder) complained to President Vladimir Putin about Gazprom. shareholder of Gazprom) Alexander Branis at the VTB Capital forum in October 2016. Then Putin acknowledged that this was a “very serious issue” and promised to meet with representatives of the largest companies with state participation by the end of the year and after that to give “assessments of the effectiveness of a particular company.”
The Association of Professional Investors last year turned to the government with a proposal to increase the size of Gazprom's dividends, RBC told her Executive Director Alexander Shevchuk. “Obviously, with a low payback of projects, it is more profitable for the state as the main shareholder and the company itself to increase dividends rather than invest in new construction projects,” he adds.
On May 16, the Board of Directors of Gazprom recommended approving dividends at the level of last year - about 190 billion rubles, or 26% net profit according to IFRS. This is half what the Ministry of Finance expected. A spokesman for the company explained that this dividend level takes into account the need to “maintain a high degree of financial stability”and the implementation of“ priority strategic projects ”, among which is the construction of export pipelines.