The Federal Agency on Subsoil Usage has changed the terms of 165 licences owned by Rosneft, Gazprom, Novatek, Surgutneftegas, Bashneft and Tatneft, Vedomosti reports. The changes might relate to their periods. Among potential reasons for the changes are the negative macro environment, sanctions and other difficulties.
Given that no information has been disclosed about either the names of the licences or the terms which have been changed, it is impossible to assess the impact of the changes to the companies’ financials. Most likely, the licences relate to the companies’ longer term prospects, and so would not have any effect on our forecasts. We see the news as neutral.
Dmitry Loukashov, Ekaterina Rodina, Alexander Donskoy, Kirill Komarov
VTB Capital analyst
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