“Gazprom” for the first time ready to grant advances Pipe Company, but instead requires them to discounts for delivery. These are special conditions for the main Russian-Chinese project pipeline “Power of Siberia” worth about 1.5 trillion rubles. Pipe manufacturers find themselves beneficial agreement, but analysts fear the reduction in sales margins for the project to zero.
“Gazprom” and the Russian pipe company – Dmitry Pumpyanskiy TMK, OMK Anatoly Sedykh CHTPZ Andrey Komarov and IPM (part of the “Severstal” Alexey Mordashov) – yesterday signed an agreement on special pricing conditions in the supply of large diameter pipes (LDP) for the main gas pipeline “Power of Siberia.” “We will consider the possibility of granting advances, and they – discounts,” – said the head of “Gazprom” Alexey Miller.
“Who payment occurs upon shipment, the new conditions will come into effect from October 1,” – said the Association of producers of pipes. According to sources, “b” in the industry, an advance of up to 40%, he will be given one month prior to delivery, a discount can be up to 10% of the base price of the pipe is determined by the formula (effective from 2012). “Now tenders” Gazprom “for LDP are as follows: for each type of pipe is determined by the formula base price, then the producers decide how much they are willing to give up,” – says one of the sources “Y” in the industry. Companies usually go to a discount of 2-3%. Officially pipe manufacturers and “Gazprom” does not comment on the agreement.
“We lived without advances in conditions of prolonged delay of payments by” Gazprom “, but sometimes it becomes critical – for example, in the case of the CTRP, which fall under orders from the oil monopoly and in 2012-2013 had to restructure loans (about 95 billion rbl.- “b” ) “, – said one of the pipe manufacturers. According to sources, “b”, Alexei Miller claimed at the meeting that “Gazprom”, “went to meet steelmakers.” But this “movement towards each other”, insist pipe manufacturers. In “Gazprom” “colossal receivables” in front of the pipes, advances to change the model, will allow to increase the share of working capital in the production and reduce the credit load, recognize the sources of “b”. But monopoly “tight deadlines and financial framework for projects,” and failures “highly undesirable.”
In CHPTZ say that the agreement with “Gazprom” will allow the company “to work with a stable cash flow.” Alexei Mordashov adds that it “will allow clearer plan deliveries, using the possibility of production.” However, Oleg Peter and Paul from the BCS believes that the agreement is beneficial only to “Gazprom”. “At current prices, pipe manufacturers, with the consent of 10% discount on the project may fall short of $ 400 million,” – explains the analyst. But most importantly, he said, that the margin of LDP Russian manufacturers is 10-15%, ie, pipe manufacturers will deliver products to “Gazprom”, “almost free.” And, adds the analyst, if EBITDA of this will have no effect, then the profitability of a service account credits – negative.
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