ALROSA will develop its gas assets right up to their proposed sale, RBC Daily reported citing the Vedomosti Daily. In 2012, ALROSA intends to invest a total of 5.6 billion rubles ($190 million) into its gas assets – ZAO Geotransgaz and OOO Urengoyskaya Gazovaya Company which have been recently repurchased from VTB for $1 billion. At present time ALROSA negotiates disposal of at least a 25% share in its gas assets with Zarubezhneft. Sources from the diamond mining company assume that additional capital investment will result in rising attractiveness of the gas companies.
“Short term prospects are seen as negative but not having a long term impact. We suppose that CAPEX expansion will exert moderately negative influence on ALROSA’s investment case, as updated CAPEX in the amount of 5.6 billion rubles will contribute to a 25% growth of aggregate capital costs of the company in 2012, compared to our previous estimate. However, we suppose that the value of gas assets will increase accordingly which will salve the effect of CAPEX growth after their sale,” BKS financial group analysts Oleg Petropavlovskly and Eduard Badaev commented.
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