Shares of the Russian gas monopolist "Gazprom" sharply depreciated on the Moscow Exchange following the conclusion of Russian dictator Vladimir Putin's visit to Beijing. This was reported by The Moscow Times, according to UNN.
Details
It is noted that Gazprom's shares fell sharply amid the lack of an agreement between Putin and Chinese leader Xi Jinping regarding the construction of the "Power of Siberia-2" gas pipeline. During trading, the company's shares dropped by 3.5% (to 119.06 rubles per share), making them the main underperformer of the Russian market.
According to media reports, in just one day, the holding's capitalization decreased by 100 billion rubles, and total losses during the Chinese visit exceeded 120 billion rubles (about 1.75 billion dollars). This failure pulled down the entire Russian stock market, including oil companies and pipe manufacturers.
Along with Gazprom, shares of TMK (Pipe Metallurgical Company, Russia's largest pipe manufacturer and one of the top three leaders in the global pipe business - ed.) collapsed by 6%.
The company was ready to supply large-diameter pipes for "Power of Siberia-2," and investors viewed it as one of the potential beneficiaries of the project. But there is no decision on the pipeline—therefore, there is no large order,
It is pointed out that although Putin brought 5 deputy prime ministers and ministers with him, spoke of "limitless" prospects for cooperation with China, and signed a "declaration on building a multipolar world" with Xi Jinping, the Russian dictator failed to bring back any new major contracts from Beijing.
"In the list of 40 documents signed following the visit, not one concerns oil and gas cooperation. There is not a single word in them about 'Power of Siberia-2,' negotiations for which the Kremlin has been conducting for over 10 years," the publication summarizes.
Recall
During a tea meeting with Chinese leader Xi Jinping, Russian dictator Vladimir Putin stated that his visit to China was "successful, fruitful, and very intensive work."
China is turning Russia into its own cheap raw material appendage - CCD20.05.26, 19:08