Russian energy company Gazprom has one of the best outlooks in the industry despite sanctions, a Chinese credit rating agency said Monday.
Gazprom received a AAA rating, the highest possible, from the Dagong Global rating agency in China, opening the Russian company up for trade on the Hong Kong stock index. The ratings agency said most of the key factors underpinning the Russian company's outlook were among the best in the industry.
"The sanctions imposed by the United States and European Union, as well as the short-run deterioration of the Russian economy, impose little impact on the repayment capacity of Gazprom," the ratings agency said. "The local currency repayment capacity and foreign currency repayment capacity are both extremely strong."
The Russian company last week said net income during the third quarter fell 62 percent and sales were off about 6 percent year-on-year. Sanctions enacted in response to the Kremlin's policies in eastern Ukraine, coupled with low oil prices, have put pressure on the Russian economy and state-controlled businesses like Gazprom.
With a European economy looking to break the Russian grip on the region's energy sector, the Kremlin has shifted focus on building successful trade relations with Asia-Pacific economies. Gazprom last year signed a 30-year sales agreement with China that calls for 1.3 trillion cubic feet of natural gas per year through the so-called Power of Siberia pipeline.
Russian envoy to the Far East Yuri Trutnev said Monday the government was setting the stage for further regional economic development for 2015.
"Work will begin on creating advanced development territories and new enterprises," he said.
Russian industries in the region outperformed their peers for 2014, the envoy added.
