Gazprom advances in Moscow

OAO Gazprom Neft, the crude arm of Russia’s gas export monopoly, rose for a fourth day in Moscow trading after Nomura Holdings Inc restarted coverage of the stock with a “buy” rating. “The company does not see a significant movement away from long-term gas agreements by gas buyers,” Nomura analysts wrote in a note to clients dated today following a meeting between analysts and Gazprom Deputy Chief Executive Alexander Medvedev. “The company has not got any requests from European partners to review the formula in long-term contracts,” wrote Nomura analysts Maria Radina and Scott Darling in Moscow. Gazprom rose as much as 4.6 per cent to 179.90 rubles. The stock has risen 66 per cent this year.