Firtash’s loan eats up undistributed profit of Gazprom export for many years

The guarantee of Gazprom export on Gazprombank’s loan issued to the Ostchem Holding of Dmitry Firtash, has led to the loss in the amount of 25 billion rubles on results of 2014.

According to the data of SPARK-Interfax, this loss "ate up" not only all of 20 billion rubles of retained earnings, accumulated by Gazprom export as of December the 31st of 2013, but also formed an uncovered loss in the amount of 4.99 billion rubles as of December the 31st of 2014.

It was reported that in 2013 due to the Gazprombank’s credit Ostchem bought 5 billion cubic meters of gas for its pumping into underground storage facilities in the Ukraine. In late 2014, the bank "in connection with the failure of Ostchem to fulfill its obligations announced that the loan had matured". Immediately Gazprom export provided a guarantee on the loan for the full amount of $842.5 million, or 47.407 billion rubles. Thus, from an accounting point of view, Gazprom, in fact, paid for its gas.