Fitch: oil and gas companies of EMEA – who wins and who loses because of crisis in the Ukraine

International rating agency Fitch Ratings notes that BG Energy Holdings Ltd («BG»: «A-» / forecast "Stable”), BP plc («A» / forecast "Stable”), Royal Dutch Shell plc («AA» / forecast "Stable") and Total SA («AA» / forecast "Stable”) are among oil and gas companies, which the agency rates in Europe, Middle East and Africa (EMEA), which can gain from potential change in energy relations between the EU countries and Russia in the course of time, while Gazprom («BBB» / forecast "Stable") and Naftogaz Ukrainy («CCC») are likely to be the losers.

According to the agency, global diplomatic row with Russia about the crisis in the Ukraine can help to change the approach to European energy security, which traditionally focused on diversification of gas transportation routes to the EU through a network of new pipelines, but did little for diversification of gas supply sources. The Fitch’s report, published today, analyzes the scenario according to which the EU countries could be forced to “review the approach to energy and economic relations with Russia in the course of time", the UK’s Secretary of State for Foreign Affairs William Hague noted.