News dalla rete ITA

10 Ottobre 2022

Kazakistan

KAZAKHSTAN-TENGIZCHEVROIL-RATING

S&P downgrades Tengizchevroil ratings from "BBВ-" to "BB+" due to CPC related risksS&P Global Ratings has downgraded its ratings Tengizchevroil (TCO) from "BBВ-" to "BB+" due to an increased risk of export disruptions, the rating agency says in a press release.The outlook is negative.“Because Tengizchevroil (TCO) relies on the Caspian Pipeline Consortium (CPC) for about 95% of its oil exports, increased operational risks to the export route jeopardize TCO's earnings capacity,” the press release says.Although the absence of near-term maturities reduces liquidity risk, limited alternative export routes means lengthy disruptions to CPC would gradually hurt TCO's performance metrics. Furthermore, full independence from Russian oil export channels is impossible in the short term, according to S&P.“We therefore lowered our ratings on TCO to 'BB+' from 'BBB-' and our national scale ratings to 'kzAA' from 'kzAAA'. We removed all ratings from CreditWatch negative, where we had placed them on July 13, 2022,” the press release says.The negative outlook reflects that S&P could lower the ratings on TCO if persisting operational issues at CPC over the next 12 months impair TCO's capacity to export and, thus, produce oil. This could result in weaker cash flow, block expansion plans, and gradually erode liquidity, according to the rating agency.Tengizchevroil develops the Tengiz and Korolyov oil and gas fields in the Atyrau Region (west Kazakhstan). Tengizchevroil was formed as a joint venture between the Republic of Kazakhstan and Chevron Corporation in April 1993. The current partners are: Chevron (50%), KazMunayGas (20%), ExxonMobil (25%) and LukArco (5%).Tengizchevroil is now implementing a project to expand production in Tengiz worth a total of $45.2 billion. It is expected to be completed in 2023. (ICE ALMATY)


Fonte notizia: INTERFAX