(15 EUR, 0,33%) plans to reduce gas supplies to Belarus 45% from 10:00 Moscow time on August 3 - to correspond to the level of payment received from the Belarusian side. (15 EUR, 0,33%) has sent Beltransgaz acting General Director Vladimir Maiorov official notification of a reduction in gas supplies to consumers in the Republic of Belarus due to failure to meet payment obligations for gas. Poland and Lithuania may be affected as part of the gas they receive is shipped through gas pipelines in Belarus that are not under Gazprom's control.
Our view: We do not expect major negative impact from reduction of gas supplies to Poland. (5 PLN, -0,20%) will be able to substitute the imported gas by its own production, which is beneficial for the company’s margins due to the negative (17 USD, -0,41%) between the imported and realized prices. Demand for gas is currently on its seasonal low in Poland, therefore we do not expect the gas supplies to the refineries to be effected.