ROSNEFT: Analyst Meeting with CFO Sheds Light on Strategy
Today we met with Pavel Fedorov, First Vice President of Rosneft, who took analysts through key points of the company’s Strategy-2022 (to be approved this year) while also participating in a fruitful Q&A session. Our most important takeaway from the meeting is that the Samotlor MET reduction for which Rosneft has lobbied has a very good chance of materialising in coming months. This leaves us POSITIVE on Rosneft stock which we still consider one of the most attractive names in the Russian oil space. We keep our BUY rating and target price of $7.3/GDR unchanged.
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