Czech firm Net4Gas missing latest payments from major Russian shipper
PRAGUE, Jan 5 (Reuters) - Czech natural gas transmission system operator Net4Gas (N4G) has not received the latest monthly contracted payments from a major Russian shipper, it said.
Net4Gas's revenues from the contracts accounted for three quarters of total 2021 revenue, the company said in a filing late on Wednesday.
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"N4G is currently investigating the reasons for this non-payment, which in N4G’s view represents a contractual breach on the part of the major shipper," it said.
"N4G further notes that it is currently able to cover its ongoing operating and financing costs."
The company did not name the shipper and could not be immediately reached for further comment.
In October, Fitch Ratings agency affirmed N4G at 'BB+' and said its base scenario assumed "full or near-complete shut-off of Russian pipeline gas to Europe and no payments from Gazprom."
"We see a material risk of the long-term ship-or-pay transit contracts between Net4gas and Gazprom not being fulfilled, due to the continuous escalation of sanctions and no Russian gas transit through the pipeline at present," Fitch said in the Oct. 19 commentary.
Russia has cut off most of its gas deliveries to Europe in the past year in the wake of its invasion of Ukraine and as Western governments ratchet up sanctions against Moscow.
The Czech Republic has scrambled to get alternative supplies through liquefied natural gas shipments and flows from Norway and elsewhere.
Before a halt to the Nord Stream pipeline, N4G used to transport Russian gas from that route to the Czech Republic and onwards through Slovakia and Austria.
The country also shares routes with Slovakia, through which Russian gas flows to Europe via Ukraine. (Reporting by Jason Hovet and Jan Lopatka Editing by Mark Potter)