(Finance) – With the approval of the Draft Financial Statements and the Consolidated Financial Statements of the Group 2021, Maire Tecnimont he also provided a update on its exposure to Russia, as the group active in the transformation of natural resources represents one of the stock market titles most exposed to the conflict in Ukraine and to the potential further sanctions by the West on the country led by Vladimir Putin. To date, the group’s order book for approximately 1.5 billion euros refers to Russia, equal to 17% of the total portfolio.
The first project that Maire Tecnimont mentions is the one it was awarded at the end of January by Russian oil company Rosneft. The Engineering, Procurement and Contruction (EPC) contract is worth 1.1 billion euros and concerns the construction of the Hydrocracking VGO complex at the production site of the Ryazan Refining Company (RORC), 200 km south-east of Fly. Today the Italian group affirms that “the project is expected to become executive and is included in the portfolio upon completion of the financing and upon the occurrence of certain conditions “.
As for the revenues of 2022, Maire Tecnimont highlights that the progress of the Amursky AGPP project it is at an advanced stage of completion with a progress of 95%. With the exception of the construction activities of the Kingisepp project 2, most of the activities still to be carried out in the country are concentrated on procurement activities with reference to which the material purchase orders have already been for the most part issued and in many cases delivered on site. For the Kingisepp 2 project alone, the only one having the nature of an EPC, construction activities are planned to be carried out on site, to be carried out by the Russian subsidiary MT Russia, through the award of contracts to local construction companies.
In general, the group listed on Euronext Milan underlines that “the composition and geographic diversification of the order portfolio already underway, combined with the consistent pipeline of commercial initiatives in all geographies, confirms the already existing rebalancing of the order book between Russia and the rest of the world“. The recovery of petrochemical investments in the Middle East (in particular with projects in Abu Dhabi) and in Europe (especially in terms of investments in the energy transition and sustainable chemistry).
“With reference to the evolutionary framework of the international sanctions currently under study, the group has already managed in the past the application of sanctioning regimes both for logistical and operational aspects and for aspects linked to financial transactions “, Maire Tecnimont finally points out. The net balance of active and passive balance sheet items with Russia, at the current date, presents a substantial equilibrium.
After the release of the financial data of 2021 and the updates on the exposure to Russia, the stock of Maire Tecnimont has further weakened in Piazza Affari, where it appears one of the worst of the whole list in today’s session. Maire Tecnimont stands at 3.198, with a decrease of 8.47%. Since the beginning of the year, the decline has been more than 23%. Expected for the rest of the session an extension of the bearish phase with support area seen at 3.052 and later at 2.906. Resistance at 3.458.