The Gazprom Board of Directors took note of the information about the Company's financial strategy for major projects on transboundary gas pipelines construction.
At present, the Company is engaged in a number of strategically important gas transmission projects – TurkStream, Nord Stream II, Power of Siberia and Power of Siberia-2. They will help increasing the reliability of Russian gas supplies to international consumers and setting up new export routes.
The Meeting pointed out that the financial strategy secured a high level of Gazprom's financial stability necessary for executing such major projects.
Gazprom adheres to a conservative approach to financing capital costs – thus, for nine years already they have been fully secured with operating cash flow. Following the 2014 results, Gazprom Group generated a record-breaking cash flow – USD 17.2 billion – and came out on top among global major public oil and gas companies by this indicator. Due to the pursued strategy, Gazprom shows impressive liquidity ratios and a rather low debt load level.
In addition, the Company is in a good position for attracting borrowings from international capital markets on favorable terms and it also has a successful experience of project financing.
Thereby, Gazprom has every opportunity for financing the scheduled transboundary gas transmission projects.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.