GAZPROM'S INVESTMENT 2017: RUB 910.67 BLN
The Gazprom Board of Directors took note of the information about the Company's preliminary operating results for 2016 and the projected Investment Program, budget (financial plan), and cost optimization (reduction) program for 2018–2019.
The Gazprom Board of Directors also approved the Company's Investment Program, budget (financial plan), and cost optimization (reduction) program for 2017.
Pursuant to Gazprom's approved budget (financial plan), the overall amount of investments in 2017 will stand at RUB 910.67 billion, with RUB 625.455 billion intended for construction projects, RUB 0.125 billion for the acquisition of non-current assets, and RUB 285.09 billion for long-term financial investments.
In line with Gazprom's budget (financial plan) for 2017, the external financial borrowings will total RUB 288.26 billion. The approved financial plan will provide for a full coverage of Gazprom's liabilities without a deficit.
The cost optimization (reduction) program for 2017 includes cost optimization (reduction) measures with an expected cumulative effect of RUB 12.24 billion.
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REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.
FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.
EIA - The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world's top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world's top producer of petroleum hydrocarbons since 2013, when U.S. production exceeded Saudi Arabia’s. Since 2008, U.S. petroleum and natural gas production has increased by nearly 60%.
PLATTS - China became the largest contributor to global LNG consumption growth in 2017. It surpassed South Korea as the world's second largest LNG importer and its share of global LNG demand is expected to converge with that of Japan by 2030.