2018-02-07 08:15:00
GAZPROM'S ANNUAL INVESTMENT: $17.5 BLN
REUTERS - Russian gas giant Gazprom said on Tuesday it expected debt repayments to peak in 2018 and investments to peak between 2018 and 2020 as it boosted spending on major pipeline projects.
Gazprom, which is involved in building three major gas pipeline projects to Europe, China and Turkey, frequently draws criticism from analysts who say it should rein in spending.
Gazprom expects its average annual investment until 2035 to be capped at 1 trillion rubles ($17.5 billion).
Gazprom Group, which combines the gas business with the Russian firm's oil and power generation units, expects to spend 1.28 trillion rubles on investment this year.
Gazprom Chief Financial Officer Andrey Kruglov told investors in New York that the company would continue to be a big spender in the coming years, adding that its debt repayments would reach a high of more than $13 billion in 2018.
A negative net cash flow was fairly likely both this year and next, he added.
The state-controlled Russian company is facing political resistance in Europe, particularly over Moscow's role in the Ukrainian crisis, but it still plans to boost its share of the European gas market.
Gazprom, whose gas business relies on pipelines, is also facing steeper competition from producers of liquefied natural gas (LNG), which can be shipped from sources around the world.
"It is not only Gazprom, but foreign analysts as well recognize Russian pipeline gas' competitiveness in comparison to LNG," Kirill Polous, a Gazprom senior manager, told investors in New York.
Gazprom's three major pipeline projects are the Power of Siberia pipeline to China, Nord Stream-2 to Germany and TurkStream to Turkey and Southern Europe.
Gazprom aims to boost gas production and exports.
By 2020, the company said it would produce 15 percent more gas than in 2016. In 2018, it would produce 476 billion cubic meters (bcm) of gas, compared to 471 in 2017, Gazprom said.
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Earlier:
2018, January, 31, 10:50:00
GAZPROM SHARE 35%REUTERS -Speaking at the European Gas Conference in Vienna, Gazprom Chairman Viktor Zubkov said the company’s share of the European gas market, where it generates the majority of its revenue, rose last year to a record high of more than 35 percent, from about 33 percent in 2016.
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2018, January, 24, 11:55:00
GAZPROM'S TURKSTREAM UNDERWAYGAZPROM - The TurkStream project is well underway. In accordance with the plan, it is carried out simultaneously at three sections: onshore in Russia and Turkey and offshore in the Black Sea. |
2018, January, 5, 23:50:00
RUSSIA'S GAS RECORDBLOOMBERG - Russia needs to strengthen its position in the global gas market as it’s considered a leading global energy power, President Vladimir Putin said last month. Already the world’s largest exporter of the fuel, the nation is working to boost output with new LNG plants stretching from the Baltic region to the Pacific coast. That will pit the country against the biggest producers of the super-chilled fuel, including Qatar and Australia.
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2017, December, 22, 22:45:00
GAZPROM'S INVESTMENT: RUB 1,278.830 BLNGAZPROM - Pursuant to Gazprom’s investment program for 2018, the overall amount of investments will stand at RUB 1,278.830 billion, with RUB 798.428 billion intended for capital investments, RUB 40.983 billion for the acquisition of non-current assets, and RUB 439.419 billion for long-term financial investments. |
2017, December, 22, 22:40:00
NEW GAZPROM'S RECORDGAZPROM - Last year, Gazprom exported a record 179.3 billion cubic meters of gas to Europe. The upward trend continued this year: as early as December 8, 2017, last year’s record was beaten, with total exports reaching 179.8 billion cubic meters of gas. |
2017, December, 15, 13:05:00
GAZPROM - IRAN COOPERATIONGAZPROM - Alexey Miller and Ali Kardor, Iran’s Deputy Minister of Petroleum, CEO of National Iranian Oil Company, inked a Roadmap. Pursuant to the document, Gazprom will conduct a proof-of-concept study with regard to implementing integrated projects for hydrocarbon production, transmission and processing, including petrochemistry, in Iranian territory. |
2017, December, 1, 12:45:00
RUSSIAN GAS TO GERMANY: 200 BLNGAZPROM - the Nord Stream gas pipeline transmitted its 200 billionth cubic meter of gas from Russia to Germany via the Greifswald delivery point. |
