SOUTH STREAM: ON SCHEDULE
OAO Gazprom says the South Stream gas pipeline project is "progressing in strict compliance with the schedule."
From Russia, South Stream gas pipeline will cross the Black Sea to southern and central Europe.
"Only South Stream may offer now extra guarantees of energy security to Europe," said Alexey Miller, chairman of Gazprom's management committee.
Gas production will be delivered starting in late 2015. The pipeline is expected to reach full capacity of 63 billion cu m in 2018.
Gazprom said 8,500 jobs would be created in Bulgaria, Serbia, Hungary, Slovenia, and Croatia in building and operating South Stream.
Gazprom said Bulgaria is expected to sign contracts "soon" for equipment procurement, installation, personnel training, and commissioning of a pipeline section. Similar activities are being carried out in Serbia.
Main construction operations in Bulgaria and Serbia are scheduled for this summer.
In Hungary, front-end engineering and design work is under way, along with spatial planning and environmental impact assessment (EIA) activities.
Spatial planning and EIA also are in progress in Slovenia. Bids to design the Slovenian section will be announced before the beginning of summer.
In Croatia, a draft contract and scope of work for devising project documentation are being negotiated.
The investment concept is being developed for constructing a gas branch to Macedonia.
Gazprom has also started examining the possibility of creating a gas pipeline section in Austria simultaneously with the Slovenian section.
The offshore pipeline laying will begin this autumn.
The Russkaya main compressor station, South Stream's starting point, will have installed capacity of 448 Mw. Work on the station will be completed this year.
Large-scale construction continues on the Southern Corridor gas trunkline system to feed gas to South Stream.
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U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.
NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.
GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.
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