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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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.