Oct 25 (LNGJ) - Russian natural gas company Gazprom is paying an increasingly high price for sanctions over the Ukraine invasion by Russia and has now lowered the corporate investment programme for 2023 from 2.30 trillion roubles ($24.4 billion) to 1.99 trillion roubles ($21.5Bln) because of “the change in macroeconomic indicators and the market situation” generally.
“We provided for the reduction of revenues from gas sales in the new budget version due to the decline in market prices of gas in the first half of 2023. However, this is appropriately recognised in our operating costs - the total effect from their optimisation will be over one trillion roubles ($10.6Bln),” said Gazprom Deputy Chief Executive Famil Sadygov. “I would like to note we continue implementation of key projects. In particular, the comprehensive development of the ‘Power of Siberia’ gas pipeline and its backbone fields and expansion of the Yamal gas production centre,” added Sadygov.
