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$23 bln Investment Plan Mulled by Gazpromneft
21.12.2012 23:43
$23 bln Investment Plan Mulled by Gazpromneft
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According to Aleksey Yankevich,  deputy CEO in charge of economy and finance, the company will splurge out more than $23 billion for investment projects, the bulk of which will be spent on new exploration and development projects and upgrade of existing refineries.

The free cash flow is likely to go below zero, with hefty loans expected to be taken out, according to the blueprint which is yet to be adopted by its board of directors dominated by representatives of its main shareholder Gazprom.

Among Gazpromneft's targets for 2020 are the $10 billion cash flow, up from current $1.5 billion, an output worth 100 million tons, up from 57.3 million tons, refining capacity increase from 40.5 million tons to 70 million tons.

Author: Mikhail Vesely

Tags: Gazpromneft Russian oil Russian economy Gazprom  

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