Actual: Gazprom 2020: Development Plans
6 May 2020

In April, Russian President Vladimir Putin met with Alexey Miller, Chairman of the Management Board and Deputy Chairman of the Board of Directors of Gazprom.

The meeting summed up the results of the company's work in 2019 and outlined plans for 2020.

According to Alexey Miller, today Gazprom's production capacity is 545 billion cubic meters of gas per year, and given the 72 billion 232 million cubic meters of gas already pumped into underground storage, we can talk about a double safety factor for supplies to the domestic market. All obligations will be fulfilled accordingly, and, if necessary, the volume of gas supplied to Russian consumers can be doubled.

"As for last year's production volumes, they amounted to 500.1 billion cubic meters of gas, and we exported 199.3 billion cubic meters. This is slightly less than in 2018, which was a record – 201.8 [billion cubic meters of gas], and we have maintained our share in the European market – 35.6%, " said Alexey Miller.

According to the head of Gazprom, despite the current market decline, it is too early to draw preliminary conclusions: preparations for the new autumn-winter season are ahead.

The company plans for 2020 include a planned investment program in the amount of 1 trillion 80 billion rubles. "The company's financial capabilities and financial stability allow it to be fulfilled. The ratio of net debt to EBITDA is 1.3 – this is a very good ratio of the investment rating. And we are saying today that there will be no problems with fulfilling our obligations to finance the investment program in 2020," Alexey Miller said. Gazprom is also planning to build 1,942 km of the main gas pipeline, put 114 new wells into operation, and increase the volume of underground storage by 180 million cubic meters of gas.

An important stage will be the construction of a gas pipeline to supply Nord Stream 2 with gas, as well as the continuation of the development of the Kharasaveyskoye field, a major facility for creating a new gas province in Yamal.

As part of the Russian President's order to study the issue of gas supplies for consumers in Eastern Siberia, Alexey Miller noted that Yamal resources, as well as the resources of the Kovyktinskoye field and the resources of the Krasnoyarsk territory, allow, in the near future, to fully meet the gas needs of such areas of Eastern Siberia as the Krasnoyarsk territory, Irkutsk region, the Republic of Buryatia, and the Zabaykalsky region, as well as to solve environmental problems that still exist in some of the major industrial centers of Eastern Siberia.

The head of Gazprom noted that work is continuing on the possibility of providing gas supplies via Mongolia for Western China ("Power of Siberia-2"). According to Alexey Miller, the volume of gas in this area can reach up to 50 billion cubic meters per year. According to the work already done, a preliminary technical and economic analysis was conducted, which gave a positive answer about the economic feasibility. The Russian President approved the transition to the pre-investment stage – the development of a feasibility study and the start of design and survey work for the Power of Siberia-2 gas pipeline.

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