Gazprom Management Committee notes progress in major investment project

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AK&M 14 September 2020 23:38

The Management Committee of PJSC Gazprom took note of the update on implementation of the company's major investment projects. In particular, the production capacity expansion is in progress at the Chayandinskoye field in Yakutia in the east of Russia, the company informed.

In 2020, it is planned to put 103 gas wells, a preliminary gas processing unit (UPG-2) and a helium concentrate membrane separation unit. In addition, the capacity increase of the existing gas processing plant (UKPG-3) will be completed. Gas is supplied to the Power of Siberia gas pipeline from this facility.

Infrastructure development at the Kovyktinskoye (Kovykta) field in Irkutsk region is underway. In particular, production drilling works are in progress and the site for the first gas processing plant construction is being cleared.

As part of the ongoing Amur gas processing plant construction project, commissioning works are underway at the first two production lines. Gas fractionation equipment is being installed at the third and fourth lines.

The company is developing the Yamal gas production center. In particular, 52 gas wells will be connected to the Bovanenkovskoye field this year.

The current state of the company's major investment projects will be submitted to the company's Board of Directors for consideration.

PJSC Gazprom (tax number: 7736050003) is the world's biggest gas company. Its authorized capital is RUB 118.367 billion and consists of 23,673,512,900 common shares with a face value of 5 rubles. The company has several hundred thousand shareholders in Russia and abroad. The Russian Federation owns more than 50% of Gazprom's shares. The Bank of New York Mellon is the depositary of Gazprom's ADR program.

IFRS profit of PJSC Gazprom for the first half of 2020 dropped by almost 95% to RUB 45.46 billion from RUB 878.644 billion a year earlier. Revenue from sales decreased by almost 29% to RUB 2.903 trillion from RUB 4.077 trillion, profit from sales by 75% to RUB 189.985 billion from RUB 780.878 billion. Loss before tax was RUB 16.806 billion against a profit of RUB 1.125 trillion.