Page 18 - FSUOGM Week 24

FSUOGM NEWS IN BRIEF FSUOGM

foreseen by the OPEC+ alliance, or the U.S. with a full review of the Company’s activities to cut production, made as part of the
or other non-OPEC states may restore their throughout 2019. Shareholders approved the OPEC+ agreement as world oil prices
production faster than expected, the IEA Board of Directors’ proposal that dividends began to collapse. The ongoing coronavirus
said. for 2019 be paid in the amount of RUB37.96 (COVID-19) outbreak coupled with low
per ordinary share (including dividends of world oil prices is likely to substantially
RUB18.14 per ordinary share, paid in respect affect Kazakhstan’s economic performance
Gazprom Neft CEO says oil of H1 2019 results). This dividend payment and industrial output this year.
Electricity generation rose by 2.5% to
represents a record for the company and a
market still unbalanced 26.5% increase on dividends for 2018 (at 45.6bn kWh, the figures showed.
RUB30 per ordinary share).
Portland cement output registered a
The oil market balance has not been reached For the first time, the Company is in 5.6% y/y increase to 3.7mn tonnes in the
yet making prolongation of the OPEC+ oil a position to pay dividends at 50% of net period.
output reduction deal for one month logical, profit (IFRS), dividend payments having Petrol production jumped 11.8% y/y
Alexander Dyukov, CEO of Russian oil reached 50% of net profit in H2 2019, to 1.8mn tonnes - much of this rise in
company Gazprom Neft, said in an interview following interim dividend payments of output was thanks to the completion of
to Rossiya 24 television channel broadcast on 40% of net profit for H1 2019. Gazprom modernisation works at refineries last year.
June 15. Neft’s total dividend distribution for 2019 Flour output stood at 1.4mn tonnes,
“The balance of supply and demand has amounted to RUB180bn. Net profit in marking a 6.6% annual rise from January-
not been reached yet, the market still has a 2019 increased by 6.2% year-on-year, to May 2019..
large amount of excessive reserves formed RUB400.2bn.
over the past months. Prolongation of
the maximum reduction of production is GAZPROM NEFT (RUSSIA), June 15 2020 Russia says it paid $300mn
obviously a logical step taking into account
that we are just exiting quarantines,” for gas imported from
Dyukov said. CENTRAL ASIA & SOUTH
In April, the OPEC+ countries agreed Turkmenistan in 2019
to reduce their oil production by 9.7mn CAUCASUS
bpd in May–June, by 7.7mn bpd in July– Russia paid around $300mn for gas imported
December, and by 5.8mn bpd from January Kazakh industrial output from Turkmenistan in 2019, the Russian
2021 through April 2022. Russia’s share in ambassador to Turkmenistan, Alexander
the reduction will amount to 2.5mn bpd up 4.8% y/y, oil output up Blokhin, said on June 10 as he disclosed
in May–June. The agreement is valid until financial details of the contract for the first
April 30, 2022, but the members will revise 5.4% y/y in Jan-May time.
its prolongation in December 2021. Russia’s Gazprom struck a deal in July
But earlier in June, participants of the Kazakhstan’s industrial output rose by 4.8% 2019 to buy up to 5.5bn cubic metres of gas
OPEC+ meeting agreed to prolong the y/y in the first five months of 2020, according annually from the Central Asian nation,
9.7mn bpd reduction for July to strengthen to latest figures released by the country’s State following a preceding short-term 1.155 bcm
the deal’s influence and to reduce risks and Statistics Committee. deal.
uncertainty. Growth was mainly supported by a rise The two sides have not disclosed the
in the Central Asian country’s oil sector, price agreed under the contract.
which expanded by 5.4% y/y to 38.5mn Blokhin noted at a briefing that gas
Gazprom holds AGM of tonnes in the period. Ore mining fell by purchases came on top of $696mn in
trade turnover between the two countries,
4.3% to 45mn tonnes in January-May.
shareholders Oil production this year was originally bringing the total value of trade between
the states to around $1bn.
expected to stay unchanged from last
Gazprom Neft’s Annual General Meeting of year, but this planned trajectory will likely
Shareholders took place on June 11 2020, along change due to Kazakhstan’s commitments

P18 www. NEWSBASE .com Week 24 17•June•2020