Page 160 - RusRPTJul24

9.2 Major corporate news 9.2.1 Oil & gas corporate news
● Gazprom
Once the Power of Siberia gas pipeline and the Far Eastern route reach full capacity, Russia will become the largest supplier of gas to China, Gazprom CEO Alexey Miller said. Gazprom is increasing gas supplies to China via the Power of Siberia pipeline, and next year they will reach the stage of 38bn cubic meters per year. In 2027, Far Eastern route to China for another 10bn cubic meters of gas per year will be launched. Gazprom also noted the growth of the economies of the Central Asian countries and the resulting high demand for energy resources. "That is why we are working extensively with our partners. Our common goal is to expand gas transportation capacities and reliable long-term gas supplies to consumers in Central Asia," he added.
Gazprom also noted the growth of the economies of the Central Asian countries and the resulting high demand for energy resources. "That is why we are working extensively with our partners. Our common goal is to expand gas transportation capacities and reliable long-term gas supplies to consumers in Central Asia," he added.
Shares of PJSC Gazprom on the Moscow Exchange dropped by 1.59% to RUB 126.84. for one share on May 30 – their lowest level since November 6, 2017. The price of Gazprom shares began to decline after the government ordered the preparation of a directive on the company’s non-payment of dividends. It became known on May 20. On that day, Gazprom shares instantly lost more than 6% and traded at 145.18 rubles. for paper. Since 2019, the company's dividend policy provided for the payment to shareholders of 50% of adjusted net profit under IFRS. The company could reduce the amount of payments if the net debt to EBITDA ratio exceeded 2.5. The company has paid dividends from 1998 to 2021.
German Uniper cancels contract with Gazprom after arbitration ruling. An arbitration court awarded the German energy company Uniper the right to terminate a long-term contract with Russia's Gazprom and more than 13 billion euros ($14 billion) in damages for failed gas deliveries, Uniper said on June 12.
● Rosneft
May 30 Rosneft disclosed financial results under IFRS for 1Q24. Revenue increased by 42% y/y to 2.6 trillion rubles, EBITDA increased by 28% y/y to 857bn rubles, net profit increased by 24% y/y to 399bn rubles.
160 RUSSIA Country Report July 2024 www.intellinews.com