Gazprom's Lakhta Centre tower has already overtaken the Shard in London as Europe's tallest skyscraper
Gazprom continues to aim high
The towering ambition of Gazprom’s capex programme is matched only by the height of its controversial new St Petersburg headquarters
On 4 September, Russia's gas export monopoly announced it was hiking its capex for 2018 by 16% to a record 1.5 trillion rubles ($22bn) due to an increased budget for its pipelines to China, Europe and Turkey. That's a 17% jump from the capex figure published by Gazprom's board in December and analysts are now questioning the wisdom of this decision. "Prior guidance for 2018 capex was 1.28 trillion rubles," Luis Saenz, head of equities at BCS Financial, told Petroleum Economist. "This is negative news, especially given its high tax burden and plans for new borrowings." Stretching out to 2025, Gazprom tops the list globally across the oil and gas value chain with $160bn expected to be spent on
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
