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Gazprom plans to repay $25.9 bln of debt in 2016-2018

June 29, 11:16 UTC+3
The company targets the average gas export price of $199 per 1,000 cubic meters in the corporate budget for 2016
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© Stanislav Krasilnikov/TASS

MOSCOW, June 29. /TASS/. Gazprom is to repay $8.9 bln debt in 2016, $6.5 bln in 2017, and $10.5 bln in 2018, the company said on Wednesday.

Debt repayments are planned to be $5.4 bln in 2019, $4.1 bln in 2020, and $12 bln after 2020, the holding said.

Gazprom Deputy Chairman of the Management Committee Andrey Kruglov said the company plans no new borrowings in 2016.

"As for the borrowing program as of today we’re planning no new borrowings in 2016," he said.

Average gas export price at $199 / 1,000 cubic meters

The company targets the average gas export price of $199 per 1,000 cubic meters in the corporate budget for 2016.

The stress scenario relies on the price of $151 per 1,000 cubic meters, Gazprom says.

The average price was $234 per 1,000 cubic meters in 2015.

Cost reduction

According to Andrey Kruglov, the company also plans cost reduction of 15.3 bln rubles ($237 mln) in 2016.

"The forecasted effect of the cost reduction program for 2016 is 15.3 bln rubles," he said.

In 2015, Gazprom saved 18 bln rubles ($279 mln).

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