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Gas prices increase fully offsets decline in Gazprom's exports — company’s Deputy CEO

"Strong results for six months of 2022 allowed us to avoid attracting external borrowings for the parent company, but in the second half of the year we consider it necessary to intensify work in the credit markets," Famil Sadygov stressed

MOSCOW, September 22. /TASS/. The decrease in the volume of gas exports by Gazprom in 2022 was completely offset by an increase in the average gas price for non-CIS countries, and the new draft budget of the holding reflects a 34% increase in revenue from gas sales compared to the original version, Gazprom Deputy CEO Famil Sadygov said on Thursday.

"The draft budget in the new version reflects a 34% increase in revenues from gas sales compared to the original version of the budget. I note that the decline in exports was completely offset by an increase in the average price of gas sold to non-CIS countries. Income growth, in particular, makes it possible to compensate for the higher expenses for operating activities related to the growth of tax payments on severance tax in the second half of the year," he said.

The company also expects the Gazprom group's total debt to remain at the level of last year, and free cash flow will fully cover the planned dividend payments for the first half of 1.208 trillion rubles ($20.1 bln), the Gazprom top manager said.

"Strong results for six months of 2022 allowed us to avoid attracting external borrowings for the parent company, but in the second half of the year we consider it necessary to intensify work in the credit markets," Sadygov stressed.

Earlier, Gazprom's board approved the draft investment program and budget for 2022 in new editions. The company’s investments increased by 222 bln rubles ($3.7 bln) and totaled 1.98 trillion rubles ($32.9 bln). In particular, capital expenditures will amount to 1.75 trillion rubles ($29.2 bln).

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