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Maximum daily deliverability of Russian UGS facilities to exceed 843 million m3 of gas by next winter

Maximum daily deliverability of Russian UGS facilities to exceed 843 million m3 of gas by next winter

St.Petersburg, June 5 - Neftegaz.RU.
Gazprom reviewed the operating results of the Company's subsidiaries and organizations over the 2018–2019 autumn/winter period and discussed the measures to be taken for ensuring uninterrupted gas supplies to consumers in the upcoming winter.

As usual, particular attention in the domestic market was paid to gas deliveries for socially significant facilities, public utility enterprises, and the population. Gas was exported to foreign consumers strictly in accordance with their requests.

Special emphasis is placed on creating substantial gas reserves in underground gas storage (UGS) facilities. By the start of the previous withdrawal season (October 2018), Gazprom's working gas inventories in Russia totaled 72.2 billion m3.

Compared to the preceding season, the potential maximum daily deliverability of Russian UGS facilities was increased by 7.2 million m3 to a record 812.5 million m3. By the start of the 2019–2020 autumn/winter period, this indicator is expected to go up by 3.8 %, reaching a new all-time high of 843.3 million m3.

In order to ensure the reliable operation of the UGSS in the 2019–2020 autumn/winter period, the Management Committee tasked the Company's specialized structural units and subsidiaries with the following assignments:

- to create working gas inventories in UGS facilities, accumulating at least 72.2 billion m3 in Russia, 1.09 billion m3 in Belarus, 0.085 billion m3 in Armenia, and 11.39 billion m3 in Europe by the next withdrawal season;
- to implement the Basic Guidelines on preparing the facilities of Gazprom's subsidiaries and organizations for the 2019–2020 autumn/winter period;
- to perform scheduled preventive maintenance and repairs at gas production, transmission, underground storage and processing facilities, as well as to prepare transport and specialized equipment for operation during the winter season.

“During its preparations for the upcoming autumn/winter period, the Company will already have a new construction and investment management structure in place...The dividend policy will be aimed at raising the payout level to 50 % of the earnings under the International Financial Reporting Standards. The dividends planned to be paid to the federal budget based on Gazprom's results for 2018 will be the largest among all state-owned companies. The overall dividend amount (RUB 393.2 billion) will be the highest in the history of the Russian stock market", said Alexey Miller, CEO of Gazprom.

"The company's market capitalization exceeded $85 billion yesterday. We have taken the top spot in the Russian stock market”, Miller added.

To read the news in Russian.

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