Gazprom’s record spending plans raise doubts

摘要

Russian state-controlled gas exporter Gazprom plans to boost spending next year to a record 2.3 trillion roubles ($38bn)-16pc higher than its fnal 2022 pro-gramme-but a strategic investment shift towards LNG and increasing pipeline exports to China may face numerous hurdles. The budget must still be approved by the Gazprom board and, in a departure from established practice, the frm has not provided a breakdown for capital expenditure, long-term fnancing and borrowing for next year. Gazprom highlights the far north Yamal peninsula and eastern Siberia’s Irkutsk and Sakha-Yakutia regions as investment priorities. It also mentions spending on the operational 38bn m3/yr Power of Siberia 1 (PoS 1) export pipeline to China and an unnamed gas processing complex.