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Gazprom remains stable in a changing environment

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World Pipelines,

Gazprom’s board of directors has considered the impacts caused by the events of 2016. It has considered information regarding the long-term outlook for the global energy market.

It was highlighted that a number of major economic and geopolitical events have taken place in 2016. This could, potentially, affect the development of the global energy market.

Key events included: oil price stabilisation at a rather low level; industry wide reduction in capital expenditures; postponement of planned investment decisions for the construction of gas liquefaction capacities across the world; growth recovery of Chinese demand for gas; lifting economic sanctions against Iran; signing the Paris Agreement on climate change; and others.

It was, however, noted that the events of 2016 had not led to a substantial revision of the long-term outlook for the global energy market.

Gazprom continued its systematic efforts to diversify gas supplies and increase its share in the key markets of Europe and Asia-Pacific.

Among other things, the company's Nord Stream 2, Power of Siberia gas trunkline, and the Amur gas processing plant projects are going according to schedule. The TurkStream project was also resumed.

It was emphasised at the meeting that, despite the changes in the external environment, Gazprom's positions would remain stable in the long term thanks to the company's vast gas reserves, well developed production and transportation infrastructure, long-term contracts and diversified export routes.

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