Famil Sadigov, deputy chairman of the Gazprom board of directors, said that it is planned to allocate 1.208 trillion rubles, i.e. 51.03 rubles per share, for the payment of interim dividends for the first half of 2022.
Commenting on the updated draft budget, Sadigov stressed that it already reflects a 34% increase in gas sales revenue. Despite the closure of a number of export channels, the average check from non-CIS countries increased.
This increase allows the corporation to increase operating costs. The funds will be used for the payment of taxes and directly for the payment of interim dividends.
“Even taking into account the growth of capital expenditures, the free cash flow of the Gazprom Group will fully cover dividend payments, which is in line with our principles of long-term financial stability,” Sadygov promised.
The vice president of the corporation’s board of directors also added that the group’s total debt will remain at the level of the previous year, and the plans for the second half of the year are to intensify work in the credit markets.
Although “strong results” in the first six months of the year allowed Gazprom “to avoid attracting external loans for the parent company”, these will be needed in the second half of the year.
As for the development of investments, here the Board of Directors of Gazprom proposes to increase the size of the investment program by 13% (up to 1.98 trillion rubles, 222 billion rubles more than the original version of December 2021 ).
This upward adjustment is largely related to the priority areas of the company’s business: it is planned to allocate additional funds to the development of gas production centers in Yamal, Yakutia and Irkutsk and to increase the capacity of the Power of Siberia gas pipeline.
It is assumed that even if the development of the investments will be ahead of the real financing rates, the company will be able to close the gap by advancing in the previous periods.
Author:
Ekaterina Alipova
Source: RB
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