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    GAZP   RU0007661625

PUBLIC JOINT STOCK COMPANY GAZPROM

(GAZP)
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Public Joint Stock Gazprom : Gazprom creating record-high amount of working gas inventories in Russia's underground storages at 72.6 billion cubic meters

10/22/2021 | 02:04pm EST
Gazprom creating record-high amount of working gas inventories in Russia's underground storages at 72.6 billion cubic meters

RELEASE

Release

October 22, 2021, 20:25
  • Daily deliverability of Russian UGS facilities is reaching an unprecedented level of 847.9 million cubic meters.
  • All sets of planned preventive maintenance and repair operations are completed.

The Gazprom Management Committee took note of the information about the operational readiness of the Unified Gas Supply System (UGSS) facilities for peak loads expected in late 2021 - early 2022, as well as the measures necessary to ensure uninterrupted gas supplies to consumers in winter.

It was highlighted that the Company is committed to achieving its top priority in a rigorous manner: ensuring the high reliability of gas supplies to consumers in Russia and abroad. As before, Gazprom continues to fulfill its contractual obligations in the current period of consistently high gas demand.

At the same time, the Company is making large-scale efforts as part of its traditional preparation of gas production, transmission and storage facilities for operation in the winter season, which is notable for substantial increases in gas consumption. All 12 sets of planned preventive maintenance and repair operations have been completed.

Specifically, repairs of 89 comprehensive gas treatment and pre-treatment units are fully completed at production sites. It is planned to, inter alia, bring new booster compressor capacities into operation at the Bovanenkovskoye and Yamburgskoye fields before the end of this year.

By October 1, the Company repaired more than 416 kilometers of the linear part of gas trunklines and 13 strings of submerged crossings, 395 gas compressor units, and 91 gas distribution stations. Over 27,000 kilometers of gas pipelines underwent in-line inspections.

Analysis of actual weather conditions in Russia and Europe over the past few years confirms that the winter period now includes the spring month of March. Therefore, efforts for ensuring the availability of sufficient reserves in underground gas storage (UGS) facilities and maintaining their high deliverability are among the key factors for successful operation in the season of peak demand.

During the 2020-2021 heating season, 60.6 billion cubic meters of gas were withdrawn from Russian UGS facilities, an all-time high for Russia's gas industry. At present, Gazprom continues to inject gas into UGS facilities to replenish the amounts withdrawn and create a record-high amount of working gas inventories at 72.638 billion cubic meters (taking into account the UGS facilities in Belarus and Armenia - 73.824 billion cubic meters).

The potential maximum daily deliverability of Russian UGS facilities is being brought to an unprecedented level of 847.9 million cubic meters (taking into account the UGS facilities in Belarus and Armenia - 887.9 million cubic meters). The increase in deliverability against the previous withdrawal season (by 4.6 million cubic meters) is commensurate with daily gas consumption for the winter period in such Russian regions as the Republics of Karelia or Ingushetia.

Gazprom's relevant units, subsidiaries, and entities were tasked to complete the preparation of the UGSS facilities for autumn/winter operation in due time and to ensure the reliable and uninterrupted functioning of the production capacities.

Information Directorate, Gazprom


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Disclaimer

OAO Gazprom published this content on 22 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2021 18:03:06 UTC.


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Financials (USD)
Sales 2021 138 B - -
Net income 2021 32 447 M - -
Net Debt 2021 42 783 M - -
P/E ratio 2021 3,29x
Yield 2021 14,4%
Capitalization 102 B 102 B -
EV / Sales 2021 1,05x
EV / Sales 2022 0,95x
Nbr of Employees 477 600
Free-Float 50,5%
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Number of Analysts 11
Last Close Price 4,33 $
Average target price 5,85 $
Spread / Average Target 35,0%
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Alexei Borisovich Miller Deputy Chairman & Chairman-Management Board
Viktor Alexeevich Zubkov Chairman
Denis Vladimirovich Fedorov Head-Marketing & Administration Department
Yuri Stanislavovich Nosov Head-Administration Department
Timur Askarovich Kulibayev Independent Director
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