Support The Moscow Times!

Gazprom Neft Plans $23Bln in Investments

Gazprom Neft, the oil arm of Gazprom, is expected to set aside more than $23 billion in 2013-15 investments, the company said in its presentation to investors Monday.

It said the 2013 investments will increase from $6.1 billion in 2012 to $7.4 billion. Gazprom Neft also earmarked $8.3 billion for 2014 and $7.3 billion for 2015 investments.

The company said it expects 2012 net profit to rise from $5.47 billion in 2011 to $5.71 billion, while revenues are expected to rise from $35 billion to $39.8 billion.

Gazprom Neft revised its 2011 revenue down from the $44 billion reported earlier, while the net income figure was revised up to $5.5 billion from the $5.4 billion announced earlier. (Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.