The Gazprom Neft Board of Directors reviews investment programme performance in 2017

20 April 2018

The Gazprom Neft Board of Directors has reviewed information on the company’s budgetary and investment programme performance in 2017.

Gazprom Neft showed considerable improvements in its financial and operational performance in 2017, with the company’s activities in many respects exceeding industry averages and making a significant contribution to achieving the company’s strategic goals. Growth in hydrocarbon production, premium sales, and the optimum utilisation of refining capacity, together with managerial initiatives directed at improving efficiency and optimising expenditure, saw Gazprom Neft’s operating profit (EBITDA) up 20 percent on 2016, to RUB551 billion, with the company achieving a record net profit of RUB253 billion in 2017. Gazprom Neft remains one of the Russian oil industry’s leading companies on the basis of its financial performance, as well as a range of efficiency indicators including its internal rate of return (IRR).

Gazprom Neft’s investment programme in 2017 stood at RUB357 billion in total, fulfilment of which has allowed the company to maintain the pace of implementing key group projects, at the level previously planned.