Updated 7:39 p.m. Moscow Time
MOSCOW, September 29 (RIA Novosti) – Russia’s Gazprom Neft expects oil extractions to grow more than five percent above the annual forecast and net profit to grow by 20 percent by the end of the year, Gazprom CEO Alexei Miller said Monday.
“Gazprom Neft’s operation summary for half of the year confirms the active development of the company, which holds a leading position in the oil industry in regard to effectiveness. It is already obvious that Gazprom Neft’s extraction growth by the end of the year will be more than five percent in oil equivalent, and net profit will be more than planned by 20 percent,” a company press release quoted Miller as saying.
JSC Gazprom Neft is a vertically integrated Russian oil company engaged primarily in oil and gas exploration and production and the sale of crude oil and petroleum products.
Gazprom Neft alongside with the other Russian oil giants, Rosneft and Tatneft, was targeted by the latest round of the EU economic sanctions against Russia, which prohibited major Russian companies from seeking financing on European capital markets.
Earlier in September, Vadim Yakovlev, deputy chairman of the management board and first deputy chief executive, said that the sectoral sanctions imposed on Russia fail to inflict a severe damage on Gazprom Neft and its partners. He added that in fact the restrictions gave Gazprom Neft an extra incentive to work on import substitution.