Sergey Kondratiev, Principal Director on Economic Studies at the Institute for Energy and Finance, commented to the Kommersant newspaper on the Gazprom's investment program for 2023.
Sergey Kondratiev believes that the investment program revision, in addition to reducing revenues from gas exports, was associated with an extremely high bar announced for 2023.
According to the analyst, in the coming years, the company will increase its debt burden, as export revenues have fallen, and investments and tax payments have multiplied.
"This is a record-breaking plan, and Gazprom would need to attract all available resources to implement it. Now the program has been revised to the level of last year, also a record, and is one and a half times higher than the average level of 2018-2021," he notes.
In Kondratiev's opinion, the reduction of the debt burden is unlikely to begin before 2026-2027.
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