Gazprom Neft to maintain capex flat at 360 bln rbl till 2021

MOSCOW, Feb 28 (PRIME) -- Russian oil company Gazprom Neft plans to maintain capital expenditures flat until 2021 but will raise the share of investment in downstream operations, Deputy CEO for Finance and Economy Alexei Yankevich said in a conference call on Wednesday.

“Now downstream investment is at around 23% of cumulative capital expenditure. It may rise to 28-30% in 2019-2020. The share of investment in upstream operations is to rise after that,” he said.

In 2017, the company’s capex fell 7.2% on the year to 357.09 billion rubles, according to a report under International Financial Reporting Standards.

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