Russia's Novatek Sees 2016 Capex Down to 40B Roubels

Reuters

MOSCOW, Jan 22 (Reuters) – Russia's No.2 gas producer expects capital expenditures of 40 billion roubles ($505.1 million) this year, down from 50 billion roubles planned for 2015, Interfax news agency quoted Novatek's Chief Executive Officer Leonid Mikhelson as saying on Friday.

Mikhelson also said that 2015 earnings before interest, tax, depreciation and amortisation (EBITDA) were expected to rise by a third.

He added that natural gas production in 2016 will stay broadly unchanged, while output of liquids, such as oil and gas condensate, will rise by 30 percent.

($1 = 79.1925 roubles)

(Reporting and writing by Vladimir Soldatkin; Editing by Lidia Kelly)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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