Gazprom's Lakhta Centre tower has already overtaken the Shard in London as Europe's tallest skyscraper
Gazprom continues to aim high
The towering ambition of Gazprom’s capex programme is matched only by the height of its controversial new St Petersburg headquarters
On 4 September, Russia's gas export monopoly announced it was hiking its capex for 2018 by 16% to a record 1.5 trillion rubles ($22bn) due to an increased budget for its pipelines to China, Europe and Turkey. That's a 17% jump from the capex figure published by Gazprom's board in December and analysts are now questioning the wisdom of this decision. "Prior guidance for 2018 capex was 1.28 trillion rubles," Luis Saenz, head of equities at BCS Financial, told Petroleum Economist. "This is negative news, especially given its high tax burden and plans for new borrowings." Stretching out to 2025, Gazprom tops the list globally across the oil and gas value chain with $160bn expected to be spent on
Also in this section
11 August 2025
The administration is pushing for deregulation and streamline permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
