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    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

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    Angola Oil & Gas Conference & Exhibition to return on 15-16 June 2021

    Angola Oil & Gas Conference & Exhibition to return on 15-16 June 2021

    ADNOC announces major rig fleet expansion program

    ADNOC invests $245 million to upgrade main oil lines and Jebel Dhanna Terminal

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil announces Redtail discovery offshore

    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco discovers two new oil and gas fields in northern Saudi Arabia

    Ampelmann and Olympic Shipping join forces in project for Ithaca Energy in the North Sea

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Gazprom plans to carry forward cost efficient in 2018

venkat by venkat
February 28, 2018
in Europe, Pipelines & Transport, Press Releases, Projects
0

The Gazprom Board of Directors took note of the information about the Gazprom Group’s cost optimization (reduction) efforts in 2018.

It was stressed that over the years the Company had sustained a comprehensive approach to cost reduction. The work in this area involves a number of main activities.

One of those activities is cost optimization at the budgeting stage, which is achieved by, inter alia, seeking additional cost reduction opportunities. A conservative approach to budget planning helps restrain cost escalation and ensure excellent financial stability.

When drafting its investment program, Gazprom performs a thorough assessment of the cost efficiency of its projects and the initial need i for investment. The investment portfolio is managed in such a way so as to ensure the timely implementation of all major projects and the fulfillment of obligations for reliable gas supplies during peak demand in winter.

Gazprom and its subsidiaries achieve significant additional savings through cost optimization in individual business segments. At present, Gazprom is implementing the Operational Efficiency and Cost Reduction Program for 2018, which contains a list of specific measures in such fields as FEED, non-core asset optimization, energy saving and energy efficiency, and procurement.

The Gazprom Group places special emphasis on procurement planning and implementation. Careful analysis and monitoring is performed at every stage, from determining the need for goods, works and services to executing contracts. This allows the Company to find additional options for cost reduction with regard to both current expenses and investment projects.

The Management Committee was instructed to carry on with the cost optimization efforts in 2018 and to report the results of those efforts to the Board of Directors in the second quarter of 2019.

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