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Gazprom Neft commissions new gas plant in Iraq

Gazprom Neft subsidiary Gazprom Neft Badra has launched the commercial operation of a 1.6 billion cubic meters capacity gas processing plant at its Badra field, Iraq. Alexander Novak, Minister of Energy of the Russian Federation, was present at the opening ceremony for the new facility, together with the Minister of Oil of the Republic of Iraq, Jabbar al-Luaibi, and Gazprom Neft CEO Alexander Dyukov, Gazprom Neft said in a press release.

Dry feed gas, processed at the Badra field, is transported via a 100-kilometre pipeline to the Az-Zubaidiya power station, supplying electric power not just to provinces throughout Iraq, but also to the capital city of Bagdad. In addition to this, gas will be used to meet the Badra project's own needs as fuel for the gas-turbine power plant. Five gas turbines are able to produce a total 123.5 MW of electric power, supplying oil and gas processing facilities, drilling rigs and oil-producing wells. A 10-MW overhead power line will soon begin feeding into the Gazprom Neft Badra accommodation complex, as well as into the town of Badra and neighboring population centers.

Natural gas liquids (NGLs) produced at the Badra project's gas processing plant will be used to produce LPG to be supplied to the Iraqi state-owned Gas Filling Company. The plant also includes facilities for sulfur production and granulation, the statement points out.

Gazprom Neft PJSC (tax number: 5504036333) and its subsidiaries own 61 licenses for the prospecting and development of oil fields. The proven oil reserves in the company's fields exceed 4.5 billion barrels.

Gazprom Neft's stockholder equity consists of 4,741,299,639 shares. The company's largest shareholder is Gazprom Group. The company's free-float reaches 4.32% of the authorized capital. The Bank of New York Mellon is the depositary of Gazprom Neft's depositary receipt program.

IFRS net profit of Gazprom Neft for 9 months 2017 grew by 28% to RUB 189 billion. Revenue adjusted for duties increased by 19.3% year-on-year to RUB 1.458 trillion.

"AK&M", 06.12.2017 17:28


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