Transneft to save 8 bln rubles on investment program adjustment
MOSCOW. Nov 11 (Interfax) - Russian oil pipeline company OJSC Transneft will save around eight billion rubles on account of adjustments to its investment program, company President Nikolai Tokarev told the press.
"We will save some resources with the investment program's adjustment. We'll get about eight billion rubles," Tokarev said. "But we will have to spend this money, invest in the building of power lines and internal energy-supply, which FGC [Federal Grid Company ] has now declined to do," he said.
Tokarev said the program's adjustment is not just due to the government's decision to freeze tariffs. The program, approved by the board of directors in September, was worked on for another two months, work that produced financial adjustments. "Now that the financial indicators of the investment program are changing, we of course have to pass it through the board of directors and coordinate it at the Energy Ministry," he said.
"I'll not say that there are many large kinds of serious changes, but for certain projects we had there are adjustments to the manner of financing. There are projects that we just exclude from the program by virtue of the fact that oil companies have also made changes to their investment programs. They are adjusting them, [so] we need to adjust ours," Tokarev said.
"Everything that should have been done by our colleagues at Federal Grid Company, Russian Grids we will have to finance from our own sources. This is why changes have to be made. I'll not say that these are radical changes, so they don't have any special meaning for the sector," he said.
The company is not now considering placing Eurobonds. "This is not an issue at this time. We have the necessary financial resource at our disposal. With the funds we have we will be trying to fulfill all tasks in the envisioned timeframes. Could be with a little move to the right, it it's necessary. But we are counting doing everything on time, anyway," he said.