Russia's Novatek to Update Long-term Strategy
Russia's No.2 natural gas producer Novatek (NVTK.ME) is expected to present its new long-term strategy before year-end, Chief Financial Officer Mark Gyetvay told a conference call on Thursday.
Novatek has been one of the fastest-growing oil and gas producers in Russia. The company plans to keep natural gas production flat this year, while eying a 30-percent rise in output of crude oil and gas condensate.
Gyetvay said that Novatek, owned by its Chief Executive Officer Leonid Mikhelson and businessman Gennady Timchenko, is on course to cut capital expenditures this year by 30 percent from 58 billion roubles ($870.4 million) in 2015.
He also said he expects oil price volatility to remain an issue during the course of the year and the company thought it "was not rational" to bid for oil producer Bashneft, put up for sale as part of government's privatisation.
(Reporting by Vladimir Soldatkin)
