“Gazprom” acknowledged 53 billion of write-downs on the “South stream”

“Gazprom” acknowledged 53 billion of write-downs on the “South stream”

Moscow. April 29. In “Gazprom” for the first time acknowledged the loss of funds invested in the construction of “South stream” is stopped at the end of 2014. As writes on Friday “Kommersant”, we are talking about 53 billion roubles.

In accordance with IFRS for the year 2015, the company recognized impairment of construction in progress “due to the existing uncertainties about the implementation of the project “South stream”, says “Kommersant”. Before that, in “Gazprom” insisted on the fact that a significant portion of the spending will be used to build alternative gas pipeline “Turkish stream” and will not be charged.

Now, as the newspaper notes, the losses will increase, since Gazprom has contracted a further 4.4 billion euros on this project. The difficulty is that these funds is not yet possible to direct the construction of alternative pipelines, thereby offsetting them.

An industry source told the publication that has undergone the write-off of investment in design and surveying work on the coast of Bulgaria and in the exclusive economic zone of the country in the Black sea. In addition, it was decided to write off investments in modernization of pipe-laying. Thus, purchased the pipes, the contract for the construction of a gas pipeline with Italy’s Saipem, the construction of a compressor station near Anapa and the greater part of works on designing “Gazprom” also expects to use.

However, according to analysts, the losses were expected, and investors ‘ attention is now turned to the future of payments is a record in the history of Gazprom dividends.