Gazprom Neft not changing plans because of sanctions

The management of Russian oil company Gazprom Neft will not change production and investment plans for the current year due to the imposed EU sanctions.

Deputy head of the company, Vadim Yakovlev, told reporters that the investment program for 2015, as well as production plans, were under consideration. According to him, "there is certain influence on finances because of the sanctions."

Yakovlev said that the amount of financial proposals dropped, which would affect the cost of borrowing. "It is possible to refinance a part of the debt with the help of internal assets. I do not think we can stop our projects because of funding problems," he said.

Gazprom Neft plans to increase oil production in 2014 by 2.5 percent; hydrocarbons in oil equivalent by 5.5 percent. In 2015, oil production will grow at the expense of the company's own projects in Iraq, Prirazlomnoe, Arcticgaz and others.

The sanctions will not affect long-term plans of the company for shelf extraction, in particular on the Prirazlomnoye deposit located on the Pechora Sea shelf, Yakovlev said.

"We are not changing our long-term plans under the project," he said.