Gazprom to continue effective cost optimization efforts in 2018
The Gazprom Board of Directors took note of the information about the Gazprom Group's cost optimization (reduction) efforts in 2018, OilVoice reports.
It was stressed that over the years the Company had sustained a comprehensive approach to cost reduction. The work in this area involves a number of main activities.
One of those activities is cost optimization at the budgeting stage, which is achieved by, inter alia, seeking additional cost reduction opportunities. A conservative approach to budget planning helps restrain cost escalation and ensure excellent financial stability.
The Management Committee was instructed to carry on with the cost optimization efforts in 2018 and to report the results of those efforts to the Board of Directors in the second quarter of 2019.