... Financial: CapEx pressure on free cash flow and dividends during the active construction phase. Scenarios for 2025–2028 Base Case: Progress in negotiations, preliminary commercial agreements, initiation of preparatory works; CapEx stretched over phases. Accelerated: Early launch of key EPC contracts and pipe products, front-loading investments, and an earlier first delivery date. Cautious: Delays in agreements; shifting peak CapEx to the right, maintaining the dividend policy without significant adjustments....

... surpassed $3.1 trillion due to emergency pandemic spending. According to the Treasury Department, total U.S. national debt exceeded $36.2 trillion by the end of 2024. This level of debt is nearly equal to the country's annual GDP, and its growth has accelerated significantly over the past two decades. Such figures alarm Buffett: “At this point, we are dealing with a budget deficit that cannot be sustained for an extended period.” High deficits and debt lead to additional borrowing costs and intensify ...

... trend quality. Short-Term Risks Volatility: following the new highs, the likelihood of range expansion increases. Liquidity: a thin order book during off-peak hours amplifies price movements. Macroeconomic and regulatory factors: unexpected news can accelerate corrections. Implications for Investor Strategy Medium-term trend remains bullish: the ATH update confirms the strength of the bulls. Retracement tactics: gradual purchases near support areas mitigate entry price risk. Position management: ...

... rising diesel fuel prices, though the peak demand season has also ended. The primary driver of diesel price increases is high demand for winter-grade diesel, which is traditionally produced in smaller quantities than summer-grade fuel. Diesel prices accelerated in October, but not to the extent that would warrant a precautionary export ban on gasoline or outright restrictions on diesel exports. According to Tereshkin, oil companies traditionally have a "window" for raising diesel prices ...

... rising DF prices, though its high-demand season has also ended. The primary driver of DF price increases is now the high demand for winter grades, which are traditionally produced in smaller quantities than summer grades. In October, DF price growth accelerated but not critically enough to warrant a preventive export ban or direct restrictions on DF exports. As Tereshkin notes, for DF, oil companies traditionally use October-November as an "accepted" window for price hikes during the ...