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Gazprom raises investment program-2012 by RUB 198 bln to near RUB 975 bln

October 30, 2012, 19:50 UTC+3

The total amount of long-term financial investments is estimated at 84.642 billion roubles

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MOSCOW, October 30 (Itar-Tass) —— The Board of Directors of Russia’s gas giant Gazprom has adopted an updated version of its investment program, budget (fiscal plan) and the program of optimisation (reduction) of the company’s spending for 2012.

Proceeding from the updated investment program for 2012, the volume of the implementation of investments will be at 974.649 billion roubles (USD 1 = RUB 31.53) in the current year, which 198 billion roubles more than it was initially envisaged by the program adopted by the company in December 2011, the company underlined in its statement issued on Tuesday.

Besides, the company’s capital investments are estimated at 890.007 billion roubles, which is 180.403 billion roubles more than the initial target of December 2011. Of them are spending for capital construction are estimated at 888.694 billion roubles (growth by 179.13 billion roubles) and for the purchase of capital assets in Gazprom’s ownership – 1.313 billion roubles (the increase by 1.273 billion roubles).

The total amount of long-term financial investments is estimated at 84.642 billion roubles, which exceeds by 17.599 billion roubles the initial indicators envisaged by the December 2011 investment program, the document wrote.

The new version of the company’s budget for 2012 envisages the total value of Gazprom’s revenues and incomes at 4.972 trillion roubles, while the company’s commitments, spending and investments – at 5.396 trillion roubles, the statement noted.

The company’s external borrowings are estimated at 91.4 billion roubles, which is 1.4 billion roubles more than the target, the report underlined, explaining such a hike by the hike in the U.S. dollar’s exchange rate. The company’s surplus is estimated at 0.2 billion roubles.

The program of optimisation (reduction) of the company’s expenses for 2012 in the updated version envisions a series of steps aimed at the decline of spending, the total result of which is projected at 19.3 billion roubles.

The adjustment of the investment program’s parameters for 2012 was mainly caused by the necessity to raise the company’s investments in the top priority projects in the spheres of gas production, transportation and underground storage.

The updating of the budget parameters was caused by the changes in the gas sales amounts and prices, as well as the changes in the macroeconomic indicators.

As for the top priorities of the long-term financial investment plan for 2012, the updated version points to Gazprom’s participation in the construction of the Nord Stream and the South Stream gas pipelines, as well as financing in the fulfilment of projects in Africa, Bolivia, the United Kingdom, Vietnam, Latin America and Uzbekistan.

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