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Gazprom approves investment, cost reduction programmes for 2013

December 21, 2012, 5:45 UTC+3

Pursuant to the investment programme for 2013, investments will amount to 705.41 billion roubles

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MOSCOW, December 21 (Itar-Tass) —— The Gazprom Board of Directors has approved the company’s investment programme, budget (financial plan) and cost optimisation (reduction) programme for 2013.

The Board of Directors also approved the investment programme, budget (financial plan) and cost optimisation (reduction) programme for 2014-2014.

Pursuant to the investment programme for 2013, investments will amount to 705.41 billion roubles. At the same time, capital investments will make up 658.455 billion roubles, of which 655.158 billion roubles and 3.297 billion roubles will be allocated for capital construction and acquisition of non-current assets, accordingly. The amount of long-term financial investments will total 46.955 billion roubles, the company said.

According to the approved Budget for 2013, revenues and gains will total 5,101 billion roubles while liabilities, expenditures and investments 5,251 billion roubles. External financial borrowings are determined at 90 billion roubles. The budget surplus will make up 0.5 billion roubles.

The cost optimisation (reduction) programme for 2013 envisages measures aimed at cost optimisation (reduction) to result in a cumulative effect of 14.4 billion roubles, Gazprom said.

Pursuant to the 2013 investment Programme, priority in capital construction costs allocation will be given to the following gas production projects: pre-development of the Bovanenkovskoye, Medvezhye, Urengoyskoye, Yamburgskoye and other fields.

The gas transmission priorities will include construction of the Bovanenkovo – Ukhta and Ukhta – Torzhok gas trunkline systems as well as the Gryazovets – Vyborg gas trunkline and implementation of the Southern Corridor project.

The key projects in Eastern Russia are pre-development of the Kirinskoye field and construction of the gas trunk line connecting the Kirinskoye gas condensate field OPF to the Sakhalin main compressor station.

Funds will also be channelled for upgrading the major gas production and transmission assets, re-equipping underground gas storage facilities, constructing and retrofitting gas processing capacities as well as performing survey, geological exploration and production drilling in fields.

The 2013 investment programme also envisages allocation of funds for Gazprom's projects as part of the Russian Government endorsed Program for Construction of Olympic Venues and Development of Sochi as a Mountain Climate Resort.

The long-term financial investment plan for 2013 prioritises, inter alia, Gazprom’s participation in construction of the South Stream gas pipeline as well as financing of projects in Africa, Bolivia, the UK, the Republic of Vietnam, Latin America and Uzbekistan, the company said.

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