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Gazprom plans no investment program revision despite expected gas price fall

December 15, 2014, 17:02 UTC+3 MANAMA
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MANAMA, December 15. /TASS/. Russian energy giant Gazprom is not planning to revise its investment program due to the expected fall in gas prices, Chairman of the Gazprom Board of Directors Viktor Zubkov said on Monday.

He made his statement before flying to Qatar to attend a forum of gas exporting countries in Bahrain.

“We recently reviewed and approved it (the investment program). We’re so far working according to the program that was adopted. But this is not a rigid thing. We’re watching the developments,” he said.

In mid-November, Gazprom approved the company’s investment program for 2015, which is worth 839.24 billion rubles ($14.2 billion at current exchange rate). Under the program, capital expenditures will total 732 billion rubles, mostly for capital construction. The long-term financial investment will total 107.2 billion rubles ($1.8 billion at current exchange rate).

The budget includes spending on pre-investment study of the Altai project given the agreement signed with China National Petroleum Corporation (CNPC) on gas supplies to China via the so-called “western route.”

The draft investment program, budget and program on spending cuts for the next year are to be submitted for examination to Gazprom’s board of directors on December 23.

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