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Russia's top gas producer Gazprom to expand borrowing program

MOSCOW, December 19. /TASS/. Gazprom plans to expand its borrowings program, Deputy Chairman Andrei Kruglov said in an interview with Gazprom magazine.

"Due to a substantial amount of debt repayments and generally a fairly favorable environment on debt markets we’re planning to expand the borrowings program. That said, we plan to avoid a substantial increase in debt obligations and gradually move towards their decrease. We’ll continue efforts on the debt portfolio optimization and average interest rates reduction," he said.

Gazprom will ensure necessary financing of all priority investment projects, the businessman said:

"Taking into account the complicated environment on the oil and gas market we’re in the thick of cost reduction and setting spending priorities, including in the area of investment program. Meanwhile, Gazprom will ensure financing of all priority investment projects to the extent required."

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