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Gazprom to reduce borrowings in 2020

Gazprom at the same time is performing the budget approved in December 2019, despite the crisis year

MOSCOW, April 29. /TASS/. Gazprom has expedited implementation of cost optimization measures, including the reduction of borrowings, head of Gazprom’s Finance and Economic Department Alexander Ivannikov said on Wednesday.

"We have already informed about cost optimization and reduction measures; this was in the last year also. We have to accelerate now. Firstly, this is the reduction of borrowings amount; secondly, improvement of free cash flow management efficiency, and thirdly - optimization of gas purchases in Russia," Ivannikov said. Gazprom is reducing costs as revenues go down, he added.

Gazprom at the same time is performing the budget approved in December 2019, despite the crisis year, the department head said. The company will traditionally take the final decision on the feasibility of budget revisions at the end of the first half of the year, he added.