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Gazprom says management endorses draft investment program for 2023 worth $38 bln

The previous record of the company’s investments was registered this year

MOSCOW, November 24. /TASS/. Gazprom’s Management Committee has endorsed the draft of its investment program for 2023 in the amount of 2.3 trillion rubles ($38 bln), the gas producer said in a statement on Thursday. This scale of investments may set a new record for the company.

"The Gazprom Management Committee took note of the information about the company's preliminary operating results for 2022 and the projected investment program and budget (financial plan) for 2024-2025. The Management Committee also endorsed the drafts of the investment program and budget (financial plan) for 2023. As per the draft investment program, the overall amount of investments to be used in 2023 will total 2.3 trillion rubles," the statement reads.

The previous record of the company’s investments was registered this year. Earlier, the board of directors approved its investment program for 2022 in the amount of 1.98 trillion rubles ($32.9 bln).

Gazprom's investment program for 2023 includes financing for top-priority projects, such as further development of the new gas production centers (Yamal, Yakutia and Irkutsk), the Power of Siberia gas trunkline, and the Gazprom's gas processing complex, as well as projects securing gas balance in peak periods, the company said.

"The endorsed financial plan will provide for a full coverage of the company's liabilities without a deficit. Decisions on debt financing under the borrowing program will be made on the basis of the market conditions, liquidity and Gazprom's financing needs," according to the statement.

The information about Gazprom's preliminary operating results for 2022, the drafts of the company's investment program and budget for 2023, and the projected investment program and budget for 2024-025 will be submitted for consideration by the Gazprom Board of Directors, the holding added.