MOSCOW, November 23. /TASS/. The Gazprom Management Committee has endorsed the drafts of the investment program and budget (financial plan) for 2024, according to which the financing of the investment program may decrease to 1.574 trillion rubles ($17.8 bln), a 20% decrease compared with the level of financing planned for 2023, the Russian gas holding said in a statement.

"As per the draft investment program, the overall amount of investments to be used in 2024 will total 1,573.627 billion rubles," the statement reads.

In October, the board of directors of Gazprom cut 2023 investment program by 14.5% to 1.966 trillion rubles from 2.3 trillion rubles planned earlier due to changes in macroeconomic indicators and market environment.

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

It is planned that the information about Gazprom's preliminary operating results for 2023, the drafts of the company's investment program and budget for 2024, and the projected investment program and budget for 2025-2026 will be submitted for consideration by the Gazprom Board of Directors.

Earlier reports said that Gazprom's investments in 2023 might reach a record 3.056 trillion rubles ($38.12 bln). Capital investment rose to 1.188 trillion rubles in the first half of 2023 as strategic projects were actively implemented.