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Gazprom increased its investment program by $175 million to $13.5 billion this year

Gazprom’s board has approved adjustments to its 2016 investment, budget, and cost-cutting programmes.

Gazprom increased its investment program by $175 million to $13.5 billion this year Gazprom increased its investment program by $175 million to $13.5 billion this year


Gazprom’s board has approved adjustments to its 2016 investment, budget, and cost-cutting programmes, the Russian state-run giant reported on October 18, 2016.

 

Overall investments will be rubles 853 bln ($13.5 bln), rubles 11 bln (or 1.3%) higher than the plan approved ten months ago.

Of that, rubles 173.2 bln ($2.75 bln) will be for long-term financial investments, with rubles 10.4 bln ($165 mln) intended for acquiring non-current assets.

 

In line with Gazprom's adjusted budget for 2016, external borrowings will be rubles 187.8 bln.

The approved financial plan will provide for a full coverage of Gazprom's liabilities without a deficit.

 

The revised 2016 cost-cutting plan foresees an expected cumulative effect of rubles 16 bln.

Gazprom said the 1.3% rise in 2016 investments «can be primarily attributed to an increase in long-term financial investments» but gave no more details.

Source : Neftegaz.RU