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Gazprom Power Generation Program Won't Need State Assisstance

Gazprom chief executive Alexei Miller said his company would not require state help in financing its $3.6 billion program for power generation next year

Miller has changed the statement made earlier by his deputy Valery Golubev about financing the company's investment program. He said that Gazprom wouldn't need government's help and a "considerable part" of the investment program would be financed by bank loans which are already agreed on.

At the same time, Economic Development Minister Elvira Nabiullina confirmed to reporters in Lipetsk on Thursday that the state did not plan to assist Gazprom with its overall investment program.

Gazprom has asked market regulators to delay the construction of some power stations that it is obliged to build in its investment program on the grounds that they would duplicate existing facilities.

Other generators have also tried to negotiate for delays with market regulators due to a declining demand for power and difficulties in obtaining bank loans.

Author: Ksenia Kochneva