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16

Gazprom Is To Evaluate Its Needs

Russia's natural gas producer Gazprom may postpone the ruble bond issue scheduled for June 2005

Russia?s natural gas producer Gazprom may postpone the ruble bond issue scheduled for June 2005, Gazprom?s Deputy CEO Andrey Kruglov said.

He explained that the company needs to evaluate the its financing needs, so Gazprom?s management plans to review the first half year results and make corrections in the budget for the next six months.

Elena Vasilyeva, Chief Accountant and Deputy CEO at Gazprom, said at the briefing that the sale of 10.7% stock to the government would not result in a change in the company?s balance, while subsidiary companies will have receivables on balance.

According to Kruglov, Gazprom.s debt structure causes the government no concern.

As reported earlier, Gazprom planned to launch A6 worth RUR5 bln on July 7, but the issuer never gave this date a final approval.