Gazprom Has Debts

Russian gas monopoly Gazprom had debts of $18.5 billion at the end of 2004 according to preliminary data revealed by the company, Interfax reported Wednesday.

That suggests Gazprom's debt jumped by about $1 billion in the fourth quarter of 2004. Gazprom had net debt of 492.2 billion roubles ($17.46 billion) as of Sept. 30, up from 425.9 billion roubles at Dec. 31, 2003.

"The total amount of debt stabilized last year at a level that was optimal for the firm -- around $18.5 billion," Interfax quoted the corporate magazine as saying.

"The share of short-term debt is now 31 percent and is continuing to fall," it added.