Moscow, September 13 - Neftegaz.RU. Gazprom is raising its borrowing target for this year 2.4 times to $11.1 billion (725 billion Russian RUB), a source familiar with the plan told Interfax, Oilprice reported.
Gazprom is currently reviewing its budget after the end of the 1st half of the year and has decided to raise the borrowing target from $4.56 billion (298 billion RUB) to $11.1 billion (725 billion Russian RUB), the source said. Gazprom has said that it is moving to a policy to refinance debt with new borrowings.
Last year, the Russian gas giant - which holds more than a 3rd of the gas market in Europe - raised its borrowing program after reviewing it halfway through the year to $11.3 billion (740 billion RUB) from the initially planned borrowings worth $6.4 billion (417 billion RUB).
Despite the significant increase in the borrowing program for 2019, Gazprom’s investment program stays practically unchanged after the budget review, according to Interfax.
Gazprom’s financial results for the 2nd quarter of 2019 showed at the end of August that as of Q2, the company’s total debt maturity profile consisted of 13 % of debt maturing in less than a year, 18 % of its debt is due within 1 to 2 years, 44 % of Gazprom’s debt matures in 2 to 5 years, and 25 % of its debt has maturity dates more than 5 years from now.