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-16,5%. Gazprom's investment program in 2020 will amount to almost RUB 922.5 billion

-16,5%. Gazprom's investment program in 2020 will amount to almost RUB 922.5 billion

St. Petersburg, October 29 - Neftegaz.RU. The Gazprom Board of Directors endorsed the revised investment program and budget (financial plan) for 2020.

As per the revised investment program for 2020, the overall amount of investments will stand at RUB 922.5 billion, which is RUB 182.2 billion less than was envisaged in the investment program approved in December 2019.

Of that amount, RUB 720.6 billion (down by RUB 212.7 billion) is intended for capital construction projects, RUB 105.8 billion (up by RUB 15.8 billion) for the acquisition of non-current assets by Gazprom, and RUB 96.02 billion (up by RUB 14.6 billion) for long-term financial investments.

The adjustments to the investment program for 2020 are related to changes in the external market conditions, including those caused by the pandemic of the new coronavirus infection.

Pursuant to the revised budget of Gazprom for 2020, the financial borrowings (without intra-Group borrowings) will total RUB 501.3 billion (a decrease of RUB 56.5 billion).

In addition, as a result of cost optimization measures, the operating costs will be reduced by RUB 297.1 billion. This financial plan will provide for a full coverage of the company's liabilities without a deficit.

To read the article in Russian.