Bloomberg News

Gazprom May Raise 2010 Investments 5.4% After This Year’s Cut

November 12, 2009

OAO Gazprom, the world’s biggest natural-gas producer, may increase investments by 5.4 percent next year after a reduction for 2009.

Gazprom’s management approved a draft investment plan and budget for 2010 that envisage 802.4 billion rubles ($27.8 billion) in investments, the Moscow-based company said in an e- mailed statement today. The plans to allocate 663.6 billion rubles for capital investments and 138.8 billion for long-term investments have yet to be approved by the board of directors.

State-run Gazprom in September cut its investment for this year by 17 percent to 761.5 billion rubles, citing changes in macroeconomic conditions, lower demand for fuel and movements in gas prices. The company usually revises investment plan and budget throughout the year.

Total income and revenue make up 3.79 trillion rubles of the draft budget for 2010. Liabilities, expenditures and investments are projected at 3.88 trillion rubles. Financial borrowings will total 90 billion rubles.

To contact the reporters on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

To contact the editor responsible for this story: Guy Collins in London guycollins@bloomberg.net


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