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Gazprom Approves Adjusted Investment, Budget & Cost Reduction Program for 2013

Source: www.gulfoilandgas.com 10/29/2013, Location: Asia

The Gazprom Board of Directors approved the adjusted Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program for 2013.

According to the adjusted Investment Program for 2013, the total amount of investments will make up RUB 1 trillion 026.1 billion, which is a RUB 320.7 billion increase as compared to the Investment Program approved in December 2012. Meanwhile, the amount of capital investments will make up RUB 782.1 billion (a RUB 123.65 billion increase as compared to the Investment Program approved in December 2012), of which RUB 775.2 billion and RUB 6.9 billion will be allocated for capital construction and acquisition of non-current assets, thus showing an increase of RUB 120.06 billion and RUB 3.6 billion accordingly. The amount of long-term financial investments will stand at RUB 244.01 billion (RUB 197.05 billion up on the Investment Program approved in December 2012).

According to the adjusted Budget for 2013, gains from operating and investment activities will total RUB 5.07 trillion, while the amount of payments in all activities – RUB 5.53 trillion. The external financial borrowings are determined at RUB 229.2 billion (showing a RUB 139.2 billion rise versus the amount of borrowings approved in December 2012). The Budget surplus (taking into account exchange differences, intragroup borrowings and beginning balances on Gazprom's accounts as of early 2013) will account for RUB 0.5 billion.

A new version of the Cost Optimization (Reduction) Program for 2013 envisages measures aimed at cost optimization (reduction) to result in a cumulative effect of RUB 19.55 billion.

The 2013 Investment Program adjustment is mainly driven by the need to increase long-term financial investments in the development of Gazprom Group's power business along with investments in top-priority strategic projects for natural gas production and transportation.

The Budget adjustment stems from volumetric and price changes in gas marketing and macroeconomic indicators.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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