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Gazprom Approves Revised Investment Program & Budget for 2020

Source: www.gulfoilandgas.com 10/28/2020, Location: Asia

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 922.489 billion, which is RUB 182.235 billion less than was envisaged in the investment program approved in December 2019.

Of that amount, RUB 720.674 billion (down by RUB 212.729 billion) is intended for capital construction projects, RUB 105.793 billion (up by RUB 15.821 billion) for the acquisition of non-current assets by Gazprom, and RUB 96.022 billion (up by RUB 14.673 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 501.287 billion (a decrease of RUB 56.482 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.

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