Gazprom board meets to discuss debts

Dec 11, 2000 01:00 AM

The meeting of Gazprom's Board of Directors revealed that the company currently owes R 37.3 bn ($ 1.3 bn) to the budget.
At the meeting it was noted that the problem of non-payment for gas remains serious. Consequently, despite an increase in payments to the federal budget to 91 %, the absolute size of the debt has increased.
One of the main reasons for the growth in non-payment is the sharp increase in the amount of taxes charged. In the first nine months of this year, taxes increased almost 100 % in comparison with 1999 to 102 bn roubles ($ 3.6 bn). The company paid 5.5 bn roubles (US196.5 mm) to the Pension Fund in January-September.

The Gazprom executive board has been requested to take additional steps to pay off the debt and to continue work to regulate the problem of non-payment to the budget at different levels, a source in the company said.
The directors also called upon the executive board to take steps to receive payment of the debt owed by Itera for services, in the firstquarter next year. The Itera debt to Gazprom amounts to 14 bn roubles ($ 500.2 mm), Gazprom Deputy CEO Petr Rodionov said.

Source: BBC via Energy24
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