Gazprom plans to borrow 150 bn roubles in 2004

Nov 18, 2003 01:00 AM

Gazprom plans to borrow 150 bn roubles next year. The executive board looked over the budget program, financial borrowing plans, a program for cutting expenses and an investment program for the coming year. The company told that 60 % of the overall amount would be bond loans, long-term credits 20 % and short-term credits 20 %.
Payments for obligations including credits, bond loans, promissory notes, paying interest and coupon yield, is envisioned at 172.9 bn roubles. Gazprom's overall budget deficit could come to 43.2 bn roubles. The company's borrowing program for this year is $ 4.3 bn. Gazprom expects 1.164 tn roubles in revenues and other receipts next year, 1.397 tn roubles in spending.

The envisioned payment balance for next year factors in expenditure cuts of 30 bn roubles. Of this, operational expenses would be cut 20 bn roubles, investment spending 10 bn roubles. The main avenues for cutting spending are the introduction of new technologies and energy-saving programs, maintaining non-core assets and social works, administrative and ongoing expenses and construction spending.
The board passed the basic investment program for 2004 at 232.34 bn roubles. Of that, capital investment would be 212.34 bn roubles, long-term financial investment 20 bn roubles. Investment in gas transport would be more than 54 %, gas extraction over 26 % of the capital investment program.

Gazprom has put together its investment program for next year on the basis of priority investment projects, the implementation of which is aimed at fulfilling the following strategic tasks:
-- ensuring gas production of 542 bn cm in 2004,
-- expanding gas reproduction in following years,
-- ensuring guaranteed gas supplies to Russian customers (most of all the population) and fulfilling long-term export contracts,
-- replenishing the resource base and meeting licensing agreements,
-- ensuring reliability and safety of the gas transportation system,
-- consolidating the company's position on international markets,
-- stabilizing its financial condition and
-- creating the conditions for further capitalization growth.

Source: Interfax
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