13 Dec 2019 08:07
RELEASE
12.12.2019
Gazprom Management Committee endorses drafts of investment program and budget for 2020
- Gazprom's overall amount of investments for 2020: RUB 1,104.7 billion.
- Gazprom's borrowings for 2020: RUB 557.8 billion.
- Final investment program and budget to be approved by Gazprom Board of Directors.
The Gazprom Management Committee took note of the Company's preliminary operating results for 2019 and the projected investment program and budget (financial plan) for 2021-2022.
The Management Committee also endorsed the drafts of the investment program and budget (financial plan) for 2020.
As per the draft investment program for 2020, the overall amount of investments will be RUB 1,104.724 billion, including RUB 933.403 billion for capital investments, RUB 89.972 billion allocated for the acquisition of non-current assets, and RUB 81.349 billion assigned for long-term financial investments.
Pursuant to the draft budget (financial plan) of Gazprom for 2020, the financial borrowings (without intra-Group borrowings) will total RUB 557.769 billion. This financial plan will provide for a full coverage of the Company's liabilities without a deficit. Decisions on debt financing under the Borrowing Program will be made on the basis of the market conditions, liquidity and Gazprom's financing needs.
The information on Gazprom's preliminary operating results for 2019, the drafts of the Company's investment program and budget (financial plan) for 2020, and the projected investment program and budget (financial plan) for 2021-2022 will be submitted for consideration by the Gazprom Board of Directors.
Background
The main investments under Gazprom's investment program for 2020 cover the Company's priority projects of strategic importance, including the development of the gas production centers in the Yamal Peninsula and eastern Russia, the gas transmission system in the northwest of the country, further construction of the Power of Siberia gas pipeline, and projects securing gas balance in peak periods.
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