Gazprom BoD Approves 2013 Budget, Russia

Gazprom BoD Approves 2013 Budget

The Gazprom Board of Directors took notice of the information on the Company’s preliminary operating results of 2012, projected Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program for 2014–2015.

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

Pursuant to the Investment Program for 2013, the total amount of investments will make up RUB 705.41 billion. At the same time, the amount of capital investments will account for RUB 658.455 billion, of which RUB 655.158 billion and RUB 3.297 billion will be allocated for capital construction and acquisition of non-current assets accordingly. The amount of long-term financial investments will total RUB 46.955 billion.

According to the approved Budget for 2013, revenues and gains will total RUB 5.101 trillion while liabilities, expenditures and investments – RUB 5.251 trillion. External financial borrowings are determined at RUB 90 billion. The budget surplus will make up RUB 0.5 billion.

The Cost Optimization (Reduction) Program for 2013 envisages measures aimed at cost optimization (reduction) to result in a cumulative effect of RUB 14.4 billion.

LNG World News Staff, December 20, 2012; Image: Gazprom