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Gazprom's 2018 revised investment program, budget drafts get management nod

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Gazprom's 2018 revised investment program, budget drafts get management nod

The management committee of Russian integrated oil and gas company PJSC Gazprom approved the revised drafts of the company's investment program and budget for 2018, according to a Sept. 5 release.

Revisions to the investment program raise the overall amount to 1.496 trillion Russian rubles. Funds for capital construction increased by 185.84 billion rubles to 984.26 billion, while the amount set aside for acquiring noncurrent assets increased by 43.82 billion rubles to 84.81 billion rubles. The budget for long-term financial investments saw a moderate decrease of 12.16 billion rubles to total 427.26 billion rubles.

In addition, the revised draft for the 2018 budget raised external financial borrowings by 101.03 billion rubles to 518 billion rubles.

Increased investments in the company's priority gas transmission and liquefaction projects were cited as reasons for the changes in the investment program.

The drafts will be submitted to the company's board of directors.

As of Sept. 5, US$1 was equivalent to 68.42 Russian rubles.