The Board of Directors considered Gazprom’s balance of payments, the budget and the investment program
Message to the Media
The Board of Directors regular session was held at Gazprom’s Headquarters.
The Board of Directors considered the Gazprom’s Balance of payments implementation for the first half of 2003 and submission of alterations to the Budget and the Investment program of the Company for 2003.
The Company’s Board of Directors decided to take into account information regarding fulfillment of Gazprom’s Balance of payments for the first half of 2003.
The Board of Directors proposed amendments to the Gazprom’s Budget and an Investment program for 2003.
According to Gazprom’s updated Investment program for 2003, corporate capital expenditures will be increased by RR 10,380 million.
These funds will be directed to realize a number of priority projects:
- Gas fields follow-up construction, reconstruction and technical re-equipment of gas production facilities;
- Field production drilling, commissioning of trunk gas pipelines, connecting of operational gas wells;
- Construction of the Pestsovoye, Yen-Yakhinskoye, Zapolyarnoye gas condensate fields.
Besides, gas supply to the regions of the Russian Federation in the volume of RR 3,520 million costs are entered into the Investment program. Previously they were only shown in a Gazprom’s Balance of payments.
According to the Gazprom’s Budget for 2003 amendments refinancing of some expensive foreign currency and ruble loans is planned.
Information Directorate, OAO Gazprom