Gazprom Board of Directors approves revised investment program and budget for 2022
RELEASE
Release
- Overall amount of Gazprom's investments to be used in 2022: RUB 1,980 billion.
- Amount of Gazprom's borrowings for 2022: RUB 386 billion.
The Gazprom Board of Directors endorsed the revised investment program and budget (financial plan) of the Company for 2022.
As per the revised investment program, the overall amount of investments will stand at RUB 1,979.748 billion, which is RUB 222.061 billion more than was envisaged in the initial investment program approved in December 2021.
Of that amount, RUB 1,746.350 billion (up by RUB 319.12 billion) is intended for capital investments, RUB 109.564 billion (up by RUB 32.539 billion) for the acquisition of non-current assets, and RUB 123.835 billion (down by RUB 129.598 billion) for long-term financial investments.
The adjustments to the investment program for 2022 are related primarily to the increase in investments for the development of the gas production centers in the Yamal Peninsula and eastern Russia (Yakutia and Irkutsk) and enhancement of the Power of Siberia gas pipeline's capacities.
Pursuant to the revised budget, the financial borrowings (without intra-Group borrowings) will add RUB 113.2 billion, totaling RUB 386 billion. The adopted financial plan provides for a full coverage of all liabilities of Gazprom.
Background
The key figures of the investment program did not change compared to the version approved by the Gazprom Management Committee in September this year.
Gazprom's investment program for 2022 includes financing for top-priority projects, such as the development of the new gas production centers (Yamal, Yakutia and Irkutsk) and the gas transmission system, including the Power of Siberia gas trunkline, as well as projects securing gas balance in peak periods. Gazprom continues to create major gas processing enterprises in the east and northwest of Russia.