Gazprom Board of Directors Approves Investment Program & Budget for 2022

Source: www.gulfoilandgas.com 12/21/2021, Location: Asia

- Overall amount of Gazprom's investments to be used in 2022: RUB 1,757.7 billion.
- Gazprom's borrowings for 2022: RUB 272.789 billion.

The Gazprom Board of Directors took note of the information about the Company's preliminary operating results for 2021, the projected investment program and budget (financial plan) for 2023–2024, and the outcomes of the cost optimization (reduction) measures taken by the Gazprom Group in 2021.

In addition, the Board of Directors approved the investment program and budget (financial plan) of Gazprom for 2022. The figures of the investment program did not change compared to the version endorsed by the Gazprom Management Committee in November this year.

As per the investment program for 2022, the amount of investments to be used will total RUB 1,757.687 billion, including RUB 1,427.229 billion planned for capital investments, RUB 77.025 billion allocated for the acquisition of non-current assets, and RUB 253.433 billion assigned for long-term financial investments.

In 2021, the Company laid the financial groundwork to pay for the equipment required to implement the investment program for 2022. Consequently, the planned financing of investments under the 2022 investment program will total RUB 1,500 billion, which is lower than the amount of investments to be used.

Pursuant to the approved budget of Gazprom for 2022, the financial borrowings (without intra-Group borrowings) will total RUB 272.789 billion. The approved 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.


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