Gazprom cuts 2023 investment program by 334 bln rbl to 1.966 tln rbl

MOSCOW, Oct 24 (PRIME) -- Russian gas giant Gazprom’s board of directors approved a new version of the investment program for 2023, its volume was reduced by 334 billion rubles to 1.966 trillion rubles due to changes in macroeconomic indicators and market conditions, the company said in a statement on Tuesday.

“The total financing of the investment program for 2023 will amount to 1,965.66 billion rubles, 334.34 billion rubles less compared to the original program approved in December 2022,” the statement read.

Deputy CEO Famil Sadygov said that the planned amount of Gazprom's reserve fund for the end of the current year has been increased to 385 billion rubles, which will strengthen the company's budgetary position for the next period.

Gazprom has included in the new version of the budget a reduction in revenues from gas sales, but the total effect of optimizing operating costs will amount to more than 1 trillion rubles in savings, Sadygov said.

The company continues to implement key projects, in particular, the development of the Sila Sibiri project and its fields, and the expansion of the Yamal gas production center, he also said.

(94.7081 rubles – U.S. $1)

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