MOSCOW, Jul 21 (PRIME) -- Russian gas giant Gazprom is working together with the authorities on issuing perpetual bonds to finance gas infrastructure upgrade, First Deputy Economic Development Minister Andrei Ivanov said on Tuesday at an investment forum organized by the Russian Union of Industrialists and Entrepreneurs.
The government is working on support mechanisms for infrastructure projects. “We also count on close cooperation with the state companies, we have principal agreements on that, and we are in negotiations with them that we will take on additional obligations,” he said.
“We will look for search for the opportunities using all instruments, including the dividend policy and utilization of new financial instruments like perpetual bonds, on which we are now working together with Russian Railways and are preparing to work with Gazprom on placement for a large gasification project.”
President Vladimir Putin in June ordered the government, the regions, and Gazprom to ensure a gradual conclusion of gasification by 2024 and by 2030, and to find financing for connection of Russians to the gas networks for free. Energy Minister Alexander Novak said in April that one of the options to solve the so-called last mile problem is to transfer obligations on gas network construction to Gazprom.
In this case, spending of the company on this issue may rise to about 200 billion rubles per year from the current level of 50–60 billion rubles, taking into account the total cost of the gas network program of 2 trillion rubles, Novak said then.
(71.9628 rubles – U.S. $1)
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