Gazprom Management Committee approves revised investment program and budget for 2022
- Overall amount of Gazprom's investments to be used in 2022: RUB 1,980 billion.
- Growth compared to the initial amount set out in December 2021: RUB 222 billion.
- Final investment program and budget will be approved by the Gazprom Board of Directors.
The Gazprom Management Committee approved the revised draft investment program and budget (financial plan) of the Company for 2022.
As per the revised investment program, the overall amount of investments to be used will stand at RUB 1,979.748 billion, which is RUB 222.061 billion more than was envisaged in the initial 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 2022 investment program 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 will provide for a full coverage of Gazprom's liabilities without a deficit.
The revised drafts of the Company's investment program and budget (financial plan) for 2022 will be submitted for consideration by the Gazprom Board of Directors.
The Management Committee also approved the 2023–2027 Comprehensive Program for the reconstruction and re-equipment of Gazprom's gas production facilities.
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.