OREANDA-NEWS. October 1, 2009. The Board of Directors approved the adjusted versions of the Gazprom 2009 Investment Program and Budget (Financial Plan).

The Company’s Management Committee was tasked to organize the work aimed at executing the above mentioned documents.

According to the adjusted version of the 2009 Investment Program, the total amount of investments will make up RUB 761.53 billion, which is a RUB 158.91 billion decrease if compared to the Investment Program approved in December 2008. Meanwhile, the adjusted amount of capital investments will make up RUB 483.48 billion (a RUB 216.4 billion decrease if compared to the Investment Program approved in December 2008), long-term financial investments will account for RUB 278.05 billion (a RUB 57.48 billion increase if compared to the Investment Program approved in December 2008).

The adjusted version of the 2009 Budget approved provides for a RUB 407.9 billion decrease in the total amount of cash income and revenues down to RUB 3.3 trillion; and a RUB 126.8 billion decrease in liabilities, expenditures and investments down to RUB 3.68 trillion. According to the adjusted version of the Budget, financial borrowings will grow by RUB 214.9 billion up to RUB 304.9 billion. A rise in the borrowings amount is caused, in particular, by the necessity to exercise the options to acquire a 20 per cent stake in Gazprom neftand a 51 per cent stake in SeverEnergia. The Budget surplus will account for RUB 0.5 billion.

The adjustment of the 2009 Budget and Investment Program parameters is stipulated by the influence of objective external factors formed in the environment of a global financial and economic crisis. The major of them are a drop in gas demand on all the target markets of Gazprom, and gas price changes. In addition, the parameters of the Company’s 2009 Budget were adjusted on the basis of the evolving macroeconomic indicators.

The adjusted version of the Gazprom 2009 Investment Program was shaped with due regard to the Company’s top-priority objectives together with cost minimization.