Gazprom BOD Approved Investment Plan 2007

Gazprom Board of Directors has approved an investment plan of over 529 billion rubles for this year, says a Tuesday press release of the company.

"The Board of Directors has approved an investment program, a budget and a plan of expenditures' optimization for 2007. Therefore, investments will total 529.38 billion rubles, including 360.56 billion in capital investments and 168.82 billion in long-term financial investments," the press release says.

This year's budget and budgetary parameters forecasted for 2008 and 2009 provide for revenues of 2.566 trillion rubles, 2.561 trillion rubles and 2.615 trillion rubles respectively.

The investment program is focused on the infrastructure of the Khavrutinsk bloc of the Yamburg field and the Bovanenkovsk and Kharasavei fields, and the development of the Shtokman and Prirazlomnoye deposits. The company will also continue to develop the infrastructure of the Yen-Yaninsky, Urengoi and Zapolyarny fields.

Some 26.78 billion rubles will be assigned for broadening the gas transportation network of northwestern Russia, and deliveries through the Nord Stream pipeline.

"A plan of long-term financial investments in 2007 stipulates the development of fields abroad, including Tajikistan, Kyrgyzstan, Vietnam, the Bay of Bengal in India, and Uzbekistan," the company said.

"It also includes long-term loans to Gazprom subsidiaries working at the Yuzhno-Russkoye field, the Krasnoyarsk territory, Venezuela and the Caspian Sea shelf," the press release reads.