Rus News Journal

Miller has gone on a record

Gazprom in 1,5 times has increased the investment program

Gazprom intend to spend this year record for itself the sum of investments - 1,3 trln rbl. the Most part of these means will be directed on building of gas pipelines, and also development of some perspective deposits. According to analysts, the investment program Gazprom it is overestimated and in the future it can threaten holding with bankruptcy.

Board of directors Gazprom has confirmed increase in the investment program of the company at 2011 at 56 % - with 817 mlrd rbl. to 1,28 trln rbl. from which on kapvlozhenija it is allocated 1,19 trln rbl. (growth on 456,85 mlrd rbl. in comparison with the investment program confirmed in November, 2010). 1,15 trln rbl. it will be directed on capital construction (growth on 422,8 mlrd rbl.), 36,7 mlrd rbl. - on acquisition of non-current assets (growth on 34,1 mlrd rbl.) . The volume of long-term financial investments will make 89,8 mlrd rbl. (on 3,3 mlrd rbl. more).

Planned expenditure will appear the most considerable in comparison with previous years. So, the investment program of last year has made 905 mlrd rbl., in crisis 2009 - m - 702 mlrd rbl., in 2008 - m - 821,66 mlrd rbl.

Gazprom explains investment program updating this year necessity to increase financing of key projects in the field of extraction, transportation and underground storage of gas. Thus a considerable part of investments it is planned to direct for creation of the gas centres on Yamal, in Eastern Siberia and in the Far East. On - former the most part of means will be directed on building of gas pipelines and development Shtokmanovsky and Prirazlomnogo of deposits.

the Budget of monopoly for current year in a new wording provides total amount of incomes and receipts in volume 4,3 trln rbl., thus expenditure Gazprom under obligations, expenses and investments will make 4,8 trln rbl. the Size of external financial loans it is defined in volume 150 mlrd rbl. that on 60 mlrd the rbl. is more in comparison with the budget confirmed in November, 2010. The increase in volume of loans is connected as with financing of the current investment program, and refinancing before the involved loans. Proficiency (taking into account the rest of money resources by the beginning of 2011) will make 0,5 mlrd rbl. to Increase the budget to Gazprom the evolved prices for gas and increase in volumes of export have helped.

Judging by that, how many Gazprom is going to invest in projects, he can not count on a high monetary stream the next four years, the analyst of Bank of Moscow Denis Borisov believes. From the reporting Gazprom on MSFO for the first quarter of this year follows that capital investments of the oil and gas giant have grown on 82 %, to 397,4 mlrd rbl. While the free monetary stream of the company has fallen below zero - to a minus 7 mlrd rbl. against 397,4 mlrd rbl. for the similar period of last year.

Gazprom aspires to increase the export capacities to Europe. By Denis Borisova`s estimations, at such rates in five years gas-transport ability of the Russian side in this direction can make 180-190 mlrd cubic m a year. However it agree to the General scheme of development of gas branch for the period till 2030 the risk of reduction in demand is abroad very great, general director East European Gas Analysis Michael Korchemkin marks. In its opinion, considerable growth of sales in EU is predicted unreasonably, today`s investments can simply not pay off. the situation on external and home markets does not give the grounds for optimism, and the overestimated investment program can lead to bankruptcy of the company - has summed up g - n Korchemkin.