Rus News Journal

Analysts: At Gazprom investment appetites

Gazprom Board of directors have grown has confirmed growth of the investment program of the company on 2011. On 56 % - with 817 mlrd rbl. to 1,2765 trln rbl. According to new edition of the program, the volume of capital investments will make 1,1867 trln rbl. (growth on 456,85 mlrd rbl. in comparison with the investment program confirmed in November 2010.), from them expenses on capital construction - 1,15 trln rbl. (growth on 422,75 mlrd rbl.), on acquisition in the property of Gazprom of non-current assets - 36,69 mlrd rbl. (growth on 34,1 mlrd rbl.) . The volume of long-term financial investments will make 89,76 mlrd rbl. that on 3,26 mlrd rbl. more than has been planned earlier. Specification of parametres of the investment program on 2011. It is caused, mainly, by necessity of increase in volumes of investments into key projects in the field of extraction, transportation, underground storage of gas, have explained in the company.


Growth of volumes of the investment program of Gazprom corresponds to our expectations. Under our forecasts, the volume of the investment program of the company for 2012 will exceed the size of the investment program of current year on 5 %. The investment program increase has been earlier approved by company board, the company management also informed on revision of volumes of the program on a teleconference by results of the reporting for the first quarter 2011. In this connection we believe that the left information will not render considerable influence on Gazprom actions.

the increase Most part kapzatrat, obviously, is connected with Gazprom decision to accelerate rates of working out of Bovanenkovsky and Kirinsky deposits on Yamal and Sakhalin to place them in operation in 2012 - 2013 Growth kapzatrat can reduce our look-ahead price for Gazprom actions for 6 % about 9,4 dollars/ the action, however earlier start of industrial extraction under the given projects for the present is not considered in our model. We are disappointed by that Gazprom has agreed on so substantial increase kapzatrat for 2011 as we consider that the company overpays for gas production escalating. However for an investment estimation of the company bolshee value will be had by investment plans on 2012 - 2013

Deutsche Bank
News can draw again attention of the market to that fact that Gazprom always possessed the big investment appetites. While incomes and monetary streams of Gazprom this year most likely will reach the record maxima, similar dynamics will be shown also by expenses.