Russ Oil-Gas

08.14.2007 - [Neftegaz.RU] - Russian gas monopoly Gazprom's Board of Directors has approved the company’s restated investment program, which will see total investments of 779 billion rubles in 2007, up 47% on the sum approved in December 2006, according to Russian daily RIA Novosti. The company said that, at the same time, capital investments will account for 335.5 billion rubles ($13,14 billion), which is 25 billion rubles ($980 million), or 7%, less than the investment program approved in December 2006. According to the Gulf Times, the investment cuts will be in field and pipelines developments. Meanwhile, Gazprom’s long-term financial investments will amount to 444 billion rubles ($17,4 billion), which represents a 275 billion rubles ($10,77 billion), or 11%, increase on the investment program approved in December 2006. The Gulf Times said that this will see an increase in investments in acquisitions. The company also restated its budget, and said that overall cash income and revenues will amount to 2.3 trillion rubles ($900 billion), which is a 255 billion rubles ($9,98 billion), or 9%, decrease on budget approved in December 2006. Gazprom also revealed that its financial borrowings will total 420 billion rubles ($15,74 billion), which, according to RIA Novosti, is a 366% increase. Gazprom said that the increase in borrowings has been driven by the need to finance the acquisition of oil- and gas-fired power generation assets.