Business Services Industry
GAZPROM TO INCREASE BORROWING
Info-Prod Research (Middle East), November, 2003
November 23, 2003Gazprom's board met on 13 November to review the state-controlled gas monopolist's 2004 budget and investment program, the company announced in a press release the same day. The financial plan posits revenues of 1.164 trillion rubles ($39 billion), expenses of 1.397 trillion rubles ($46.9 billion), borrowing of 150 billion rubles ($5 billion), an investment program of 232 billion rubles ($7.8 billion), and a deficit of 43 billion rubles ($1.44 billion). The company will borrow an additional 67 billion rubles for debt restructuring, Reuters reported, bringing total borrowing in 2004 to 217 billion rubles ($7.3 billion).
Observers queried by "Vedomosti" on 13 November said that the key task for debt-strapped Gazprom is to pay down the total amount it owes,...
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