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Gold/Mining/Energy : Gazprom
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To: Copperfield who started this subject6/21/2004 3:43:28 PM
From: Copperfield   of 45
 
GAZPROM TO INCREASE BUDGET SURPLUS DUE TO HIGH GLOBAL PRICES

MOSCOW, June 21 (RIA Novosti) - Due to the current situation on the global gas markets, Gazprom hopes to see a 2005 budget surplus of 6.4 billion roubles ($1 equals approximately 29 roubles), the company's deputy CEO Alexander Ananenkov announced at a conference organized by Renaissance Capital.

"The prices on foreign markets are positive. We estimate that this will give us a budget surplus of 6.4 billion roubles in 2005 and of up to 8 billion roubles in 2006," he said.

As to domestic prices, the gas giant has to be guided "by the Russian government's energy strategy till 2020", he said.

In compliance with the document, gas prices on the domestic market will reach $40-41 per 1,000 cubic meters in 2006 and $59-64 in 2010.

At present about 68% of Gazprom's output is supplied to the domestic market, Mr. Ananenkov pointed out.

Gazprom is the world's largest gas producer. It accounts for about 20% of the gas produced in the world. It controls about 60% of Russia's gas reserves and accounts for about 90% of the country's gas production. The company's output makes 8% of Russia's gross domestic product. It accounts for about 20% of the state budget's incomes and supplies gas to produce about 50% of Russia's electricity.
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