Gazprom Message Board - Msg: 20242165

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Gold/Mining/Energy : Gazprom

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To: Copperfield who started this subject	6/22/2004 9:44:55 AM
From: Copperfield	of 45

GAZPROM MAY FACE INVESTMENT SHORTFALL MOSCOW, June 22 (RIA Novosti) - Russia's Gazprom gas giant may face a shortfall of investments amounting to 28 billion rubles (1US dollar equals about 29 rubles) in 2004, Gazprom board member Valery Golubev told journalists on Tuesday. According to him, the investment deficit may be caused by the higher prices of metal products. Valery Golubev said that the company would analyze the results of its operation in the first half of this year to review its investment program jointly with the government. He did not rule out the possibility that the gas giant could increase gas prices to bridge the deficit. "We are taking efforts to fulfil the 2004 investment program," Gazprom deputy management board chairman Alexander Ananenkov said. He noted that the growth of prices accounted for 10-12% taken off the investment program. According to Ananenkov, the possible deficit must not affect the facilities that are to be put into operation this year. Possibly, the investment shortfall will affect projects under construction. The 2004 investment program approved by the Gazprom Board of Directors stipulates 212.34 billion rubles of investments, including 192.34 billion rubles worth of capital investments and 20 billion rubles worth of long-term financial investments. With the current limit of capital investments, the company has invested already 60 billion rubles in the first five months of this year, Ananenkov said.

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