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GAZPROM

December 17, 2004

Board of Directors reviews Gazprom’s 2004 preliminary operating results and approves 2004 financial highlights

The Board of Directors approved Gazprom’s 2004 updated budget (financial plan) and investment program.

Under the updated budget, Gazprom’s overall earnings & budget revenues, commitments, expenditures & investments and budgetary surplus are scheduled at RUR 1,238.2 bln, RUR 1,427 bln and RUR 1.1 bln, respectively.

With previously projected financial borrowings accounting for RUR 150 bln, the need to attract additional funds and their final amount (given the upcoming buying into a Yuganskneftegaz 76.79% stake) will be identified upon finalization of a tender to be held December 19 this year.

In accordance with the updated investment program, capital and long-term financial investments climbed RUR 13.2 bln and RUR 11.3 bln to RUR 205.5 bln and RUR 31.3 bln, respectively, thus, growing by a total of RUR 24.5 bln to RUR 236.8 bln.

Capital investment growth was primarily driven by an unplanned increase in metal output prices.

Over 2004, Gazprom will launch and operate the following production capacities:

  • 3 gas treatment units with 70.42 bcm/y in overall capacity;
  • 345 gas field wells;
  • 3 booster stations with a 252 thou. KW total capacity;
  • 1,093.95 km of gas mains and branches;
  • 6 gas pipeline and UGS compressor stations with 598.4 thou. KW in total capacity.

The active throughput of UGS facilities is planned to be increased by 0.9 bcm, with 63 wells to be launched.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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