| Vladimir Putin approved the rural gasification program Gazprom, which by the end of the year will receive $7.1 billion from the state for a stake of its own shares, could not remain aloof from solving the large-scale government task of improving the quality of life of the population in the next two years. Vladimir Putin yesterday approved the gas monopolist’s plans for accelerated gasification of the country: “I support the initiative of the Gazprom company to implement a large-scale gasification program for the country. At least 35 billion rubles should be invested in it in the next three years. Such a program is especially necessary in rural areas of the country.” He modestly kept silent about the fact that Gazprom first learned about plans to invest such significant funds in the construction of new low- and medium-pressure gas networks from Mr. Putin’s speech two months ago. True, since then the demands of the head of state have grown - in June the concern was charged with investing only $1 billion in gasification.
Gazprom found it difficult to explain the reasons for the increase in social obligations. However, it cannot be ruled out that the president simply added up the sum of the monopolist’s initial plans for the second half of this year and the entire next year with the figure originally announced. Over the course of a year, Gazprom’s subsidiary Mezhregiongaz invests about 4 billion rubles in the construction of new networks, that is, about 6 billion would have accrued in a year and a half.
Mezhregiongaz reported yesterday that the large-scale gasification program for 2006-2007, which Vladimir Putin spoke about, is now under development. Although it cannot be ruled out that additional capital investments will be allocated this year. A source at Gazprom says that this will depend on the availability of a ready-made investment project.
Moreover, the company is now drafting changes to the budget and investment program for the second half of the year. This is due to the fact that Gazprom’s revenue will change quite significantly compared to the forecast. Export supplies to non-CIS countries will bring approximately $2.5 billion (including export duty payments) above the plan. Another $7.2 billion will be transferred by Rosneftegaz to pay for a 10.7% stake in the monopolist (minus $770 million in taxes). In addition, the company freed up $1.8 billion from the reserve that was created to pay taxes after the takeover of Rosneft, which fell through.
In total, Gazprom has about $11 billion in available funds, the fate of which is now being hotly debated both within Gazprom and among Kremlin and White House officials. The obligations imposed on the concern by the president are only one minor manifestation of this process. Among the most likely expenses of Gazprom were the acquisition of Sibneft and other oil assets, as well as the repayment of part of the corporate debt. Alexey GRIVACHS |
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