OGZPY PJSC Gazprom (PK)

By Anthony O. Goriainoff

Gazprom PJSC said Wednesday that the board has approved an investment program of 1.757 trillion Russian rubles ($23.74 billion) for 2022.

The oil-and-gas company, which is majority owned by the Russian government, said the planned financing of investments under the program will total RUB1.50 billion, and that this is lower than the amount of investments to be used.

Gazprom said its borrowings for 2022 will amount to RUB272.79 billion.

The investment program includes financing for top-priority projects such as the development of new gas-production centers, the Power of Siberia gas trunkline, as well as the creation of major gas-processing enterprises in Russia's east and northwest, among others, it said.

"The approved financial plan will provide for a full coverage of the company's liabilities without a deficit. Decisions on debt financing under the borrowing program will be made on the basis of the market conditions, liquidity and Gazprom's financing needs," the company said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

December 22, 2021 02:51 ET (07:51 GMT)

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