By Matteo Castia
Gazprom PJSC said Monday that its revised investment program and total borrowings for 2020 will be smaller than previously envisaged, adjusting to external market conditions such as the coronavirus pandemic.
The Russian energy giant said the overall amount of investments for the year will be 922.49 billion roubles ($12.32 billion), RUB192.24 billion less than planned in the original investment plan approved last December.
Of that amount, RUB720.67 billion is intended for capital construction projects, RUB105.79 billion for the acquisition of non-current assets by Gazprom, and RUB96.02 billion for long-term financial investments, the company said.
Borrowings for the year excluding intra-group borrowings will stand at RUB501.29 billion, a decrease of RUB56.48 billion from the original draft, it added.
"As a result of cost optimization measures, the operating costs will be reduced by RUB297.1 billion. This financial plan will provide for a full coverage of the company's liabilities without a deficit," Gazprom said.
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