18 December 2003 07:34
Gazprom halves dividends for 2003
MOSCOW. Dec 18 (Interfax) - Gazprom's executive board on Thursday made a decision, at the government's
recommendation, to reserve 16 billion rubles in the 2004 budget for the payment of dividends for 2003, against the
earlier targeted 31 billion rubles, a source close to the company told Interfax.
The company's budget deficit in 2004, according to adjusted reports, is likely to stand at 17.5 billion rubles
against the earlier projected 43 billion rubles.
On Thursday, Gazprom's executive board approved the plan for the company's socioeconomic development and
adjusted the budget and investment program, as well as the program for cutting spending in 2004.
Revenues are projected at 1.19 trillion rubles and spending at 1.39 trillion rubles.
Borrowings are to amount to 150 billion rubles.
The investment program for 2004 has been amended within the earlier approved volume of 232.34 billion rubles. Capital
investments are projected at 207.3 billion rubles and long-term investment at 25 billion rubles.
In line with the government's recommendations, the company will draft and submit investment programs and
Gazprom's financial plan covering the period to 2006 to the Cabinet in April, 2004.
Under the plan for Gazprom's socioeconomic development, the company is to produce 542 billion cubic meters of
gas and 11.38 million tonnes of condensate and oil.
In 2004, Gazprom will continue to develop its raw materials base, increasing the reserve of hydrocarbons to 450
million tonnes in fuel equivalent.
The adjusted budget, investment program and plan for cutting spending in 2004 will be submitted to the company's
board of directors.
Gazprom's divisions and subsidiaries were instructed to attain the target figures by cutting spending on
construction and on the acquisition of materials and equipment by giving up broker services and organizing tenders to
buy them. The consumption of gas, electricity and heat for the company's needs will have to be reduced. Proposals
to change the procedure of financing the supply of materials and equipment are to be made in the first quarter of 2004.
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