Gazprom raises its 2024 investment program by 4%, to $16,9 billion

Gazprom, the Russian energy giant, announced on Tuesday that it had increased its investment programme for 2024 by around 4%. The previous program was approved in December and consisted of 1.57 trillion Russian roubles. This has now been raised to 1.64 trillion Russian roubles (16.85 billion dollars).

Gazprom reported that both domestic and export gas supplies were increasing, which allowed the company to increase its estimates of sales proceeds this year by 6% over its previous forecast.

Gazprom stated that the funds will be used primarily to develop gas production centers in the Yamal Peninsula and in Eastern Russia.

After the Russian military conflict with Ukraine began on February 20, 2022, the company is now trying to reorient its exports toward China and Turkey. It is necessary to invest large amounts of money in the construction and maintenance of the gas transport infrastructure.

Gazprom has also identified the Power of Siberia Pipeline to China as a priority project. This pipeline is expected to reach a capacity of 38 billion cubic meters per year by the end of the year.

(source: Reuters)