The Board of Directors of “Gazprom” on March 22 to discuss the creation of the investment Committee

The Board of Directors of “Gazprom” on March 22 to discuss the creation of the investment Committee

MOSCOW, March 15. The Board of Directors of PJSC “Gazprom” at session on March 22 will discuss a question on creation in its composition of the investment Committee responsible for investment activity, is spoken in the message of gas holding.

See also

OMV: the construction of “Nord stream-2” will cost €10 billion

Also in the agenda of the meeting included the question of the implementation of measures to improve the work with investors and shareholders of PJSC “Gazprom”. At the meeting it is planned to discuss measures on repayment of debts for delivered natural gas and the strengthening of payment discipline and measures to increase energy efficiency and reduce greenhouse gas emissions.

In addition, at the meeting of March 23, the Board of Directors of “Gazprom” plans to discuss the implementation of the group’s largest investment projects. In addition to the agenda included the participation in Nord Stream AG 2, termination of participation of “Gazprom” and OOO “TyumenNIIgiprogaz”, amending the provision on procurement of goods, works and services by Gazprom and group companies “Gazprom”. The Directors intend to adopt a targeted (planned), as well as threshold and maximum values of key performance indicators of the company on 2016 for use in the annual bonus system for the Executive employees of “Gazprom”.

The Board of Directors in December approved the investment program, budget (financial plan) and program of optimization of expenses for 2016. Volume of development of investments will amount to USD 842 billion, which corresponds to the original plan for 2015. The volume of capital investments will amount to 777,6 billion roubles, from them expenses on capital construction – 767,3 billion roubles, on acquisition of PJSC “Gazprom” non – current assets-RUR 10.3 billion. The amount of long-term investments – 64,4 billion roubles.

According to the approved budget of PJSC “Gazprom” for 2016, the external financial borrowings will stand at 90 billion rubles. The investment program “Gazprom” for 2015 at the end of last year was approved at the level of 840,35 billion. The external financial borrowing was planned at 90 billion roubles. Optimization program for 2015 envisages measures aimed at cost reduction, the overall effect of which should amount to 13.1 billion rubles.

Investment for 2016 will be 19% lower compared with investments for 2015, a financial loan is less in 2,5 times.