Gazprom said on Wednesday it will increase its borrowings by 214.9 billion rubles ($7.2 billion) to 304.9 billion rubles ($10.2 billion) in 2009 in line with its adjusted investment program and budget for this year, RIA Novosti reports.
The company's investment program and budget for 2009 were adjusted due to external factors resulting from the global economic downturn, including declining demand on all Gazprom's gas markets and lower gas prices, Gazprom said in a statement.
"The increase in the volume of borrowings is due, in particular, to the need to finance the exercise of an option to acquire a 20% stake in Gazprom Neft and a 50% stake in SeverEnergia," Gazprom said in a statement.
The adjusted budget for 2009 stipulates a reduction in general revenue and cash by 407.9 billion rubles ($13.6 billion) to 3.3 trillion rubles ($110 billion) and in liabilities, expenditures and investment by 126.8 billion rubles ($4.2 billion) to 3.68 trillion rubles ($122.6 billion). The company's surplus will equal 0.5 billion rubles ($16.7 million) in 2009, the statement said.
Gazprom's adjusted investment program stipulates a 17% cut in investment to 761.53 billion rubles ($25.4 billion), with capital investment to be reduced by 30.9% to 483.48 billion rubles ($16.1 billion), the statement said.