Gazprom's investment in gas infrastructure development reached RUB 56 billion in 2020

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AK&M 17 September 2020 12:35

Gazprom's investment in gas infrastructure development amounts to RUB 56 billion in 2020, Alexey Miller, Chairman of the Management Committee of PJSC Gazprom, said at the recent meeting with Russian President Vladimir Putin, the transcript of which is published on the Kremlin website.

“Gas supply and gasification programs in the regions are among our most important social projects. In 2020, we increased the volume of financing coming from Gazprom by more than 160 percent. Gazprom's investment will amount to RUB 56 billion, which is RUB 22 billion more than in 2019. A total of 2,350 km of gas pipelines will be constructed to supply gas to 319 towns and villages, and 410 boiler plants will be built. The country's level of gasification will stand at 71.4 percent at the end of the year. Gasification will be fully completed in 11 regions," Alexey Miller said.

"We are now close to finishing work on drafting and signing five-year gas supply and gasification programs with 67 regions. This is part of our next five-year plan. This five-year plan provides for nearly tripling the amount of funding provided by Gazprom for gas supply and gasification programs to RUB 526.1 billion. A total of 24,400 km of pipelines is to be built over these five years; 3,632 towns and villages will be connected to gas supply, and the gasification level will reach 74.7 percent," Gazprom CEO added.

PJSC Gazprom (tax number: 7736050003) is the world's biggest gas company. Its authorized capital is RUB 118.367 billion and consists of 23,673,512,900 common shares with a face value of 5 rubles. The company has several hundred thousand shareholders in Russia and abroad. The Russian Federation owns more than 50% of Gazprom's shares. The Bank of New York Mellon is the depositary of Gazprom's ADR program.

IFRS profit of PJSC Gazprom for the first half of 2020 dropped by almost 95% to RUB 45.46 billion from RUB 878.644 billion a year earlier. Revenue from sales decreased by almost 29% to RUB 2.903 trillion from RUB 4.077 trillion, profit from sales by 75% to RUB 189.985 billion from RUB 780.878 billion. Loss before tax was RUB 16.806 billion against a profit of RUB 1.125 trillion.