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Press Release

Gazprom Management Committee approves draft Investment Program, Budget and Cost Optimization (Reduction) Program for 2010

Nov. 12, 2009 - The Gazprom Management Committee took into consideration the information on preliminary operating highlights of the Company in 2009 and endorsed the draft Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program of Gazprom for 2010.

The Management Committee also took note of the projected Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program over 2011 to 2012.

The information relevant to the Gazprom preliminary operating highlights over 2009 and draft Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program for 2010, as well as the projected Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program will be submitted for review by the Board of Directors.

It was noted that the implementation of the Gazprom Investment Program, Budget and Cost Optimization (Reduction) Program in 2009 was expected to match the level of the approved parameters.

According to the draft Investment Program for 2010, overall investments will make up RUB 802.4 billion, capital investments - RUB 663.56 billion, long-term financial investments - RUB 138.84 billion.

According to the draft Budget for 2010, total income and revenues will make up RUB 3.79 trillion, liabilities, expenditures and investments - RUB 3.88 trillion. Financial borrowings will total RUB 90 billion. The budget surplus will account for RUB 0.5 billion.

The draft Cost Optimization (Reduction) Program for 2010 provides for the measures aimed at cost optimization (reduction) to result in a cumulative effect of RUB 11.7 billion.

The draft 2010 Investment Program was compiled with due regard to the preset deadlines for the paramount investment projects having the fundamental significance for the development of Gazprom and the Russian Federation in general. The Company also took into account the projects influence on the Gas Balance throughout Russia and the need to assure reliable operation of the Unified Gas Supply System.

Pursuant to the Investment Program for 2010, the prioritized production targets include pre-development of the Bovanenkovskoye and Shtokman fields. Work will be done to pre-develop the Apt-Albian deposits of the Nyda area of the Medvezhye gas and condensate field, the Zapadno-Pestsovaya area of the Urengoyskoye oil and gas condensate field, the Yamburgskoye gas and condensate field, the Kharvutinskaya area inclusive, as well as the Zapolyarnoye, Urengoyskoye and other fields.

The gas transportation priorities are: construction of the Bovanenkovo - Ukhta gas trunkline systems, the Gryazovets - Vyborg, Pochinki - Gryazovets, Zapolyarnoye - Urengoy and Dzhubga - Lazarevskoye - Sochi gas pipelines. The appropriate funds were also allotted to construct the Obskaya - Bovanenkovo railroad.

The document also provides for the allocation of funds to implement the Eastern Gas Program, in particular, to construct the Sakhalin - Khabarovsk - Vladivostok, GTU-2 Nizhne-Kvakchikskoye gas and condensate field - automated gas distribution station of Petropavlovsk-Kamchatsky gas trunklines, as well as to pre-develop the Kshukskoye and Nizhne-Kvakchikskoye fields.

Capital investments will also be channeled for upgrading the major gas production and transportation assets, technically re-equipping underground gas storage facilities, constructing and retrofitting gas processing capacities, as well as performing prospecting, geological exploration and production drilling in fields.

The Long-Term Financial Investment Plan for 2010 contemplates, for instance, Gazprom's participation in the development and operation of the Shtokman and Prirazlomnoye fields, as well as the construction of the Nord Stream and South Stream gas pipelines. The Company also earmarked funds for power generation projects.

Consideration was given to the projects implemented in the Republic of Vietnam, the Bay of Bengal (India) and the Caspian Sea offshore. The Company also plans to allocate funds for the acquisition of a 12.5 per cent stake in Beltransgaz and a 51 per cent stake in SeverEnergia.


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