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Gazprom Board of Directors approves revised investment program, budget, and cost reduction program for 2017

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LNG Industry,

The Gazprom Board of Directors has approved a revised investment program, budget (financial plan) and cost optimisation (reduction) program for 2017.

The key figures of the investment program did not change compared to the version approved by the Gazprom Management Committee in September this year.

Pursuant to the revised investment program for 2017, the overall amount of the Company’s investments will stand at RUB 1.13 trillion, which is RUB 217.34 billion more than was envisaged in the investment program approved in December 2016. Of that amount, RUB 738.54 billion (up by RUB 112.52 billion) is intended for capital construction, RUB 11.31 billion (up by RUB 11.19 billion) for the acquisition of non-current assets, and RUB 378.73 billion (up by RUB 93.64 billion) for long-term financial investments.

The approved financial plan will provide for a full coverage of Gazprom's liabilities without a deficit.

The revised cost optimisation (reduction) program for 2017 includes measures with an expected cumulative effect of RUB 15.4 billion.

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