Gazprom Approves $3.78 Billion Increase in 2017 Investment Plans

Gazprom PJSC (GAZP.RS) has approved a 217.34 billion rubles ($3.78 billion) increase to its investment plans for 2017, bringing total spending to RUB1.13 trillion.

The Russian state-backed natural gas company said the increase was prompted by higher spending and long-term financial investments for its priority gas transport and production projects.

Gazprom said these projects include pre-development of the Chayandinskoye and Bovanenkovskoye fields, construction of the Power of Siberia and TurkStream gas trunklines and development of the gas-transmission system in northwestern Russia.

Of the total spending, RUB738.54 billion is intended for capital construction, RUB378.73 billion for long-term financial investments, and RUB11.31 billion for asset acquisitions.

Moscow-listed shares are down 0.64 rubles, or 0.4%, at 166.36 rubles at 0907 GMT.

Write to Adam Clark at

(END) Dow Jones Newswires

October 19, 2017 05:34 ET (09:34 GMT)