The Gazprom Board of Directors has approved the investment program project for 2026, with a total funding volume of 1.1 trillion rubles (approximately 10.8 billion euros), representing a reduction of 31.9% compared to the final version of the investment program for 2025.
The decision is to be examined by the board of directors, and if approved, Gazprom will significantly reduce investments in the main projects for next year. The amounts are allocated for:
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the development of gas extraction in Yamal and Eastern Russia,
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the gasification of the regions of the Russian Federation,
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the expansion of the “Power of Siberia” pipeline capacities,
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gas processing,
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the implementation of the Eastern Gas Supply System,
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projects to balance consumption during peak periods.
This reduction in investments comes against the backdrop of the company’s difficult financial situation. According to a ranking made by Forbes, at the end of 2024, Gazprom became the absolute leader among Russian companies in terms of net debt, which reached approximately 6 trillion rubles (about 59 billion euros).
Experts quoted by the press link the increase in debt burden to:
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declining export revenues,
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massive capital expenditures,
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rising borrowing costs.
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