Moscow: Gazprom has announced an increase in its investment program for the year 2024, raising the allocation to 1.642 trillion rubles ($16.84 billion) from an earlier projection of 1.574 trillion rubles ($16.14 billion). This adjustment is attributed to favorable financial outcomes, driven by a rise in both export and domestic supply volumes, as highlighted in a company statement.

According to Azeri-Press news agency, the revision in investment figures for 2024 is particularly linked to ongoing project requirements. Gazprom has assured that the newly approved financial plan by its Board of Directors for 2024 will enable the company to fulfill all obligations without encountering a financial deficit. Famil Sadygov, Gazprom Deputy Chairman of the Management Committee, emphasized the company’s commitment to advancing key projects, including those aimed at increasing supply capacity to China.

Initially, Gazprom had projected its 2024 investments at 1.574 trillion rubles ($16.14 billion), a 20% decrease from 20
23. Meanwhile, the overall investments for the Gazprom Group were anticipated at 2.639 trillion rubles ($27.07 billion), marking a 15% reduction compared to their record investments in 2023.