29.10 Gazprom Plans 45% Jump in Spending to $32 Bln For 2014
MOSCOW, October 29 (RIA Novosti) Russia's state-run gas giant Gazprom announced Tuesday it will boost its 2014 investment program by 45 percent to 1.026 trillion rubles ($32 billion).
Gazprom said in a statement that the huge jump in spending was required to finance the companys electricity business and priority drilling and gas transportation projects.
One of the worlds largest energy companies, Gazprom has been criticized by some investors for lack of transparency in its huge spending programs.
Gazproms board of directors approved the original 2014 investment program, of about 705 billion rubles ($22 billion), in December 2012. The company has repeatedly low-balled its spending forecasts.
