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Report: Gazprom boosts 2013 investment program by 46% to $32B

  • Gazprom (OGZPY.PK, OGZRY.OB) reportedly is increasing its capex program by 46% to $32B for the current year, heightening concerns about its ability to rein in rising costs.
  • Interfax news agency reports the Russian state-run company has increased its planned investments to 1.03T rubles ($32B) from a previous 705B rubles, mainly due to growing long-term financial costs.
  • It's not clear where the rise in investments comes from, but earlier this year Gazprom acquired 90% of Moscow power generation company MOEK, with a bid of ~$3B.
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