Gazprom"s Board of Directors approved on...

Gazprom"s investment program stipulates 663.56 billion rubles ($23 billion) in capital expenditure and 138.84 billion rubles ($4.8 billion) in long-term investment. The program, along with the energy giant"s budget and cost-cutting plan, will be submitted to the Russian government for consideration.

Gazprom"s budget for 2010 projects 3.79 trillion rubles ($131 billion) in revenues and 3.88 trillion rubles ($134.5 billion) in liabilities, expenditures and investment. Financial borrowings will hit 90 billion rubles ($3.1 billion) and the company"s surplus will amount to 0.5 billion rubles ($17 million).

Gazprom"s earlier adjusted its investment program and budget for 2009 due to external factors resulting from the global economic downturn, including declining demand on all Gazprom"s gas markets and lower gas prices.

The energy giant"s adjusted 2009 investment program stipulates a 17% cut in investment to 761.53 billion rubles ($26.3 billion), with capital investment

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