Gazprom to present its 2003 budget to government this week

As entrusted by the Russian government, specialists of Russian gas monopolist Gazprom elaborated on the company's budget draft for 2003 and a program for reducing costs. These documents were considered by Gazprom's executives on July 25. They will be introduced to the Cabinet before the end of this week, the Gazprom press service reported. The Gazprom 2003 budget is based on the necessity to produce of 520-530 billion cubic meters of gas a year to meet terms of export contracts and domestic demand.

In addition, Gazprom experts are elaborating on measures to significantly reduce the company's accounts receivable and increase efficiency of Gazprom's financial operations. The company's 2003 budget will be approved after authorities consider budgets of all domestic natural monopolies, after the parliament approves the 2003 federal budget and the Cabinet considers Gazprom's investment program for next year.

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