Gazprom forecasts 2004 consolidated net profits

The forecasted consolidated net profits of Russia's gas giant Gazprom will be over RUR200bn (about $6.33bn) in 2004. This data was released in a preliminary forecast of the social and economic development of the holding in 2004, Gazprom's press service reported.

According to the forecast, the holding is planning to produce 541.9 billion cubic meters of gas in 2004, which is 10.2 billion cubic meters, or 1.9 percent more, than the planned task for 2003. Liquid gas production is forecasted at 10.9 billion tons, which is 1.3 million tons, or 13.5 percent, more than planned for 2003. Oil production is to advance by 710,000 tons, or 7.0 percent, in 2004 against 2003.

Gas processing is expected at 33.5 billion cubic meters in 2004, which is 2.4 percent more than 32.7 billion cubic meters in 2003. Gazprom is to process 10.4 million tons of gas condensate in 2004, increasing this figure by 13.0 percent against 9.2 million in 2003. Oil processing is to gain 7.9 percent to 680,000 tons in 2004 as compared to 630,000 tons in 2003.

While preparing the social and economic forecast of Gazprom's development in 2004, special attention is paid to exploration. In 2004, the holding's reserves are expected to more than triple against the planned task for 2003, to 1.120 billion tons of equivalent fuel.

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