Gas consumers' debts to Gazprom growing

Gazprom's domestic consumers owe 45.1bn rubles ($1.43bn) to the company for gas supplies, which is one third of the total amount of investments that the gas giant needs, the press service of the company reported to RBC.

Participants of today's meeting of the board of directors pointed out that the situation with accounts payable and accounts receivable is still unsatisfactory. The board set a task to decrease expenses by 10bn rubles ($317.5m) in 2003.

However it was stressed that with current domestic gas prices it would be hard to make the company's budget deficit-free. Moreover, it is necessary to provide the implementation of the program aimed at increasing the gas production to 520bn-530bn cubic meters of gas annually.


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Author`s name: Editorial Team