Gazprom to invest $7.5bn in upgrade

Gazprom is planning to allocate 230.6bn rubles ($7.54bn) to modernize the single system of gas supplies by 2006, the holding said. The Russian gas giant has already allocated some 155.7bn rubles ($5.08bn) for upgrading its technological facilities. Some 74.9bn rubles ($2.45bn) are planned to be invested in repairing backup facilities through 2006. About 93.2bn rubles ($3.05bn) are expected to be spent on reducing technological losses and internal gas consumption in 2003.

Gazprom's net income amounted to 110.5bn rubles ($3.61bn) in the first half of 2003. Its gas production was 273.1bn cubic meters, including 68.3bn cubic meters in gas exports to Europe.

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