Gazprom eyes state investments, stock emission
Russian energy major Gazprom admits that it might need state support for the implementation of its 920 billion RUB investment programme for 2009. The Russian government has already confirmed its readiness to help out the country’s gas monopolist.
Gazprom representative Sergey Kuprianov says to newspaper Kommersant that the company intends to implement its investment programme without outside assistance, but does at the same time not exclude that these plans might be adjusted.
As BarentsObserver reported, Gazprom last week announced that it in 2009 intends to invest 920 billion, a lower sum that previously planned, but still historically high for the company.
However, the lower gas prices will inevitably strain the investment capacity of Gazprom. Company representative admit that oil prices lower than 50 USD per barrel will spur the need for state aid.
Meanwhile, the state is ready to support Gazprom, as well as several other big Russian companies. In return it will get a higher level of state control over the industry.
In his televised press conference last week, Premier Putin said that he does not exclude a large-scale state engagement in the stock capital of several big companies. The engagement of the state in the big national companies is likely to take place through stock emissions, representatives of the government say to Vedomosti.
No wonder, then, that First Deputy Prime Minister Igor Shuvalov in a government meeting last week recommended a Gazprom stock emission.
