Gazprom May Raise 2013 Investment Goals After Reviewing Quarter

OAO Gazprom (GAZP) may boost its goal for 2013 investment following a review of the first quarter, a month after a ministry official said the government wasn’t always sure how Russia’s state natural-gas export monopoly spent its money.

“We will look at first-quarter results and decide,” Chairman Viktor Zubkov told reporters in St. Petersburg. “If there is additional revenue, then the program will be revised.” The company “would like it to be towards an increase.”

The board of Gazprom, the world’s biggest gas producer, in December approved investments for 2013 of 705.4 billion rubles ($22 billion) as the Moscow-based company invests in building and maintaining pipelines and developing Siberian deposits. It routinely revises spending plans following the first half.

The government “can’t always see where, how much, and why so much money is being spent” by Gazprom, Deputy Economy Minister Sergei Belyakov said in a March interview.

Gazprom declined by 0.3 percent to close at 120.20 rubles in Moscow trading, the lowest level in more than four years.

To contact the reporters on this story: Anatoly Temkin in St. Petersburg at atemkin@bloomberg.net; Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net; James M. Gomez at jagomez@bloomberg.net

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