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Gazprom to Maintain 2013 Capex at $25.4B

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MOSCOW - OAO Gazprom will maintain its capital expenditure at 800 billion rubles ($25.4 billion) in 2013, the same level as this year, the company's deputy head, Andrei Kruglov, said on a conference call Thursday.

The company had said late last month that capital expenditure would rise to RUB890 billion in 2013.

Mr. Kruglov said the company would pay 25% of its net profit according to Russian Accounting Standards as dividends. Russian Accounting Standards are not entirely comparable to international accounting standards, such as IFRS. He said Gazprom would calculate dividends according to IFRS from 2014.

Gazprom's production costs this year will rise to RUB966 per 1,000 cubic meters of gas, said Elena Karpel, head of Gazprom's economic department. She said 53% of the cost was made up of the mineral extraction tax, which was increased this year. Last year, Gazprom's production costs stood at RUB664 per 1,000 cubic meters.

Copyright (c) 2012 Dow Jones & Company, Inc.

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