OREANDA-NEWS. December 8, 2008. The Gazprom Management Committee took notice of the information on preliminary operating highlights of the Company in 2008 and endorsed the draft Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program of Gazprom for 2009.

The information relevant to the Gazprom preliminary operating highlights over 2008 and draft Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program for 2009 will be submitted to the Board of Directors for consideration.

It was noted that the implementation of the Gazprom’s Investment Program, Budget and Cost Optimization (Reduction) Program in 2008 was expected to match the level of the approved parameters.

According to the draft Investment Program for 2009, the total amount of investments will make up RUB 920.44 bln, the amount of capital investments – RUB 699.88 bln, long-term financial investments – RUB 220.56 bln.

According the draft Budget for 2009, the total amount of cash income and revenues will make up RUB 3.74 trln; liabilities, expenditures and investments – RUB 3.8 trln. The amount of financial borrowings will total RUB 90 bln. The budget surplus will account for RUB 0.5 bln.

The draft Cost Optimization (Reduction) Program for 2009 provides for the measures aimed at cost optimization (reduction) to result in a cumulative effect of RUB 11.3 bln.