Russian gas giant Gazprom GAZP.MM said on Thursday its management had approved investments for 2024 totalling 1.57 trillion roubles ($17.50 billion), down from 1.97 trillion roubles in its plan for 2023.

The company said the funds would be used to finance “priority projects”, such as gas production in the Yamal peninsula and in eastern part of Russia, as well as for the Power of Siberia pipeline to China and Gazprom’s gas processing complex.

It also said that the investment plan, which will be considered by the Gazprom board, will ensure that the budget is not in deficit.

Gazprom, which lost most of its share of the European market after Russia sent tens of thousands of troops into Ukraine in February 2022, is trying to reconfigure exports towards China and Turkey.

This requires large-scale financial injections into the construction of gas transport infrastructure.
Source: Reuters (Reporting by Vladimir Soldatkin, Editing by Gareth Jones)