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Gazprom board approves strategic guidelines for next 10 years

MOSCOW, July 12 (RIA Novosti) - Gazprom's [RTS: GAZP] board of directors has approved strategic guidelines for the company's development over the coming 10 years, the Russian energy giant said Wednesday.

The board set a 6% minimum for returns on equity and a maximum borrowing level of 40% of equity capital. It also established production levels for natural gas at not less than 550 billion cubic meters, and sales at not less than 490 billion cu m.

According to the guidelines, reserves must total at least 29 trillion cu m, with a recovery rate of at least 100%.

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