MOSCOW (Sputnik) — The board of Russia's Gazprom energy company approved a $14.7-billion investment program in addition to its budget and cost optimization for next year, Gazprom said Monday.
"In accordance with the approved budget (financial plan) of Gazprom, the amount of financing of the investment program in 2017 will total 910.67 rubles [$14.73 billion]," the company said in a statement.
Over $10 billion is earmarked on capital projects, while the firm's cost optimization program outlines measures estimated to save $198 million in 2017.
Gazprom add that it expects outside borrowing to total $4.6 billion next year.
