Russia's Gazprom raises 2016 investment plan by $177mn

MOSCOW: Russian gas giant Gazprom said on Tuesday its board had decided to increase this year's investment programme by 11 billion roubles ($176.8 million) to 853 billion roubles.

Initially, the company's investment programme for 2016 stood at 842 billion roubles, as it was approved last year.

This was down from 1.043 trillion roubles in 2015. External borrowings for 2016 are seen at 187.8 billion roubles, Gazprom said.

Gazprom usually raises its spending plans during the course of the year.

The government has ordered the state-owned companies to rain in spending amid budget constraints related mainly to lower oil prices.