Save for later Print Download Share LinkedIn Twitter Gazprom’s board of directors last week approved selling perpetual bonds for up to 150 billion rubles ($2.1 billion) to finance a nationwide program to boost Russia's natural gas penetration rate. The state-run firm may sell perpetual bonds, or bonds with no maturity stated, in rubles or in foreign currencies, it said. The first 30 billion ruble issuance may be placed next week. Gazprom will reportedly collect bids on Jun. 18. Proceeds from the bonds will finance projects to hook up new consumers to the gas grid. Gazprom plans to spend 526.1 billion rubles on the project in 2021-25, including 128 billion rubles in 2021. Moscow wants to reach a 100% “technically possible” domestic gas grid penetration rate by 2030, up from 71.4% as of the beginning of 2021. Gazprom believes that should give an extra boost to a growth in domestic gas demand and help it maintain the current market share at home. Gazprom tested perpetual bonds last year when it sold two issues in foreign currencies for $1.4 billion and €1 billion ($1.21 billion) for corporate purposes and optimizing its debt portfolio (NC Oct.15'20).