Rostelecom to boost capex 50% in 2010
MOSCOW. Feb 9 (Interfax) - OJSC Rostelecom plans to increase capex this year by 50% to 12 billion rubles from last year's 8 billion, company General Director Anton Kolpakov told journalists.
"This is a very ambitious program. It aims at development of the trunk network IP/MPLS and the construction of resources in the interest of regional telecoms," he said.
The company plans to finance the investment program with its own funds. "We have our own resources. We don't net loans," Kolpakov said, adding that Rostelecom had a sufficient reserve of funds in deposits for financing a substantial portion of its capex program.
"Rostelecom has negative debt and funds, which allow it to implement an investment program and have a insurance resource during its reorganization," Kolpakov said.
Rostelecom is the Russian national long-distance operator with a telecommunications network that stretches 150,000 kilometers. Svyazinvest will consolidate its assets this year through Rostelecom.