Gazprom cuts investments with 26 percent
Russian gas giant Gazprom will cut its investment programme for 2009 with 26 percent.
The government has already approved the decision, newspaper Vedomosti reports. The Russian state controls 50,002 percent of the energy company.
The company’s 2009 investment plan will amount to 755 billion RUB, which is down eight percent from the company’s 2008 investments.
Originally, the company planned to invest more than one trillion rubles this year. An investment plan of 920 billion RUB was adopted in December last year and in addition comes the company’s acquisition of a 20 percent of Gazprom Neft from ENI
The world economic crisis has taken a heavy toll on the company and both production and exports has suffered severely the last months.