Gazprom cuts investments
Russian energy major Gazprom’s 2009 investment programme includes 920 billion RUB of new spending, the company leader Aleksey Miller said today. That is less that previously planned.
Mr. Miller today told the press that the energy company plans to invest 920 billion RUB in 2009, RIA Novosti reports. That is less than what the company recently said it would invest.
As reported by BarentsObserver, Deputy Chairman of the company’s Management Committee, Aleksandr Ananenkov, in September this year said that investments in 2009 will amount “more than one trillion RUB”.
Despite the lower investments, Gazprom does not however intend to cut its activity level. The company believes the economic downturn in the country will make equipment and supplier services cheaper and that all planned projects therefore can be implemented as scheduled.
It is expected that about 35 percent of the investments will be made in new pipelines, and another 45 percent in exploration and production. The development of the Yamal Peninsula will account for a major part of the investments.
