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. Last Updated: 07/27/2016

Gazprom to Pay Debt

MOSCOW -- Russian gas monopoly Gazprom will make a $1.5 billion payment on its foreign debt as it comes due next year, Gazprom chief Rem Vyakhirev said Monday.

"We will pay the sum of $1.5 billion every year for the next three years," he told journalists, calling the debt a sacred commitment that the company would pay in full.

Vyakhirev also said Gazprom output would probably drop by 5 billion cubic meters in the first quarter of next year and could fall by as much as 20 billion cubic meters in 2000. He blamed nonpayments and the shortage of financial resources for the projected decrease. Last year Gazprom produced 552 billion cubic meters of gas.