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. Last Updated: 07/27/2016

Gazprom Cuts Investment

Gazprom said Thursday that it would cut its investment program for 2009 by almost $5 billion to 761.53 billion rubles ($23.8 billion).

“The correction of the investment program and budget items for 2009 is connected to objective external factors that formed as a consequence of the world financial and economic crisis,” Gazprom said.

This is almost in line with the decrease in Gazprom’s spending to 775 billion rubles announced by Prime Minister Vladimir Putin in July.

(Reuters)