Ananenkov

Gazprom Executive Confirms Production and Investment Woes

By Vladimir Socor

Briefing the press on June 16 in Moscow, Gazprom deputy chairman Aleksandr Ananenkov lifted a curtain corner on the company's investment and output prospects in the short-to-medium term. Gazprom is set to substantially reduce capital expenditures in the next few years, starting with a 22 percent capex cut this year: from 640 billion rubles in 2008 to a target figure of 500 billion rubles in 2009.