MOSCOW, July 13 (RIA Novosti) - Gazprom has adjusted its investment program for this year to 775 billion rubles ($23.5 billion), Russian Prime Minister Vladimir Putin said on Monday.
The energy giant's 2009 investment program was earlier projected at 920 billion rubles ($27.8 billion).
The adjusted program was approved by the Russian Cabinet on Monday.
"Yes, it has been approved," Economic Development Minister Elvira Nabiullina said.
Meanwhile, Putin said the cuts would not affect the plans for the development of the Russian gas sector.
"Gazprom's investment program should keep the most important and top priority projects, such as the development of new deposits on the Yamal Peninsula and Kamchatka, diversification of gas transportation routes and the development of capacities for liquefied natural gas production," Putin said.
The Russian premier said that the energy giant would continue its program to build up the gas supply infrastructure in Russian regions, adding that a total of 18.5 billion rubles ($560 million) would be allocated for its implementation.
Putin also expressed confidence that demand for natural gas would grow over the next few months, despite a 20.8% drop in domestic gas output in the first half of 2009.
"We are confident that gas consumers both in Russia and abroad will start to increase their purchases in the coming months, and that demand for gas will not only grow back to the pre-crisis level, but will also substantially exceed it in the long term," Putin said.
