22 December 2014, 10:42 GMT
MOSCOW, December 23 (Sputnik) — Russian gas giant Gazprom's board of directors has decided to cut back expenses by $238.76 million in order to optimize the company's finances, according to a statement published Tuesday.
According to the company's confirmed 2015 budget, the overall income volume in operational and investment activity will be approximately $108 billion and expenditures for all activities are estimated to be around $110 billion. The company has also forecast around $1.65 billion in foreign loans.
The world's largest natural gas extractor, Gazprom sold 161.5 billion cubic meters to European consumers in 2013. Despite an estimated minimum of 157 billion cubic meters forecast to be sold this year, the Russian energy giant revised its expectations on Monday to 147 billion, a 9-percent shift.