MOSCOW (Sputnik) — Gazprom Neft, an oil producing subsidiary of Russia's energy giant Gazprom, postponed several business projects abroad amid western sanctions and low oil prices, company First Deputy CEO Vadim Yakovlev told journalists Thursday.
"We have limited options of development abroad, we optimized the investment portfolio, postponed a number of projects, carried out additional work to reduce prices," Yakovlev said. There are no details into what projects were canceled or postponed.
The restrictions are partially a result of low oil prices and a limitation of available financing for Gazprom Neft, he added.
Founded in 1995, Gazprom Neft is the fourth largest oil producer in Russia.
Russia is currently facing an economic decline over collapsed oil prices and sanctions imposed on Russia by western countries over an alleged interference in the ongoing Ukrainian crisis.
