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MOSCOW, July 14 (UPI) -- Russian energy monopoly Gazprom has no plans to alter domestic development despite a cut of more than $4 billion from its investment programs, officials say.
Gazprom announced it had adjusted its investment program for 2009 from $27.8 billion to $23.5 billion.
Russian Prime Minister Vladimir Putin said that, despite the cuts, Gazprom would move forward with plans to boost domestic gas supply infrastructure, reserving about $560 million toward that effort, RIA Novosti reports.
"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.
Gazprom faced a series of financial setbacks in the current economic climate, as the January gas dispute with Ukraine cost the energy giant roughly $800 million and global energy demands slumped.
The Russian premier said he was "confident" that international and domestic gas consumers could seek additional supplies in the coming months despite a 20.8 percent decline in domestic output for the year.
The Russian Cabinet approved the adjusted investment program Monday.
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