MOSCOW, Oct. 27 (UPI) -- Russian gas giant Gazprom expects $35 billion in net profits and forecasts no long-term cutbacks due to the global economic crisis, officials said Monday.
Gazprom chief Alexei Miller put his company's net profit for 2008 at $5 billion over initial estimates, the Russian business newspaper Kommersant reported. Earlier, Miller expressed optimism over future earnings amid high gas export prices and an increased presence in European and other markets.
The statements, however, come on the heels of comments last week in which Miller said the looming global recession may curb the gas monopoly's access to credit.
"The current situation may have a negative influence on the ability of the group to receive new loans and refinance current debt at previous conditions," he said.
Gazprom, and other energy companies in Russia, issued an appeal to the central government recently to secure $1 billion in loans to refinance its outstanding debts.
Net profits for the gas giant grew 9.2 percent to $26.5 billion in 2007.
