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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Gazprom Neft chief says could cut capex by 45 pct Reuters - Saturday, January 17 MOSCOW, Jan 16 - Gazprom Neft <SIBN.MM>, the oil arm of Russian gas export monopoly Gazprom <GAZP.MM>, could slash its capital expenditure this year by 45 percent if the oil price falls to $32 per barrel, its chief executive said in its corporate journal on Friday. In October of last year the firm, which is Russia's fourth-largest oil producer, said it would cut this year's capex by up to 25 percent to 70 billion roubles due to falling oil prices and the global financial crisis. "But now we are considering other options," Alexander Dyukov said in the journal. "At $50 per barrel investments could be cut by 35 percent. There is also the crisis option, which is oil at $32 per barrel, and then the budget could be cut by 45 percent," he said. On Friday, March futures contracts for Brent North Sea oil <LCOc1> were below $50 per barrel, while Russia's key export blend Urals <URL-E> was selling at under $43 per barrel at 1547 GMT. (Reporting by Katya Golubkova; Writing by Amie Ferris-Rotman; Editing by Greg Mahlich) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Gazprom Neft chief says could cut capex by 45 pctReuters - Saturday, January 17 US STOCKS-Energy shares lift Wall St, but BofA slipsReuters - Saturday, January 17 Angola's March oil exports to fall below OPEC targetReuters - Saturday, January 17 Crude prices tumble below $34AP - Friday, January 16 Related Articles: Business US slaps sanctions on son of Osama bin LadenAP - 2 hours 15 minutes ago Circuit City will begin liquidation on SaturdayReuters - 2 hours 19 minutes ago Circuit City to liquidate remaining US storesAP - 2 hours 24 minutes ago Ukraine leader contradicts own PM on gas talksReuters - 2 hours 44 minutes ago WRAPUP 8-Putin says Moscow nearing deal to supply gasReuters - 2 hours 48 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Hormone drives sexy women to infidelity, says study Michelle Obama's ball gown has fashionistas abuzz Israel hammers Gaza as Hamas offers conditional truce Microsoft considering 'significant' job cuts: WSJ JPMorgan chief says worst of the crisis still to come: FT View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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