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Gazprom cuts 2010 gas output forecast 1 pct

Russian gas giant Gazprom has again shaved its 2010 gas output forecast by one percent to 515 billion cubic meters from 520 bcm, it said on Monday

Gazprom cuts 2010 gas output forecast 1 pct Gazprom cuts 2010 gas output forecast 1 pct

"Gazprom plans to produce about 515 bcm of gas in 2010 because of falling demand for gas on domestic and foreign markets caused by lower industry production rates due to the global financial crisis," the gas giant said in a statement.

Last year Gazprom produced 461.5 bcm of gas.

Gazprom's initial 2010 production plan amounted to 529 bcm. It was later cut to 519.3 bcm.

The company's production volumes will be maintained by operating mines and the launch of new areas of existing deposits in the short-term period.

In 2012, Gazprom plans to launch the Bovanenkovskoye field on the Yamal Peninsula in Russia's far north.

Source : RIA Novosti