Russian gas monopoly OAO Gazprom (GAZP.RS) plans to cut long-term financial investments due to the ongoing global economic crisis, Deputy Chief Executive Andrei Kruglov said Wednesday.
Kruglov told an investor conference that Gazprom's board would revise the company's strategy to deal with the crisis at a meeting in December.
He acknowledged that export prices in the lucrative European market, which track global oil prices with a six-month lag, would fall in 2009. But he said a 20% hike in domestic tariffs would offset the drop.
Kruglov said Gazprom wasn't suffering from short-term debt problems and would cut overall net debt by 25% in 2008.