Russia's state-controlled gas giant OAO Gazprom (GAZP.RS) may reduce its investment plan for 2009 due to lower demand, the Interfax news agency reported Friday, citing the company's Chief Executive Alexei Miller.
In December, Gazprom's board approved an investment program for this year totaling 920.44 billion rubles ($27.6 billion), but falling demand at home and in Europe has forced the company to lower production this year by around 15% compared with the first quarter of 2008.