Russia's Gazprom warned yesterday that it could delay the development of a flagship project crucial for future European supplies by a year to help cut spending by 15 per cent.
The world's largest gas producer could postpone the launch of the Bovanenkovo field in Siberia until the third quarter of 2012, due to expectations that global gas demand will remain depressed for the next three years, said Alexander Ananen-kov, Gazprom's deputy chief executive.
“We see that there won't be demand for that gas. So why invest money in what is not in demand?” he said.
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