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Wednesday, March 11, 2009

Oil slump fails to severely damage Russian energy companies, PM says

RBC, 10.03.2009, Moscow 19:02:07 - The fall in hydrocarbon prices has not caused a system failure in Russian energy companies, Russian Prime Minister Vladimir Putin told a press conference on the results of Russian-Hungarian consultations in Moscow today. In turn, Gazprom CEO Alexei Miller agreed that the changes in market prices were not in fact having a very big impact on the companies' financial situations. He also acknowledged that Gazprom did not rule out that it would further downgrade its investment program. According to Miller, however, it would not be wise to make mid- or long-term projections based on current demand levels. "I think it's best to wait and see for a bit longer," he concluded.

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