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Gazprom Lowers 2011 Investment Program 9.8% as Demand Falters

OAO Gazprom, the Russian gas export monopoly, lowered its investment program for next year by 9.8 percent as demand for the fuel may remain low in the oversupplied European market.

The Moscow-based gas producer’s board approved investments of 816.4 billion rubles ($26 billion) in 2011, Gazprom said today in a statement. That compares with a total 905.2 billion rubles in 2010.