December 30, 2011 / 1:11 PM / in 7 years

Russia cuts Sakhalin-1 2012 funds to $2.89 bln-source

MOSCOW, Dec 30 (Reuters) - Russia has approved a 2012 budget of $2.89 billion for the ExxonMobil-led Sakhalin-1 oil project, down from $3.26 billion for this year, an industry source told Reuters on Friday.

He didn’t explain why the budget was downsized.

The project consists of three offshore oilfields that were first tapped to meet rising demand in the Asia-Pacific region. (Reporting by Olesya Astakhova; writing by Vladimir Soldatkin)

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