April 30, 2020 / 3:12 PM / a month ago

Russia's Novatek to cut 2020 capex by 20%, mainly for oil projects

MOSCOW (Reuters) - Russian gas producer Novatek (NVTK.MM) said on Thursday it would cut its 2020 capital expenditure by 20%, mainly for oil projects, due to a global deal on oil prodction cuts.

The launch of Novatek’s Obsky liquefied natural gas (LNG) plant could be delayed until 2024 or later, the company said.

Reporting by Vladimir Soldatkin; Writing by Alexander Marrow; Editing by Mark Potter

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