Page last updated at 13:33 GMT, Monday, 18 May 2009 14:33 UK

Gazprom slashes dividend by 86%

Gazprom headquarters in Moscow
Gazprom supplies about one quarter of Europe's gas needs

Russian gas producer Gazprom has said it will cut its dividend by 86% after being hit by falling profits.

The world's largest producer of gas will pay a dividend of 0.37 roubles (11 cents; 7p) a share, a seventh of last year's payment of 2.66 roubles.

Gazprom said its net profit in the fourth quarter of 2008 had fallen 84% to $1.1bn as global demand declined.

Gazprom's net debt was $41bn at the end of the year, making it the country's biggest debtor.

Separately, Russia's statistics agency said the country's industrial production in April was 16.9% lower than the same month last year.



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