Rosneft to cut expenditure by $577.5 mln year-on-year

MOSCOW, June 19 (RIA Novosti) - Russia's state-controlled oil producer Rosneft plans to cut spending in 2009 by 18 billion rubles ($577.5 million) year-on-year as part of anti-crisis measures, the company's CEO said on Friday.

"We have drafted an anti-crisis program which is aimed at improving our work. It includes a reduction of expenditure by 18 billion rubles compared with the same period last year," Sergei Bogdanchikov said.