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Hungary's MOL says to cut capex by 35 %t in 2009

Hungarian oil and gas firm MOL plans to cut capital expenditure by 35% next year, the company said.

“The management initiated to decrease the 2009 CAPEX by approximately 35%, which is planned to be financed fully from the operating cash-flow in 2009,” it said in a filing with the Budapest Stock Exchange.

“The detailed revision of the 2009 investment plan - in line with the CAPEX target - is in progress,” it said. (Reuters)