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Russia Novatek cuts 2008 gas output growth target

Russia's second-largest gas producer, Novatek has cut its gas production growth forecast for this year to 8.5% from 10% citing lower demand, the firm said.

“As a result of the signs of a slowdown in expected consumption of natural gas primarily due to unseasonably warm fall weather, management is revising its full year natural gas production growth guidance to 8.5% and maintains its 10% liquids production growth guidance for 2008,” Novatek's Chief Executive Leonid Mikhelson said in a statement. (Reuters)