UPDATE 1-Galp cuts overall capex plan, oil E&P unchanged
* Cuts capex 17 percent to 4.3 billion euros
* Exploration and production budget unchanged
* EBITDA annual growth revised lower to 12 pct
By Andrei Khalip and Sergio Goncalves
LISBON, May 27 (Reuters) - Portuguese fuel and oil company Galp (GALP.LS: Quote, Profile, Research) said it had cut its 2009-2013 capital expenditure (capex) plan by 17 percent as it announced a number of measures to help finance investment and reduce net cash outflow.
Galp said in a statement on Wednesday that it had reduced its capex plan to 4.3 billion euros from 5.2 billion euros and that its oil exploration and production budget, which encompasses deep sea projects in Brazil, remained unchanged at 1.9 billion euros.
The company said it would cut its dividend payment to 0.20 euros per share this year from 0.34 euros in 2008, which will boost available cash by 500 million euros.
It also aims to share cogeneration and wind power projects with partners through project finance schemes, which will give an estimated positive impact of 600 million euros. Continued...
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