Galp cuts overall capex plan, oil E&P unchanged

LISBON May 27 (Reuters) - Portuguese fuel and oil company Galp (GALP.LS) on Wednesday cut its capital expenditure plan for 2009-2013 to 4.3 billion euros from 5.2 billion euros and announced other measures to help finance investment and reduce net cash outflow.

Galp's oil exploration and production budget, which encompasses deepsea projects in Brazil, remained unchanged at 1.9 billion euros.

Galp said it revised dividend policy to 0.20 euros per share, which will boost available cash by 500 million euros. Another measure is aimed at sharing cogeneration and wind power projects with partners through project finance schemes.

Rescheduling and redefining some projects mainly in refining and marketing unit should save an additional 200 million euros. (Reporting by Andrei Khalip)