Gazprom to Invest RUB710.13 Billion in 2008

MOSCOW, Dec 27, 2007 (Dow Jones Newswires)

Russian natural gas monopoly OAO Gazprom (GAZP.RS) said Thursday it plans to invest 710.13 billion rubles ($28.8 billion) in 2008.

That is RUB69.23 billion less than the company will have spent on investment by the end of this year.

Gazprom said in a press release that RUB479.42 billion of the proposed investment will go toward capital investment - an increase of 43%.

RUB230.71 billion will be set aside for long-term investment. Gazprom also said that it expects its revenue to reach RUB2.926 trillion next year, against RUB2.311 trillion this year.

Expenditures and investment should total RUB3.014 trillion in 2008, against RUB2.782 trillion in 2007.

The company also said in a separate statement that it has reached an agreement on gas prices for Uzbekistan, but would not disclose details.

MOSCOW, Dec 27, 2007 (Dow Jones Newswires)