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Gazprom Approves $24.7Bln Investment Program 2009

Gazprom board approved on Tuesday its investment program and budget, which calls for 2009 capital spending of $24.7 billion

The company also plans long-term financial investments of 220.56 billion rubles, bringing total spending to 920.44 billion rubles, Gazprom said in a statement.

Chief executive Alexei Miller said separately on Tuesday that the price of oil and gas did not reflect true supply and demand for energy. Miller met with ministers from the Gas Exporting Countries Forum.

UBS said Monday that Russian stocks including Gazprom could rebound next year following a "triple whammy" of negative factors in 2008.

Author: Ksenia Kochneva