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9

Gazprom Neft to Raise Capital Expenditure

Gazprom's oil producing arm, Gazprom Neft will raise capital expenditure by over a third this year

Gazprom's oil producing arm, Gazprom Neft will raise capital expenditure by over a third this year to increase stagnating output, the company said.

The company had approved capital expenditure of $3.74 billion for this year, a 36 percent increase on 2007.

Most of the funds would be spent on oil production projects this year.

Gazprom Neft said it had set its investment program for 2008-2010 at 267.5 billion roubles ($11.23 billion), including 176.5 billion roubles to be spent on oil production and 29.7 billion roubles on exploration.