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04:14 GMT +3 hours23 December 2014
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Gazprom Neft to Boost Investment 25% in 2013

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Gazprom Neft, the oil arm of the Russian energy giant Gazprom, plans to spend up to 240 billion rubles for investment projects, up 25 percent year-on-year, the company said on Monday.

MOSCOW, December 24 (RIA Novosti) - Gazprom Neft, the oil arm of the Russian energy giant Gazprom, plans to spend up to 240 billion rubles for investment projects, up 25 percent year-on-year, the company said on Monday.

“The [investment volume] increase will be at about 25 percent, due to new major Russian and foreign projects on land and the shelf, as well as oil extraction in traditional regions of operation and oil exploration in East Siberia,” a company statement reads.

The 2012 company’s investment program stood at $6.1 billion in 2012.

Gazprom Neft plans to invest $23 billion in total in 2013-2015: $7.4 billion in 2013, $8.3 billion in 2014 and $7.3 billion in 2015.